In the last few months, they have been growing concerns over the amount of energy expended in the mining of Bitcoin. Tesla CEO Elon Musk started this chain of events after he mentioned that he was concerned about the energy sources that are being used to mine Bitcoin. While that is by the side, the Sichuan province of China is cracking down heavily on Bitcoin mining across the region. In the report shared by PA News, the Science and Technology Bureau and the Energy Bureau of Sichuan Ya’an have ordered that mining operations need to be shut down by June 25.
An official document that crypto journalist Colin Wu had access to mentioned that 26 mining centers across the region would have to shut down their mining stations. Power stations are being ordered to cut off the power supply to these mining operations. The report by PA News also mentioned that the authorities have also earmarked small-scale mining stations that use hydroelectricity in the region for closure. Before now, the region was one of the Bitcoin-friendly regions in the country due to the amount of cheap power that was available for mining during the May to September rainy season across the region. At this point, it is safe to point out that this latest report is different from the previous reports that have been flying around. In most of the other reports, the miners were told to shut down by September, compared to the June 25 date mentioned in this report.
Sichuan province would be the fifth in a long list of regions that have ordered miners to shut down their services. Inner Mongolia was the first to roll out an update before Xinjian and Qinghai announced the ban on mining on June 5. Yunnan province was the last to concede and ban the activities in the region following an update on June 11.
China still pushing for blockchain adoption on an industrial scale
While the nationwide clampdown on Bitcoin mining activities is ongoing, the country is pulling in another direction regarding blockchain technology. The Chinese government is pushing to develop a blockchain system used in specific industries.
In a recent document released by the government, it is now pushing for the establishment of industry-based blockchain technology, various tax incentives, and finally, intellectual protections that would help solidify it as a blockchain powerhouse. This recent view has confirmed that even though the country is now pushing to eliminate Bitcoin mining across the country, it is also boosting the adoption of blockchain technology.
Andrew is a writer that does most of his work on cryptocurrency-related topics. While he’s primarily interested in Bitcoin, he also follows major altcoins and the innovative ideas that new cryptocurrency and blockchain projects are bringing to the table.