In line with China’s policy to curb the Bitcoin mining industry flourishing in the country until now, a Chinese city that also sits on a huge hydropower resource has actively started to shut down all Bitcoin mining activities in the city.
The governor of China’s Ya’an city has said that he is committed to wiping out any Bitcoin mining activity in the region. In a meeting held in the city on Thursday, the officials said that they would be handing out warnings to companies and firms engaged in Bitcoin mining activities. It should be noted that China is where most Bitcoin mining takes place. It is estimated that over 60% of Bitcoin mining takes place in China, however, after the government’s crackdown a lot of miners are exploring options to shift to part of Europe and North America.
After a ban on Bitcoin mining was announced by the central government we have seen several instances of an active crackdown on Bitcoin mining activities. Also, China’s anti-crypto stand has led to a local crackdown on crypto-related businesses. After the Chinese banking and financial industry body announced a ban on crypto payments, several businesses have been having a hard time. China’s complete u-turn on their crypto policy also led to the market crash towards the end of May, when the cryptocurrency market lost about 300 billion dollars in just one week.
Just a week ago, China’s top social media platform Weibo blocked popular accounts related to cryptocurrencies. The move from the government-controlled social media platform is being seen as an extended plan of the Chinese government to limit the reach of cryptocurrency projects and their social media accounts.