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All Major Bitcoin Mining Farms Just Shut Down in China’s Yunnan Province

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Wed, 06/30/2021 - 16:34
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Alex Dovbnya
China is “not messing around,” says Foundry’s Kevin Zhang
All Major Bitcoin Mining Farms Just Shut Down in China’s Yunnan Province
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Kevin Zhang, vice president of crypto mining company Foundry, claims that all major Bitcoin mining farms have been shut down in Yunnan, China’s most southwestern province. He cites an anonymous source.  

According to Zhang, the government is ramping up its crackdown on the cusp of the Communist Party of China’s 100th anniversary that will be celebrated on July 1.

Yunnan—which is known for its abundant hydropower—was a major mining hub together with Sichuan. 

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In early June, state outlet China Star Market reported that the Yunnan Energy Bureau had ordered the inspection of mining farms but didn’t go as far as issuing a blanket ban. However, a source quoted in the article claims that all mining farms could be potentially shut down in the province.
 
Sichuan, Qinghai, Inner Mongolia have also banned Bitcoin mining, effectively eradicating the entire industry in China.

Zhang estimated that a staggering 90 percent of all cryptocurrency miners would go offline by the end of this month.

As reported by U.Today, Bitcoin’s hashrate dropped to its lowest level since July 2019 on June 28.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.