Currency Economy

Sichuan government mulls over Bitcoin mining ban

Cryptocurrency13 minutes ago (May 27, 2021 11:30PM ET)Sichuan government mulls over Bitcoin mining ban© Reuters. Sichuan government mulls over Bitcoin mining ban

Following a proposed ban on Bitcoin mining activities by Inner Mongolia, another Chinese province is considering clamping down on BTC miners. The Sichuan regulatory office of China’s National Energy Administration has announced that it would hold a virtual meeting on June 2 to discuss the possibility and implications of shutting down Bitcoin mining in the province.

The symposium will also include the heads of state-run energy entities, which will join heads with the regulators to assess how a potential ban will affect its hydropower excess.

The southwestern Chinese province is a major hub for Bitcoin mining activities, thanks to the availability of relatively cheap power. In August 2020, excessive flooding in the region caused Bitcoin’s hash rate to plummet by 25 percent.

As reported by BTC PEERS, the Financial Stability and Development Committee (FSDC) of China called for a crackdown on Bitcoin mining and trading last week, a statement that prompted a sharp market sell-off.

Meanwhile, Inner Mongolia published a detailed plan to restrict Bitcoin mining this week. The flagship cryptocurrency has come under a lot of fire lately for its high energy consumption. However, reports suggest that other traditional industries such as the gold and banking sectors use more energy.

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