The authorities of Yunnan province have increased pressure on the cryptocurrency business
The authorities of Dehong-Dai-Kachin district and the Autonomous Prefecture of Jinpohu in Western Yunnan held a meeting in May, as a rusult of which 57 objects allegedly working in the field of Big Data, but actually engaged in Bitcoin mining without permission, received orders to close. The local authorities also demanded the removal of seven objects under construction.
Participants of the meeting recognized the usefulness of Bitcoin miners who consume excess electricity. However, the focus was also on the security risks associated with direct connection of miners to hydroelectric power plants, as well as the problem of tax evasion.
Authorities have begun checking power facilities throughout Yunnan and, according to experts, this is fraught with new restrictions for local miners. A number of farms, according to some reports, have already been left without electricity.
Some farms are already trying to sell equipment as soon as possible in order to go out of business. Some old-timers of the industry are sure that the pressure of the authorities will not put an end to the local mining industry, but it will increase the threshold for entering it and operating costs.
We will remind that the authorities have banned mining in the province Sichuan, which is famous for cheap electricity.
The authorities of Dehong-Dai-Kachin district and the Autonomous Prefecture of Jinpohu in Western Yunnan held a meeting in May, as a rusult of which 57 objects allegedly working in the field of Big Data, but actually engaged in Bitcoin mining without permission, received orders to close. The local authorities also demanded the removal of seven objects under construction.
Participants of the meeting recognized the usefulness of Bitcoin miners who consume excess electricity. However, the focus was also on the security risks associated with direct connection of miners to hydroelectric power plants, as well as the problem of tax evasion.
Authorities have begun checking power facilities throughout Yunnan and, according to experts, this is fraught with new restrictions for local miners. A number of farms, according to some reports, have already been left without electricity.
Some farms are already trying to sell equipment as soon as possible in order to go out of business. Some old-timers of the industry are sure that the pressure of the authorities will not put an end to the local mining industry, but it will increase the threshold for entering it and operating costs.
We will remind that the authorities have banned mining in the province Sichuan, which is famous for cheap electricity.