Type to search

blockchain industry cryptocurrency news China mining News

The supply of Electricity for Miners was Banned in China

electricity for miners

The supply of electricity for miners was banned in the Chinese province

The Baoshan city authorities have decided to turn off the electricity supply to companies involved in the extraction of cryptocurrency, said local journalist Colin Wu. He explained what could have caused the restrictions.

electricity for miners

Authorities in the city of Baoshan in Yunnan province have ordered local electricity suppliers to shut off their supply to cryptocurrency miners. Chinese journalist Colin Wu told about this. On his Twitter account, he posted a snapshot of the official decree, noting that reports of restrictive measures came from several miners.

Wu stressed that the impact of the incident should not be overestimated. Local government sentiments regarding mining and cryptocurrency change frequently. These bans cannot be called China’s purposeful policies. Most likely, local government agencies were interested in the economic aspect, he said.

At the end of October, the hashrate of the bitcoin network fell by almost 30%. This happened due to the end of the rainy season in the Chinese province of Sichuan, where many hydroelectric power plants are located. In this regard, miners began to turn off the equipment to transport it to Inner Mongolia province.

Read crypto news every day on https://news.bxmi.io/

Join Bitxmi Exchange

Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

Leave a Comment

Your email address will not be published. Required fields are marked *

WP2Social Auto Publish Powered By : XYZScripts.com