June 21, 2021
China’s crackdown on cryptocurrencies has found its way to Sichuan, ordering the region to close a key mining hub.
The region is known for mining cryptocurrency using hydropower.
This latest news suggests that China’s displeasure with cryptocurrencies goes beyond cases of using electricity from burning coal.
A joint statement from the Sichuan Provincial Development and Reform Commission and the Sichuan Energy Bureau called for the closure of 26 suspected cryptocurrency mining projects by Sunday.
The notices also instruct Sichuan state power utilities to carry out inspections and corrections, report their results by Friday and also discontinue power to the identified cryptocurrency mining projects.
For more information, read the original story in Reuters.
