Skip to content

BREAKING: Can China cut cheap energy to Bitcoin miners?

Apparently, the Chinese government's general anti-Bitcoin stance continues, with reports that cheap hydropower used by China's largest Bitcoin miner According to local media, the facilities could soon to be part of the past

The statement regarding the cessation of cheap mining electricity indicates that the Sichuan Electric Power Company has issued a circular stating that it will no longer provide the necessary equipment. power of its hydropower plants connected to the grid. The circular suggests that the mining Bitcoin is an "illegal operation" The circular has yet to be confirmed.

Bitcoin using the surplus, the government still pressing

The statement of the electricity companies does not reflect the general feeling of minors, according to the article. The miners believe that Bitcoin operations use "jetty" water – water that is dropped without producing electricity, which is why the price has been remarkably low.

Nevertheless, cut supply comes from both sides, as the province declared both a policy "no new power plants", as well as the acquisition of all existing power plants . According to the article:

"On one side, Sichuan issued a circular at the political level, not requiring new small hydroelectric power plants; [at the same time] the company of 39; electricity accelerates its acquisition of small hydroelectric power plants to promote the latter's electricity grid, [leaving] Bitcoin electric space at low cost increasingly narrow. "

A such a change would reflect the general sentiment of the Chinese government, as crypto-currencies have increasingly come under increasingly stringent regulation.

Although the story is not yet confirmed, interested readers should stay tuned to Cointelegraph.