It is time for Chinese bans bitcoin news. This news often comes every year where we talk about China banning bitcoin miners by either stop sending them electricity or putting them in jail.
Several miners told Wu that Baoshan, Yunnan, where China’s crypto mines are located, received a ban on November 30, requiring the power station to stop supplying power to the miners. Yunnan is the third largest mining place in China after Sichuan and Xinjiang.
It’s getting tougher and tougher to operate a bitcoin mining business in China. It is very interesting to note that China has very generous energy subsidies. Like all free enterprise, Bitcoin mining depends on government support.
There is no need to overestimate the impact of this incident. The attitude of China local power companies towards cryptocurrency mining is often changing. It is more a demand for economic interests than political pressure.
Shown above is the document in Chinese that talks about it.
Sichuan is pretty much the only places where the Bitcoin network actually gets some renewable energy part of the year. So barring the miners for using a renewable source of energy isn’t a smart decision.