Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

China's cryptocurrency-mining crackdown spreads to Yunnan in southwest - media

06/12/2021 | 05:31am EDT
FILE PHOTO: Picture illustration of small toy figurines and representations of the Bitcoin virtual currency displayed in front of an image of China's flag

SHANGHAI (Reuters) - China's crackdown on cryptocurrencies has spread to the country's southwest with a campaign against misuse of electricity by bitcoin miners in Yunnan province, local media reported on Saturday.

In addition to concerns about the huge amounts of energy needed for the computing power to create cryptocurrencies, the central government is also concerned about speculation after a surge in the price of bitcoin.

China accounts for a over half of global bitcoin production, but some miners have been considering moving elsewhere after the State Council, China's cabinet, vowed to clamp down on bitcoin mining and trading last month.

The Energy Administration of Yunnan on Friday issued a notice ordering a probe into misappropriation and unauthorized use of electricity by bitcoin miners, vowing punishment, the Science and Technology Innovation Express News said.

A copy of the notice, which sets an end-June deadline, was circulating on Chinese social media. Calls to the Energy Administration of Yunnan were not answered on Saturday.

The probe in Yunnan, China's fourth-biggest bitcoin mining hub, follows restrictions in several other areas. The northwestern province of Qinghai and a district in neighbouring Xinjiang have ordered cryptocurrency mining projects to close.

Inner Mongolia has unveiled measures to root out cryptomining, while Sichuan is probing the industry.

An increasing number of Chinese crypto miners are considering folding the business in China, and moving offshore, said Lei Tong, managing director for financial services at Babel Finance, a Hong Kong-based crypto lender and asset manager.

(Reporting by Samuel Shen and Emily Chow; Editing by William Mallard)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BITCOIN - EURO 8.71% 32490.62 Real-time Quote.20.51%
BITCOIN - UNITED STATES DOLLAR 8.78% 38353.7 Real-time Quote.16.01%
INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD. -2.74% 34.1 End-of-day quote.-23.15%
Latest news "Economy & Forex"
04:04pUk looks to remove china’s cgn from nuclear power projects - ft
RE
02:13pCredit Suisse settles spying case with former star banker
RE
02:01pTesla restarts model s deliveries after a week-long hold - electrek
RE
01:56pU.s. cdc says 163,025,726 individuals have been fully vaccinated against covid-19 as of july 25 vs 162,725,812 individuals as of july 24
RE
01:56pU.s. cdc says 188,472,188 individuals have received at least one dose of covid-19 vaccine as of july 25 vs 187,982,826 individuals as of july 24
RE
01:55pU.s. cdc says administered 394,948,975 doses of covid-19 vaccine as of july 25 vs 341,039,972 doses administered as of july 24
RE
01:54pU.s. cdc says delivered 394,948,975 doses of covid-19 vaccine as of july 25 vs 394,936,815 doses delivered as of july 24
RE
01:05pEgypt registers primary surplus of 1.4% of GDP in FY 2020-2021 - statement
RE
12:58pUMWA UNITED MINE WORKERS OF AMERICA : Yogi Muise, cornerstone member of Cape Breton's Men of the Deeps, has died
PU
12:45pRepublican lawmaker says public transit dispute holding up U.S. infrastructure bill
RE
Latest news "Economy & Forex"