Skip to content Skip to sidebar Skip to footer

According to Chinese media, the Ya’an City Energy Bureau in Sichuan Province has shut down local Bitcoin mining operations.

According to the Ya’an Ministry, a decision was made during an official meeting of the authorities to require all miners in the city to cease their cryptocurrency activities as of June 17, 22:00 local time. At the same time, as with the shutdown of mining facilities in the provinces of Xinjiang, Qinghai, and Inner Mongolia earlier this year, the exact duration of the prohibition remains uncertain.

Local miners reported that they had already received an official notification from the government about the upcoming procedure for inspecting their businesses, following which their operations would be halted. While we’re talking about another Ya’an Energy Bureau meeting this Friday, will it result in a beneficial outcome?

BlockBeats, one of the companies that received the notice, stated it would be obliged to shut down all Bitcoin mines by June 25. We’re talking about technoparks that operate at the expense of hydropower, among other things.

Colin Wu remarked on Twitter that the tragic events in Sichuan province had already influenced the Ethereum hash rate, which had dropped by 7%. The catastrophe had not affected the total Bitcoin hashrate. He also stated that there is currently a surplus of hydropower in Sichuan, which will have nowhere to go during the summer, and that the attitude of the province officials is still unclear to him.

Furthermore, it is unknown whether the Ya’an practice will spread to other Sichuan cities. This city had long been a blessing for miners looking for inexpensive electricity, which was plentiful here, especially during the rainy season.

Show CommentsClose Comments

Leave a comment

The leader in blockchain news, Cryptowatchlists is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Cryptowatchlists is an independent online newspaper, which concentrate in cryptocurrencies and blockchain startups.
Our Biggest Stories Delivered to Your Inbox