Crypto miner claims all major Yunnan operations shut down in advance of CCP anniversary

Crypto miner claims all major Yunnan operations shut down in advance of CCP anniversary

It’s unclear if the shutdowns are due to orders passed down from above or the result of China’s announced regulatory crackdown on crypto miners.

Reports alleged that cryptocurrency miners in China’s Yunnan province may be out of commission for a day if not longer due to the Chinese Communist Party’s 100th anniversary celebration this week.

According to Kevin Zhang, the vice president of mining infrastructure company Foundry Services, all major Bitcoin (BTC) mining farms in Yunnan have been shut down as of today. Zhang said he personally knew of at least two crypto mining sites in the southwestern region that had received orders to cut power.

The shutdowns are purportedly due to the impending Chinese Communist Party, or CCP, celebrations, which occur every year on July 1. Due to this year’s anniversary being a centennial, authorities seem to have taken stronger measures to ensure less pollution — China ranks as the 14th worst country in terms of air quality — traffic, and political demonstrations. Major industries including coal mining and steel production will reportedly be shut down for up to a week in an attempt to reduce urban smog and prevent accidents.

However, it’s unclear if the CCP anniversary is directly related to the shutdowns or Chinese crypto miners are responding to an ongoing regulatory crackdown. The State Council’s Financial Stability and Development Committee announced in May it would be curtailing BTC mining amid financial risk concerns. Several reports have surfaced since that time suggesting authorities are enforcing crypto mining bans in regions including Yunnan, Xinjiang, Inner Mongolia and Qinghai.

Related: China crackdown shows industrial Bitcoin mining a problem for decentralization

While some companies have said the mining ban is driving them to other provinces within China, a few may leave the country entirely. Many experts in the crypto space expect the regulatory crackdown will push mining firms to relocate to Texas, with abundant renewable energy and a highly deregulated power grid.

  • Bitcoin
  • Ethereum
  • Tether
  • Cardano
  • Polkadot
  • Binance coin
  • Dogecoin
Scan to Donate Bitcoin to 194astnfvj2nr6izGJFwG9ebRqNU7ynQYY

Donate Bitcoin to this address

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0xe5853a1d08b3ea0bb69276b0e40cdf858968d822

Donate Ethereum to this address

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Tether to 0xe5853a1d08b3ea0bb69276b0e40cdf858968d822

Donate Tether to this address

Scan the QR code or copy the address below into your wallet to send some Tether

Scan to Donate Cardano to DdzFFzCqrhsu1xWeeGai3gbgsbrFP26zPaVrCJqqF286carQJmAkTitRQSUCLhYLpKCotroRRNpKj7YcnAJQqpSfsHHdj8nUaitPvH4j

Donate Cardano to this address

Scan the QR code or copy the address below into your wallet to send some Cardano

Scan to Donate Polkadot to 155rGKVEanCxpi5EqGh8yh1AkGpm6bVUa7RQNydA38KzbhNu

Donate Polkadot to this address

Scan the QR code or copy the address below into your wallet to send some Polkadot

Scan to Donate Binance coin to bnb136ns6lfw4zs5hg4n85vdthaad7hq5m4gtkgf23

Donate Binance coin to this address

Scan the QR code or copy the address below into your wallet to send some Binance coin

Tag/Note:- 105346725
Scan to Donate Dogecoin to DKN9sscVgSBVyG7f9PYJq2D3BhWK5ffUmK

Donate Dogecoin to this address

Scan the QR code or copy the address below into your wallet to send some Dogecoin


Credit: Source Link

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy
WP Twitter Auto Publish Powered By : XYZScripts.com