Bitcoin Mining Clampdown in China Reaches Yunnan Province

Azeez Mustapha

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored
Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.


Another province in China has taken a stand against Bitcoin mining operations in the region as the Chinese government intensifies efforts to wean the nation of cryptocurrency activities. Over the weekend, Yunnan provincial authorities disbursed a memo ordering an investigation into the illegal use of electricity by individuals and companies in Bitcoin mining.

The China Securities Journal, a local media house, reported that the provincial energy department has threatened to cut power transmission to those using electricity for crypto mining.

South China Morning Post (SCMP) reported that the provincial authorities could shut down any Bitcoin mining operations that may “pose a safety risk related to their electricity usage” by the end of June.

Yunnan, China’s fourth-largest province in terms of Bitcoin hashing power, has joined the growing list of Chinese regions clamping down on BTC mining activities. Some others that have clamped down on BTC mining include Mongolia, Xinjiang, and Qinghai.

Yunnan is also the second-largest producer of hydropower in China after Sichuan, and most of the mining in the region already uses renewable energy. Regardless, Beijing continues to wage war on cryptocurrency-related activities.

Bitcoin mining operations across China have slowly declined over the past few months. Inner Mongolia began evicting miners in February this year and had shut down 35 mining farms by the end of April.

Meanwhile, Qinghai authorities ordered BTC miners to close shop last week and have ordered businesses like data centers, industrial parks, and power stations to desist from providing crypto-related companies with resources.

China is Losing Bitcoin Mining Dominance

According to the Cambridge Bitcoin Electricity Consumption Index (CBECI), China is still responsible for about 65% of the global hash rate. Xinjiang is the largest single provider of Bitcoin mining power and accounts for about 36% of the total global hash rate, followed by Sichuan and Inner Mongolia, respectively. Yunnan comes in number four position and accounts for 5.4% of the global hash rate according to the SCMP.

Another report from Miner Daily suggested that China’s hashrate dominance has dropped to 55%, as more mining companies migrate to North America, where renewable energy is plentiful.

That said, some analysts have noted that the fall of hash power in China due to the government’s anti-Bitcoin stance is, in fact, a good thing for the Bitcoin network.

 

You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *