Chinese officials’ approach towards “free cryptocurrencies” has been evident through its many actions. For example, even though the country is responsible for more than 10% of all Bitcoin transactions, they have banned crypto fundraising and mining. Twenty firms exited China as a response to these bans.
On the other hand, Chinese Officials is closest to releasing their own CBDC. Further, China Securities News stated China’s attitude towards cryptocurrency mining as:
“They have large energy consumption and carbon emissions, low contribution to the national economy, and limited driving effect on industrial development and scientific and technological progress.”
Moreover, in Guangdong Province Chinese Officials strongly advocates this approach towards virtual currency mining. Also, today, Guangdong officials discovered a hidden mining facility within their province for the first time.
Furthermore, the mining hub was hidden in an electric vehicle charging station and officials. In a raid, these officials have seized more than 190 professional mining machines worth more than 5 million yuan.
In addition, the operator of the mining hub rented the electric vehicle charging station by giving the name of a high-tech company. They’ve also used the charging station as a cover for the massive energy spent during mining.
At the time of confiscation, the hub had been active for more than 1,000 hours. They’ve consumed more than 90,000 kilowatts of electricity.
