The authorities of Yunnan province in China are planning to curb cryptocurrency mining. This is according to Forkast News, citing a notice provided by the BTC.TOP pool.
According to the publication, the company plans to accelerate moving operations to North America and focus on Sichuan Province because of the abundance of hydroelectric resources.
Earlier, Bitcoin miners at the Shandong Economic and Technological Development Park, based in Changji Prefecture (Xinjiang), received an order from local authorities about the immediate cessation of activities.
Inner Mongolia, Qinghai, and Sichuan joined the effort against mining of the first cryptocurrency. The Sichuan authorities allowed miners to prepare to cease operations by September 2021.
Provincial officials also held a seminar on the use of surplus hydropower under the ban. Media reported that the meeting with local miners took place in a cordial atmosphere, but without adopting any resolutions.
On May 18, journalist Colin Wu reported that three associations under the People’s Bank of China issued a joint notice banning companies from engaging in cryptocurrency-related business.
On May 21, Vice Premier Liu He, during a speech at a meeting of the Financial Stability and Development Committee, stated plans to take measures regarding digital asset mining and Bitcoin trading.
On May 24, Xinhua News Agency released a piece criticizing digital gold and cryptocurrency mining. It later clarified that trading digital gold is not prohibited, but requires protecting the interests of ordinary people.
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