China is hunting for illegal cryptocurrency mines. Not everyone is afraid of the ban

Everyone probably knows what the law is like in China. In brief? Better to follow it. However, some miners had no intention of shutting down their business with the increasingly common, and more and more provincial, ban on mining digital currencies. Today there are consequences – allegedly China is hunting for illegal cryptocurrency mines.

Hunting for digging, i.e. miners in China, have a bad time

This is indicated by the latest Bloomberg report, according to which fears of impending electricity shortages have prompted the Chinese government to prosecute cryptocurrency miners who break the ban on this practice. Government inspections “against illegal mining activities in colleges, research institutions and data centers” have become more frequent in many provinces over the past few months, according to anonymous sources cited in the report.

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As the saying goes, The law is hard, but the law. Especially since at least on paper, the Chinese government has clean hands, because the whole ban is motivated by making the country more neutral in terms of carbon dioxide emissions in the coming years. However, it is difficult not to see in this the usual concern about the impact of unregulated cryptocurrencies on society, as in the past the government has restricted financial institutions from handling related transactions and introduced its digital yuan (convert to US dollar) itself.

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However, mining cryptocurrencies in China is still reportedly a common practice, even on a large scale. According to the report, there is a gentleman out there who constantly avoids detection, constantly moving a hundred mining platforms to various warehouses. Others chose the simpler path – they moved their mines outside China.