logo

Yingjiang County in China to cut off hydroelectric power to mining firms

Yingjiang County

TL;DR Breakdown

  • Yingjiang County of China to deprive crypto mines of power supply.
  • Recently, a notice was given to hydroelectric power plants to observe the activities of crypto miners.
  • Provinces like Guizhou have decided to develop electric car charging bases with the saved energy.

China’s stance on crypto mining is not clear after the recent laws implemented in the country against crypto mining operations. While many Bitcoin miners are leaving the nation, seeking to establish their operations in countries like Kazakhstan, China’s crackdown on crypto mines has hit another milestone. The miners in Yingjiang County see a grave situation.

The Bitcoin miners from Yingjiang County in Yunnan, China, won’t be able to receive a hydroelectric power supply to fully operate their farms with great ease. This comes after the Chinese authorities released the recent notice to hydroelectric powerplants to stop providing power supply to these mining firms in the Yingjiang County.

Yingjiang County Bitcoin mines consume “illegal power”

According to the Chinese authorities responsible for providing the power plants with the notice, it is next to impossible for the Bitcoin miners to continue their operations as the power is being given to them “illegally.” The authorities have given the owners of the respective power plants in Yingjiang County to discontinue their services to these farms.

The date for the implementation of the instructions has been set at 24th August, after which penalties might be included. By this date, the power plants will have to delist all the Bitcoin mining firms, or else, the authorities of Yingjiang County have planned to “forcibly dismantle” the power supply to these mines.

Furthermore, after the completion of this step, Yingjiang County plans to establish proper laws to prevent the existence of Bitcoin miners who are going against the instructions provided by the government.

Yingjiang County is not alone

Guizhou Province has also recently seen the implementation of such a law. The energy saved from cryptocurrency mining will be imparted to the infrastructure for electric car charging that the authorities plan to build.

After the country’s recent crypto-crackdown, there has been a significant drop in the hashrate provided by crypto miners, reducing the nation’s contribution to about 46.04 percent. The miners have relocated to various nations like Kazakhstan.

John Lincoln

John Lincoln

Lincoln contributes blockchain and crypto perspectives that meet the industry's selective information needs in a timely, undiluted fashion. His greatest wish is to share transformational technology through an engaging and easy-to-read style, making complex topics accessible to all.

Related News

Hot Stories

BlackRock launches spot BTC private trust
Solana price analysis: SOL shows slight declining dynamics at $43.5
What Crypto is BlackRock investing in?
Jito Labs Raises $10M from Multicoin Capital and Framework Ventures to Build Performant MEV Infrastructure For Solana
Bitcoin, Binance Coin, XRP, and Solana Daily Price Analyses – 11 August Morning Price Prediction

Follow Us

Industry News

BlackRock launches spot BTC private trust
Tornado Cash few accounts unblocked as dYdX affirms it adhered to Treasury’s ban
Renbridge Used by Cybercriminals to Launder $540M by Chain Hopping
Hotbit halts trading activities on its platform
Coinbase records $1 billion loss in Q2