Skip to main content

Authorities shut off electricity to Bitcoin miners in China’s Yunnan province

Local media reports indicate electricity producers in Yunnan, China’s fourth-largest province by Bitcoin hash rate, have been ordered not to provide power to crypto mines.

Local sources report that authorities from the city of Baoshan in the Chinese province of Yunnan are escalating efforts to crack down on Bitcoin miners, ordering electricity producers to cease supplying power to the city’s miners.

On Nov. 30, Chinese crypto reporter Colin Wu tweeted that several miners had informed him of the ban, sharing what appear to be scanned copies of official documents issued to power producers:

However, Wu added that the ban was probably informed by localized “economic interests,” and probably is not indicative of a desire to quash crypto mining on the part of Beijing: 

“There is no need to overestimate the impact of this incident. The attitude of China local power companies towards crypto mining is often changing. It is more a demand for economic interests than political pressure.”

The ban appears to have coincided with a 24-hour drop in global hash rate of roughly 10% from 140 exahashes per second to 125 EX/s, though correlation is far from causation.

According to Cambridge University’s Bitcoin Electricity Consumption Index, or BECI, Yunnan was China’s fourth-largest region by mining hash rate, behind Xinjian, Sichuan, and Inner Mongolia as of April 2020. Yunnan then represented 5.42% of global hash rate — ranking it above all countries except for China, the United States, Russia, and Kazakhstan.

In June, Wu reported that Yunnan’s government had ordered 64 unauthorized mining operations to shut down, including seven that were still under construction. The government cited tax evasion and security risks including how the mines were wired to local hydropower stations.

During that same month, a local Bitcoin mine caught on fire, resulting in the incineration of thousands of units.

The mid-year crackdown also followed a May 29 explosion at a hydropower station in Yunnan that killed six people and injured five. The explosion was believed to have prompted greater enforcement of safety standards concerning hydropower plants in the region.

In April, Yunnan’s state grid also issued a document warning electricity producers against the unauthorized diversion of power to Bitcoin mines.



from https://ift.tt/39tmFQL
https://ift.tt/2HUNyl7
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...
Post a Comment
Read more

How Social Platform Chingari is Using Web 3.0 to Transform the Traditional Way We Use Social Media

The world is changing. This isn’t news to anyone, but sometimes it is nice to realize that—contrary to news headlines—not all the change is bad.  In fact, the last decade has seen so much innovation and so many improvements to technology that even 2015 seems like a different world.  Internet speeds, connecting with anyone globally (for free), and our ability to reach large groups of people without a middleman is nothing short of revolutionary. When it comes to technology evolution, this often happens with different iterations.  Once a system is mature, there’s a better idea of what we would like to change and improve.  We go back to the drawing board, target our creative minds at the issues, and create a new version that has evolved to better meet our needs.  The Internet has followed this model since its inception, evolving through three distinct stages.  We are only at the cusp of the third stage, called Web 3.0, with technologies such as blockchain and ...
Post a Comment
Read more

INX submits bid for Voyager Digital's assets

FTX US won a $1.4-billion bid to purchase Voyager’s assets in September, but with the firm filing for bankruptcy, the funds were once again up for grabs. Trading platform INX has submitted a bid for an undisclosed amount to purchase the assets of crypto brokerage firm Voyager Digital. In a Nov. 30 announcement, INX said it had sent a non-binding letter of intent for Voyager’s assets following the platform filing for bankruptcy in July. According to INX CEO Shy Datika, the bid was aimed at providing “credibility, technology, and unique regulatory positioning” for Voyager users seeking stability in a volatile market. Voyager’s original bankruptcy filing from the Southern District Court of New York suggested the firm could owe between $1 billion to $10 billion to more than 100,000 creditors amid a bear market and exposure to Three Arrows Capital. In September, FTX US won a $1.4-billion bid to purchase Voyager’s assets, but with FTX Group itself filing for bankruptcy in November, th...
Post a Comment
Read more