Bitcoin Mining Ban in China: More Provinces Issue Halt Orders

Bitcoin Mining Ban in China: More Provinces Issue Halt Orders

The Chinese government’s efforts to crack down on Bitcoin and cryptocurrency mining across its provinces appear to be at full force. This crackdown began with Inner Mongolia, following the revelation of new rules against the operation of Bitcoin mining facilities in the region.

Reports on the government’s plans to shut down mining operations in Inner Mongolia surfaced in early March 2021.

By the end of May 2021, the Sichuan Energy Regulatory Office passed a memo to stakeholders calling for a meeting to discuss the effects of mining activities in the region. Currently, there has been no announcement of a ban on Bitcoin mining activities in the Sichuan Province.

Yesterday, June 9, 2021, new local reports revealed that specific Bitcoin Miners in Xinjiang received letters from above to suspend their operations with immediate effect.

Similar memos on mining suspension orders got passed to Bitcoin mining facilities in the Qinghai Province yesterday. Reports showed that the notice came from the Qinghai Industry and Information Technology Department. The memo noted that businesses in the region would get inspected while existing mining projects must halt operations.

Bitcoin Mining Ban Triggers Drop in BTC Hashrate

Commenting on the matter, regional reporter Colin ‘Wu’ Blockchain tweeted that most Bitcoin mining operations occur in the provinces. The Chinese journalist explained that:

“There are three major mining regions in China. Inner Mongolia has completely stopped, Sichuan may not stop, so the situation in Xinjiang is more complicated. The term used in the document is to suspend for rectification, which is not as strict as Inner Mongolia.”

Meanwhile, Bitcoin’s overall network hashrate took a massive hit due to the recent development in Xinjiang. Before the news, the BTC hashrate was at 180 exahash per second (EH/s). At press time, however, the BTC SHA256 hashrate has dropped to 120 EH/s.

 

You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.

Iran Economy Booms as Blockchain Adoption Use Increases

Iran Economy Booms as Blockchain Adoption Use Increases

According to the Minister of Economic Affairs and Finance of Iran, Farhad Dejpasand, the country is getting closer to fulfilling its income tax targets. The minister noted that the adoption of new technology, like blockchain, has helped Iran grow its revenue and currently accounts for a third of the budget revenue growth.

Dejpasand noted that:

“Blockchains will account for 10 percent of the world’s gross domestic product in the next four years. As electricity consumption has increased we [have] limited the mining of cryptocurrencies, while in the long run, we cannot stand in the way of technology development.”

The crypto mining industry has experienced a boom in Iran thanks to the nation’s cheap energy. That said, the government has blamed this sector’s significant power consumption, coupled with this year’s drought, for the unsteady power supply witnessed in many cities of late.

Authorities revealed that licensed and illegal mining rigs consume over 2,300 megawatts daily.

New Technology Helped Iran Stave Off US Sanctions

Speaking at a launch event of two e-commerce projects, Dejpasand talked about the importance of electronic trade in a nation’s economic growth. According to the Tehran Times, the minister revealed that the share of e-commerce in Iran’s gross domestic product (GDP) has grown by about 2.4 times.

According to the Iranian E-Commerce Development Center, online trade transactions grew by four folds between March 20 and September 21, 2020, over the same period the year before.

Meanwhile, reports show that the number of newly issued online business licenses has tripled as older businesses scramble to expand into web-based sales.

Dejpasand noted that by implementing these new technologies, Iran has managed to stave off most economic sanctions imposed by the United States. New technology has also helped the nation in effectively handling the coronavirus pandemic.

While Iran has benefited heavily from new technology (blockchain) use, the government seeks to restrict several kinds of crypto-related activities in Iran. That said, the fintech industry has warned that restrictions on the crypto and blockchain industry could limit the opportunity potential of the country.

 

You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.

Sichuan Energy Authorities Convene to Discuss Cryptocurrency Mining

Sichuan Energy Authorities Convene to Discuss Cryptocurrency Mining

Recently, the Chinese government has gotten more conscious about the cryptocurrency economy, with a lot of attention focused on Bitcoin mining operations.

The Chinese government has stated its plans to get the country to carbon neutrality by 2060 and capture a good percentage of this neutrality by 2030.

That said, many crypto-based companies have begun halting services to mainland China, following a few meetings from the Chinese Financial Stability Board. Some crypto-based companies that have cut ties with China include Huobi, Btc.top, Hashcow, and OKEx.

A new report shows that the Sichuan Energy Regulatory Office has scheduled to meet next week to discuss the implications of Bitcoin mining operations. A columnist from the state-backed media house the Global Times stated that:

“The Sichuan Energy Regulatory Office announced on Thursday that the office [would] hold a meeting on June 2 to fully understand the situation of crypto-currency mining activities in the southwestern province, which is required by the National Energy Administration.”

A reporter in the region, Colin Wu, recently tweeted that there are “rumors that China will introduce a crackdown policy on Friday night.

However, these rumors got dissipated as the minutes from the Sichuan Energy Regulatory meeting got publicized. Projections show that the Sichuan province and Xinjiang region in China are the most concentrated Bitcoin miners areas.

Cryptocurrency Mining Pools in China Accounts for 66% of Global BTC Hashrate

As of yesterday, the Bitcoin network’s hashrate hovered above the 165 exahash per second (EH/s) mark. Statistics show that the top mining pools with the highest hashrate emanate from China.

Currently, the top mining pools dedicating the most hashrate to the Bitcoin network include F2pool, Antpool, Viabtc, Btc.com, and Poolin. The large mining pools situated in China account for about 66% of the global Bitcoin hashrate.

 

You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.

Iran Temporarily Halts Cryptocurrency Mining Operations Following Blackout

Iran Temporarily Halts Cryptocurrency Mining Operations Following Blackout

The President of Iran, Hassan Rouhani, has announced a four-month ban on all cryptocurrency mining activities ahead of elections. The announcement came on Wednesday, a day after the Iranian Energy Minister, Reza Ardakanian, apologized for unexpected power cuts across large cities.

Iranian public officials have always blamed unlicensed cryptocurrency mining operations for consuming significant amounts of electricity. In September last year, Rouhani, in a televised remark, declared that:

“Cryptocurrency activities, and mining cryptocurrencies, must be stopped.”

Power cuts in peak summer months are a regular occurrence in Iran. However, this time around, Tehran and other large cities suffered unplanned blackouts, triggering an uproar of criticism from consumers and businesses. The country began rolling blackouts from Sunday to reduce the pressure on the national grid.

Rouhani revealed that illegal miners who have access to subsidized electricity consume 7x more than those with permits.

Minister Reza Ardakanian made a public apology to Iranians on Tuesday for the “shortcomings and pressures” over the unexpected power cut. Ardakanian noted that the national grid is overburdened because of a drought affecting hydropower generation and unexpectedly warm weathers, triggering a surge in air conditioning use.

Cryptocurrency Mining Farms Suspend Operations

Meanwhile, national electricity spokesman Mostafa Rajabi Mashhadi announced last Saturday that licensed crypto mining farms have voluntarily halted operations to reduce the burden on the grid.

Mining Bitcoin and other cryptocurrencies require immense electricity to power the masses of computers and mining rigs dedicated to solving algorithms. Some reports show that cryptocurrency mining consumes more electricity than entire nations.

Michel Rauchs, a cryptocurrency expert and consultant, noted that between 5 and 10 percent of all Bitcoin mining happens in Iran.

 

You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.

Cryptocurrency Mining Pools Halt Operation in China Following Crackdown Announcement

Cryptocurrency Mining Pools Halt Operation in China Following Crackdown Announcement

Reports show that over $400 billion left the cryptocurrency space over the weekend, in what has been one of the worst sell-offs in the crypto industry history.

Total market capitalization trades around a multi-month low of $1.47 trillion in the early Asian session on Monday. The market correction sent the industry’s cap down by about 43% since its peak at $2.55 trillion two weeks ago.

The lingering bearish sentiment stems from China and its announcement of a crackdown on Bitcoin mining pools. Reuters reported earlier today that crypto mining pools HashCow and BTC.TOP has halted all its operations in China, as Beijing doubled down on its embargo.

The crackdown on mining pools was announced last Friday by a State Council committee chaired by Vice Premier Liu He. HashCow announced that it would stop purchasing more Bitcoin mining rigs, while BTC.TOP announced that it was suspending all mining activities in the country altogether.

The chief investment officer at Beijing-based Novem Arcade Technologies, Chen Jiahe, commented on the matter saying:

“Crypto mining consumes a lot of energy, which runs counter to China’s carbon neutrality goals.”

Huobi Mall also issued a statement earlier today, noting that it had, effective immediately, suspended its crypto mining services to mainland China clients.

China to Lose Cryptocurrency Mining Dominance

At press time, Chinese mining companies are responsible for about 60% of the total hash power. Analysts have asserted that a decline in reliance on China could be good for the long-term prospects of the crypto industry. Founder of BTC.TOP, Jiang Zhuoer, noted that eventually, China would lose crypto computing power to other countries.

Meanwhile, Alex Gladstein, the Chief Strategy Officer at the Human Rights Foundation, has asserted that North America could become the new mining hotspot. That said, most mining operations currently take place in Texas thanks to its pocket-friendly energy (renewable)
costs.

 

You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.