The Chinese province of Hebei has become the latest to tighten down on digital currency block reward mining. The cyberspace administration in the northern Chinese province has launched a targeted campaign against miners, claiming that they are incompatible with China’s carbon-neutral goal.
In recent months, China has increased its efforts to combat block reward mining. Some mining-friendly provinces, such as Sichuan, Xinjiang, and Yunnan, have taken significant steps to evict miners from China, resulting in mine closures and relocations to other countries. Hebei, according to local media, has now jumped on board.
According to the cyberspace administration in Hebei, the miners were kicked out due to environmental and financial issues, which is located in northern China and borders Beijing. It has instructed state-owned firms and government organizations to inspect their systems to guarantee that no covert operations occur.
According to Reuters, financial regulators and internet service providers must also do more to combat the miners. This involves increasing the collection of public and whistle-blower reports. They were given until the end of September to put the procedures in place, with the administration announcing that anyone caught mining after October will be penalized.
The internet office said in a statement this week that mining bitcoin consumes a lot of energy, which goes against China’s carbon-neutral peak goals.
It issued a warning about the potential impact of digital currency on Hebei and China if allowed unchecked,
- “Its exchange and transaction are highly disruptive to the nation’s financial order, and the financial risk is big … Its proliferation and spread will seriously affect economic and social development, and directly threaten national security.”
China’s problems do not end there. The government is now pursuing miners who pose as research organizations and data centers, according to Bloomberg. According to sources who requested anonymity, concerns over the country’s power supply for the forthcoming winter season is one of the reasons for the increasing urgency, according to the outlet.