Sichuan authorities meet local miners in a positive mood
A seminar organised by Sichuan’s provincial regulator and the local branch of the State Grid Corporation unfolded in a cordial atmosphere, with no resolutions adopted. According to Cryptonews.
Initially it was planned that officials would discuss the scale of mining and the possibilities for using surplus electricity in the event of a cryptocurrency mining ban.
Participants noted a surplus of hydroelectric power in the region and its absence at present. Among the issues considered were the sources of income for local residents, the power-generating companies, and the impact of cryptocurrency mining on the province’s situation.
According to Sally Wan, a representative of Sino Global Capital, the level of the conference carries no political significance, since local authorities will still follow Beijing’s directives.
China’s policy guidance is top-down. No matter what provincial govs such as Sichuan issue, they follow the guidance of the central gov.
— Sally W 嘎知 (@sallywang666) June 3, 2021
On May 16, provincial authorities temporarily restricted the power supply to large consumers due to low rainfall and coal shortages. On May 17, the total computational power of the Bitcoin network had fallen by 20%.
Later the official Chinese news agency Xinhua criticised digital gold and its mining methods.
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