In its recent crackdown, the Chinese authorities have seized 7000 crypto mining machines alleged for illegally consuming electricity. The local Chinese media publication CCTV reported that the confiscation of crypto mining equipment as part of inspection across the country.Over the last few years, China has been the most lucrative destination for crypto miners. Regions like Sichuan produce an abundance of hydroelectric thereby making electricity available at a very cheap cost. We already know that crypto mining devices are heavy power guzzlers. Thus, China’s supply for low-cost electric power brings miners from across the globe to gather here.Since the ban of public cryptocurrencies in September 2017, Chinese authorities have been having strict vigilance on mining activities. The latest
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Bhushan Akolkar considers the following as important: chen jingbo, Cryptocurrency News, News, state electric power department
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In its recent crackdown, the Chinese authorities have seized 7000 crypto mining machines alleged for illegally consuming electricity. The local Chinese media publication CCTV reported that the confiscation of crypto mining equipment as part of inspection across the country.
Over the last few years, China has been the most lucrative destination for crypto miners. Regions like Sichuan produce an abundance of hydroelectric thereby making electricity available at a very cheap cost. We already know that crypto mining devices are heavy power guzzlers. Thus, China’s supply for low-cost electric power brings miners from across the globe to gather here.
Since the ban of public cryptocurrencies in September 2017, Chinese authorities have been having strict vigilance on mining activities. The latest report suggests that the Chinese authorities conducted an inspection of over 70,000 households, 3,061 merchants, 1,470 communities. Besides, they also search, factories, courtyards, mines, and villages in the Kaiping district of Tangshan city.
The Tangshan police together in collaboration with the State Electric Power Department conducted the inspection. The authorities looked out any suspicious use of electricity in the city. During the course of the investigation, the authorities have seized 52 high-power transformers and nearly 6890 ASIC miners.
The Tangshan police found these cryptocurrency miners stealing electricity from a nearby village. Chen Jingbo, Director of Shuangqiao Police Station, Kaiping Branch, Tangshan Public Security Bureau, said:
“It was found that there are two containers, a modified mining mine for bitcoin. After investigating the site, it was determined that the privately connected transformer was used to mine bitcoin. At that time we seized 1,906 bitcoin miners”.
China’s Crackdown on Crypto Mining Activities
Being home to a large number of Bitcoin miners, China is also responsible for controlling 66% of the global hash rate. Over the last year, the authorities are cracking down on the illegal use of electric power. As part of its “clean-up and rectification of crypto token mining companies,” the authorities of China’s Inner Mongolia Autonomous Region further tightened their grip on mining activities.
Other regions like Abkhazia are also identifying the regions of crypto mining farms. Earlier this month, the authorities said that they have discovered several illegal mining farms using the local power supply. Thus, there has been a significant load on the local electric networks.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.