Keeping a tough stance on cryptocurrencies, China has issued an order to crack down on crypto mining operations in Sichuan’s southwest province, Reuters reported.
What Happened: On Friday, the Sichuan branch of the National Development and Reform Commission (NDRC) and the Sichuan Energy Bureau ordered cryptocurrency mining projects closed in the major mining center.
The Commission demanded the closure of 26 suspected cryptocurrency mining projects by Sunday in the province.The authorities have ordered state electricity companies in Sichuan to conduct inspections and make corrections. In addition, they have been asked to immediately stop supplying electricity to crypto-mining projects, which they have detected.
They urged the local governments in Sichuan to start combing for crypto-mining projects and shut them down.In Sichuan, miners use hydropower to run computer equipment to verify Bitcoin (CRYPTO: BTC) transactions.
According to the data carried by the University of Cambridge, Sichuan is China’s second-biggest bitcoin mining province. At this place, miners move their activities in the rainy summer to take advantage of its rich hydropower resources.
