China is notorious for being outspoken against the use and mining of Bitcoin. Cryptocurrency mining is banned in the country, which was once a major player in the market. The government banned crypto mining entirely last year, citing concerns about the impact on the environment. There are reports of more than 3600 BTC mining rigs being seized by Chinese authorities in many regions.
Chinese government complicates illegal Bitcoin mining
BTC mining interception has recently become widespread in China’s Guangdong, Heilongjiang and Shanxi provinces. Dongguan city of Guangdong province, 6,050 inspections were conducted in mid-March. So far, 957 mining equipment has been seized from 24 central mining facilities and 35 separate facilities.
Many private garages in Mudanjiang city in Heilongjiang province are used to mine Bitcoin. More than 60 pieces of equipment are reportedly confiscated and a total of 300,000 yuan (about $47,000) in illegal electricity theft. According to reports, the Bitcoin mines are run by a criminal organization that steals energy to power it. Shanxi province has announced that it will increase the price of electricity by 1 Yuan ($0.16) per kilowatt to combat crypto mining facilities. The implementation of this measure will begin on May 10.
Sichuan province is launching its own NFT market
One of China’s last surviving links to cryptocurrencies NFTs or digital collectibles. Due to the high demand for the products, government agencies, including China’s official news agency Xinhua, began publishing their own versions. As we quoted as
Kriptokoin.com, a new NFT market was opened in China’s Sichuan province in April. The state’s culture and tourism agency is reportedly ready to launch a cryptocurrency exchange to boost the state’s music industry. According to information provided by the government, many music companies are adopting Blockchain technology to protect their copyrights.
Meanwhile, major crypto miners in North America are looking to expand into regions with more power sources and less regulatory pressure. At the 2022 Bitcoin Conference in Miami on Thursday, crypto miners such as Core Scientific, Riot Blockchain, Marathon Digital and Argo Blockchain shared their interest in expanding into Scandinavia, the Middle East and other lightly regulated regions.
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