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Sichuan Government to Discuss Bitcoin Mining Ban

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Thu, 05/27/2021 - 05:42
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Alex Dovbnya
The Sichuan government will discuss the implications of a Bitcoin mining ban
Sichuan Government to Discuss Bitcoin Mining Ban
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The Sichuan regulatory office of China’s National Energy Administration will hold a virtual symposium on June 2 in Chengdu to discuss the implications of shutting down Bitcoin mining in the province.  

Together with the heads of state-run energy entities, the regulators will assess how a potential ban will affect Sichuan's hydropower excess.

Sichuan is known as a major Bitcoin mining hub because of its cheap power. Last August, excessive flooding in the region caused a 25 percent drop in the cryptocurrency's hashrate.   

Related
Bitcoin (BTC) Miners Might Be Leaving China. Is This Good or Bad?
As reported by U.Today, a top Chinese regulator recently called for a crackdown on crypto mining and trading, which prompted a market sell-off.

This week, Inner Mongolia published its detailed plan to clamp down on Bitcoin mining to reduce its carbon footprint.

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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.