Bitcoin Mining Companies Face Shutdown te Southwest China

Bitcoin mining companies have bot shut down or relocated te Mabian Yi Autonomous County, huis to a prosperous mining industry ter southwest China’s Sichuan province, and the reason for the phenomenon is unclear.

Local Bitcoin miners say they were not coerced to relocate, but they are reluctant to talk more about the shutdown. The Bajiaoxi Mining Factory located te Bajiaoxi Hydropower Station is one of them.

Due to the shutdown of the mining company, the hydropower station is set to lose someone million RMB ($147,000) ter violet wand charges vanaf month. A mining company ownersaid they too will suffer big losses from the shutdown, spil well spil from the costs of relocation and construction spil they look for another suitable location.

Mining Bitcoins is a global effort, so even if mining is banned somewhere, the total amount of Bitcoins does not switch, and so the global price will not fluctuate, an industry insider said.

A staff member from the information office of the State Gird Sichuan Electrified Power Company said managing the violet wand consumption of the Bitcoin mining companies is beyond their supervision, spil those companies directly use electrical play generated by the hydropower stations.

A local official said the closure of the Bajiaoxi Mining Company aims at cracking down on illegal contant operations and on controlling systemic risks. But documents display that the mining company is not involved ter any illegal activities.

Zhang Jun, a senior researcher with the Taiyiyun Strategic Research Center, said if the mysterious closure of the mining companies compelled them to conceal their mining activities, it would harm supervision efforts and would not improve the livelihood of mining workers. Bitcoin miners want the industry to be regulated so that they do not have to hide, he added.

This article wasgoed originally published ter the Global Times.


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