recently out It was ordered by the Chinese government, in another step towards banning cryptocurrency mining in the country Miners In China’s Yunnan Province to immediately stop its activities.
However, at the time, it was still believed that China would at least leave miners in Sichuan Province alone, because there was a lot of energy use from hydroelectric dams. It is clean energy.
Toch ban in Ya’an
Nothing turned out to be less true. Chinese local government In Yan City, according to Bloomberg, after a meeting on Thursday, they decided to buy bitcoin mining farms order them to stop their mining activities. They must do so before June 25th. Basically right away.
Yu’an is a large city in Sichuan Province, China. Estimates assume that at least 10% of bitcoin mining companies are located in Yu’an. Until recently, it seemed that Sichuan would not take any action against bitcoin miners for the time being. Unfortunately, that seems to be the case now.
According to Cinese crypto blogger Colin Wu, more and more jurisdictions will follow within Sichuan Province. Anyway, the miners are already feeling the heavy rain.
de fragmentation fan Ethereum (ETH) It fell by at least 7% after China announced these measures, which slowed transactions on the network.
One by one, Bitcoin mining in Sichuan, China is shutting down. Miners believe that Sichuan’s restrictive policies will be introduced soon. Ethereum’s hash rate is down 7%, and Bitcoin’s hash rate has not temporarily reversed.
– Wu Blockchain June 17, 2021
Moving to reduce carbon emissions
Perhaps the most important driver for China to take such tough action against the country’s miners is the climate.
In a speech at the United Nations General Assembly in February, President Xi Jinping already announced that China wants to reach its absolute peak in carbon emissions by 2030, after which the country should be completely carbon-neutral by 2060.
Whether this goal is achievable has nothing to do with this. In any case, it seems that China is doing its best to achieve this goal. This is also the reason why there are so many actions against miners.
In the end, trading Chinese bitcoin and other cryptocurrencies will not do much harm. Miners simply move to other countries where such strict measures are not the norm today.
came out in may That large numbers of miners in China have already moved to the United States, among other countries. The US state of Texas welcomed these miners with open arms.