Report: Chinese Bitcoin miners under pressure

Report: Chinese Bitcoin miners under pressure

The fear of a electricity shortage would push the authorities of the Sichuan, a Chinese province known for hosting a large number of mining farms bitcoinsto put pressure on the minors.

The Sichuan would be responsible for more than half of the hash power on the network Bitcoin. The province located in the southwest of China attracts them minors in search of low-cost electricity, resulting from the surplus of hydroelectric power produced by the significant precipitation during the rainy season (May to September).

according to AsiaTimes, citing a report by Bitcoin.com, Following the dry season, the region is beginning to take action against hydroelectric power plants that supply electricity to unlicensed crypto-mining farms.

Two power stations have already been ordered to pay fines for providing energy to minors not having obtained authorization.

A first meeting between regulators, power plant owners and a dozen miners were said to have taken place on Friday. No details have yet been made public.

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Officially, the bitcoin miners are not welcome in the Sichuan. However, they are allowed to operate during the rainy season, when hydroelectric power plants generate large surpluses.

This summer, heavy flooding had completely devastated a bitcoin mining farm located in the province.

According to Coinshare, Sichuan-based crypto enterprises alone control 54% of the network’s total processing power Bitcoin. In addition, as a whole, the China it now holds 66%, an increase of 6% over the last two years.


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