Media: Sichuan to assess impact of Bitcoin mining ban on the energy sector

On June 2, the Chinese province of Sichuan will hold a seminar on using excess hydroelectricity under the cryptocurrency mining ban. The Block reports, citing an invitation to state agencies from the National Energy Administration of China.

According to the meeting plan in the regional capital Chengdu, officials will discuss the scale of mining and the possibilities for using excess electricity in the event of a ban on cryptocurrency mining.

Sichuan is popular among Chinese Bitcoin miners due to the abundance of hydroelectric power during the rainy summer months.

On May 16, provincial authorities temporarily restricted power supply to large consumers due to low rainfall and a coal shortage. On May 17, total Bitcoin network fell by 20%.

Earlier on May 18, journalist Colin Wu reported that three associations under the People’s Bank of China issued a joint notice, forbidding companies to support cryptocurrency-related businesses.

On May 21, Vice Premier Liu He of the State Council stated during remarks at the Financial Stability and Development Committee that Chinese authorities plan to take measures against mining and trading Bitcoin.

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