{"id":261677,"date":"2020-05-23T11:44:55","date_gmt":"2020-05-23T15:44:55","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=261677"},"modified":"2020-05-23T11:44:55","modified_gmt":"2020-05-23T15:44:55","slug":"authorities-in-chinas-sichuan-province-want-to-end-crypto-mining","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/authorities-in-chinas-sichuan-province-want-to-end-crypto-mining","title":{"rendered":"Authorities in China\u2019s Sichuan Province Want to End Crypto Mining\u00a0"},"content":{"rendered":"

With cryptocurrencies virtually in China’s limbo, it would appear that a major local authority is now turning against the mining space.\u00a0<\/span>Earlier today, news sources revealed that the financial regulator of the Sichuan province in China had issued a possible ban on cryptocurrency mining in the region.\u00a0<\/span><\/p>\n

No More Support for Hydroelectric Power<\/b><\/h2>\n

As a <\/span>tweet<\/span><\/a> from Asian FinTech news site PA News confirmed, the notice came from Sichuan’s financial administrative authority. The body has now asked its subordinate agencies to \u201cguide\u201d companies in the mining space to begin shutting their operations down.<\/span><\/p>\n

The ban will begin with the region’s abundant hydroelectric power, which has been a considerable benefit to the crypto mining space. According to reports, the authority has ordered hydroelectric plants to stop investment into all existing crypto projects immediately. At the same time, they should immediately cease adding new mining projects.<\/span><\/p>\n

The news adds that any hydroelectric power plant that doesn\u2019t comply will face an investigation for illegal construction projects. Other consequences include bans, fines, self-demolition, and other administrative measures.<\/span><\/p>\n

It\u2019s unclear whether the project will be restricted to hydroelectric plants or will extend to mining plants in the region. However, since mining is heavily dependent on hydroelectric power in the Sichuan region, this new development presents quite a significant problem.<\/span><\/p>\n

China\u2019s Possible Withdrawal from Cryptocurrency Mining Altogether<\/b><\/h2>\n

The Sichuan province has always been a hotspot for mining in China. Last month, the Cambridge University\u2019s Centre for Alternative Finance (CCAF)\u00a0launched a <\/span>Bitcoin Mining Map<\/span><\/a>, which tracks the average monthly hash rate produced by every country across the world.<\/span><\/p>\n

The map\u2019s information comes primarily from three of the largest mining pools – ViaBTC, Poolin, and BTC.com. As the map shows, China accounts for 65.08 percent of global hashpower. Going even deeper, it shows that the Sichuan province accounts for 9.66 of China\u2019s hashpower.<\/span><\/p>\n

Mathematically, this means that 6 percent of the global hashpower originates from Sichuan alone. The only region in the country that does better is the Xinjiang region \u2013 also in China \u2013 which represents 37 percent of the global hashpower.<\/span><\/p>\n

Apart from the fact that it will deplete a significant amount of hashpower, this move is also a scary harbinger for what is to come \u2013 a possible outlawing of cryptocurrency mining in China.\u00a0<\/span>As stated earlier, China accounts for 65 percent of the global hashpower. If the government decides to outlaw mining in the country, it could signal a problem for crypto mining across the world. Beijing already banned cryptocurrencies and every related business in the country. Mining could be next to fall.<\/span><\/p>\n

Of course, the government doesn\u2019t entirely have much to lose \u2013 save for the tax revenues that mining companies will otherwise be paying. The proposed state-backed asset doesn\u2019t need any mining, so the government doesn\u2019t need any of the infrastructures.\u00a0<\/span>If Beijing is looking to scrap mining entirely, a complete mining ban isn\u2019t off the table.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

With cryptocurrencies virtually in China’s limbo, it would appear that a major local authority is now turning against the mining space.\u00a0Earlier today, news sources revealed […]<\/a><\/div>","protected":false},"author":1770,"featured_media":248217,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1],"tags":[946,7644,9759],"acf":[],"yoast_head":"\nAuthorities in China\u2019s Sichuan Province Want to End Crypto Mining\u00a0 - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"With cryptocurrencies virtually in China's limbo, it would appear that a major local authority is now turning against the mining space.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/261677\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Authorities in China\u2019s Sichuan Province Want to End Crypto Mining\u00a0\" \/>\n<meta property=\"og:description\" content=\"With cryptocurrencies virtually in China's limbo, it would appear that a major local authority is now turning against the mining space.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-23T15:44:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/01\/Bitcoin-mining.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"710\" \/>\n\t<meta property=\"og:image:height\" content=\"458\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jimmy Aki\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@adejimi\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jimmy Aki\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/261677#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/261677\"},\"author\":{\"name\":\"Jimmy Aki\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/a66ff7827d8bed054aa6be4e9d8c1dad\"},\"headline\":\"Authorities in China\u2019s Sichuan Province Want to End Crypto Mining\u00a0\",\"datePublished\":\"2020-05-23T15:44:55+00:00\",\"dateModified\":\"2020-05-23T15:44:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/261677\"},\"wordCount\":502,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"keywords\":[\"China\",\"Crypto Mining\",\"Sichuan\"],\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/261677#respond\"]}],\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/261677#primaryimage\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/261677\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/261677\",\"name\":\"Authorities in China\u2019s Sichuan Province Want to End Crypto Mining\u00a0 - 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