Power generation companies in Sichuan are required to immediately stop supplying power to any virtual currency mining.
The crackdown has been linked to the statement of the Chinese Vice Premier Liu He and the State Council that the financial system needs to be protected.
China-based Bitcoin miners have contributed to three-quarters of the global Bitcoin hash rate. However, the country has recently embarked on a Bitcoin crackdown following the recent energy consumption concerns and its threat to the financial system. The latest province to join the campaign is Sichuan.
On June 18, Sichuan officially issued a document requesting power generation companies are required to immediately stop supplying power to any virtual currency mining, and report the relevant situation on the 25th. https://t.co/O39TSETy0k
— Wu Blockchain (@WuBlockchain) June 18, 2021
Sichuan is popular for its abundance of hydroelectricity, attracting a lot of Bitcoin miners to make the province a mining hub. A
