Hebei is the latest Chinese province to tighten down on cryptocurrency.

 81 Interactions,  8 Today

Crypto mining, according to provincial authorities, is harmful to China’s environmental conservation efforts.

Hebei, a northern Chinese province, is the latest to issue a riot act to cryptocurrency miners and merchants.

According to Reuters on Tuesday, the province’s cyberspace commission has announced plans to curtail cryptocurrency mining and trading activities in the region.

The action coincides with China’s broader anti-crypto strategy, which has driven the majority of the country’s cryptocurrency mining sector to transfer outside. Indeed, as a result of these actions, the greatest hash rate reduction in Bitcoin history occurred, with some miners forced to go offline briefly.

Authorities in the province announced in a statement published by Reuters: “Cryptocurrency mining consumes a large amount of energy, which is contrary to China’s “carbon neutral” policy.”

The Hebei cyberspace commision has enjoined all relevant government stakeholders in the province, including education, public security, communications, and financial regulators, to engage in the crackdown measures as part of the crypto mining prohibition.

See also  From mining to software, China's governmental onslaught on cryptocurrency is still ongoing.

According to reports, these departments will have until September 30 to ensure that their respective information systems are not assisting illegal crypto mining and trade operations.

The statement from the commision also includes plans for whistleblowers and other members of the general public to come forwards with relevant information regarding unlawful cryptocurrency mining and trading activities.

According to reports, strict monitoring of compliance with anti-crypto measures will begin in October.

Because of China’s crypto mining restriction, there has been a considerable East-West hash power migration, which may result in North American miners controlling a larger portion of the worldwide hash rate distribution.

Several crypto mining operations in Canada and the United States are expanding their capacity with large hardware acquisitions from major cryptocurrency miner manufacturers such as MicroBT and Bitmain.

The expansion of the North American crypto mining business has also resulted in significant talks about “green mining,” with some participants pledging to operate in a sustainable manner.

See also  A Chinese region has decided to cut off Bitcoin miners' access to hydropower stations.

 

Subscribe to our newsletter

Loading

Leave a Reply

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