Tuesday, June 25, 2024

Another Chinese province has banned cryptocurrency mining

Qinghai government calls on digital coin mining companies to cease operations.

The authorities of the Chinese province of Qinghai have published a document according to which the mining of cryptocurrencies in the region is now prohibited, according to 8BTCnews . The regional authorities have called on companies that are involved in the extraction of digital coins to cease their activities. The document also notes that illegal cryptocurrency mining will be investigated and suppressed.

June 9 order the immediate cessation of the activities of miners gave power Xinjiang Uygur Autonomous Region. The requirement is related to the May statement by the authorities on the need to combat mining and crypto trading. At the end of May, Vice Premier of the State Council of the People’s Republic of China Liu He called for tougher regulation of cryptocurrency mining and trading.

After that, miners began to stop work in the country. For example, two large companies, BTC.TOP and HashCow, have suspended their activities. Also, the cryptocurrency exchange Huobi announced the suspension of cryptocurrency mining. She temporarily stopped serving clients from mainland China. Later, the Bybit crypto exchange made the same decision. The site will cease serving Chinese residents from June 15, 2021.

Also today it became known that Chinese search networks, including the largest of them – Baidu and Sogou, blocked the  search results of three cryptocurrency exchanges: Binance, Huobi and OKex.

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