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.
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