{"id":129347,"date":"2021-06-18T18:23:30","date_gmt":"2021-06-18T18:23:30","guid":{"rendered":"https:\/\/precoinnews.com\/?p=129347"},"modified":"2021-06-18T18:23:30","modified_gmt":"2021-06-18T18:23:30","slug":"chinas-digital-currency-mining-crackdown-continues","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/chinas-digital-currency-mining-crackdown-continues\/","title":{"rendered":"China's digital currency mining crackdown continues"},"content":{"rendered":"

China\u2019s Sichuan Province is forcing electricity suppliers to stop providing service to digital currency miners by June 25th at the latest. On June 18th, Sichuan published a document that named 26 of the province\u2019s largest cryptocurrency miners by name and requested that their electricity providers stop supplying power to them. This event comes just a few weeks after China\u2019s State Council said that digital currency mining was a financial risk and that the digital currency mining sector needed increased monitoring.<\/span><\/p>\n

According to local news outlet <\/span>PaNewsLab<\/span>,\u00a0<\/span><\/p>\n

\u201cMine owners have been notified that due to the discussion of Bitcoin and other virtual currency mining at the meeting of the Ya’an Municipal Government in Sichuan on June 17, all power stations in the region will be shut down before 22:00 for self-examination, and the specific power-on time will end tomorrow (June 18th). [in addition], all mines must be shut down before the 25th, including the consumption of electricity and the abandonment of hydropower.\u201d<\/span><\/p>\n

China<\/span> has threatened to ban Bitcoin and crackdown on digital currency mining several times in the past, but this time around the Chinese government is taking action.<\/span><\/p>\n

What does this mean for mining?<\/b><\/p>\n

According to the <\/span>Cambridge Bitcoin Electricity Consumption Index<\/span>, China accounts for 65.08% of the hash power supporting the BTC network. A nationwide ban on digital currency mining in China is likely to have a ripple effect on the blockchain networks Chinese miners are putting their hash power towards. It is rumored that China-based miners are looking to relocate rather than close up shop; however, there will be a period of time\u2013that most likely begins on June 25th\u2013where the miners will have to take their mining machines offline and either mail them or physically take them to a new mining facility. When this takes place, there will be far less hash power supporting digital currency networks than there usually is. Shortly after the announcement was made in Sichuan, Ethereum’s hash rate fell by 7%.<\/span><\/p>\n

Digital currency markets have reacted negatively to China\u2019s threats toward digital assets. Since May 21st, when China first announced that they were adding digital currency mining to the list of high-risk activities, the price of BSV has fallen from $204.10 to $156.42\u2013a 23% drop in price.\u00a0<\/span><\/p>\n

Over the next few weeks, we will most likely see digital currency miners move their <\/span>mining <\/span>operations to areas with low electricity prices and crypto-friendly <\/span>governments.\u00a0<\/span><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

China\u2019s Sichuan Province is forcing electricity suppliers<\/p>\n","protected":false},"author":3,"featured_media":129346,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nChina's digital currency mining crackdown continues - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/chinas-digital-currency-mining-crackdown-continues\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China's digital currency mining crackdown continues - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"China\u2019s Sichuan Province is forcing electricity suppliers\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/chinas-digital-currency-mining-crackdown-continues\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-18T18:23:30+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/06\/China039s-digital-currency-mining-crackdown-continues.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/chinas-digital-currency-mining-crackdown-continues\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/chinas-digital-currency-mining-crackdown-continues\/\",\"name\":\"China's digital currency mining crackdown continues - Pre Coin News\",\"isPartOf\":{\"@id\":\"https:\/\/precoinnews.com\/#website\"},\"datePublished\":\"2021-06-18T18:23:30+00:00\",\"dateModified\":\"2021-06-18T18:23:30+00:00\",\"author\":{\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/precoinnews.com\/crypto\/chinas-digital-currency-mining-crackdown-continues\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/precoinnews.com\/crypto\/chinas-digital-currency-mining-crackdown-continues\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/chinas-digital-currency-mining-crackdown-continues\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/precoinnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crypto\",\"item\":\"https:\/\/precoinnews.com\/category\/crypto\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"China's digital currency mining crackdown continues\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/precoinnews.com\/#website\",\"url\":\"https:\/\/precoinnews.com\/\",\"name\":\"Pre Coin News\",\"description\":\"precoinnews.com\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/precoinnews.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"mediabest\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"caption\":\"mediabest\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"China's digital currency mining crackdown continues - Pre Coin News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/precoinnews.com\/crypto\/chinas-digital-currency-mining-crackdown-continues\/","og_locale":"en_US","og_type":"article","og_title":"China's digital currency mining crackdown continues - Pre Coin News","og_description":"China\u2019s Sichuan Province is forcing electricity suppliers","og_url":"https:\/\/precoinnews.com\/crypto\/chinas-digital-currency-mining-crackdown-continues\/","og_site_name":"Pre Coin News","article_published_time":"2021-06-18T18:23:30+00:00","author":"mediabest","twitter_card":"summary_large_image","twitter_image":"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/06\/China039s-digital-currency-mining-crackdown-continues.jpg","twitter_misc":{"Written by":"mediabest","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/precoinnews.com\/crypto\/chinas-digital-currency-mining-crackdown-continues\/","url":"https:\/\/precoinnews.com\/crypto\/chinas-digital-currency-mining-crackdown-continues\/","name":"China's digital currency mining crackdown continues - Pre Coin News","isPartOf":{"@id":"https:\/\/precoinnews.com\/#website"},"datePublished":"2021-06-18T18:23:30+00:00","dateModified":"2021-06-18T18:23:30+00:00","author":{"@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/precoinnews.com\/crypto\/chinas-digital-currency-mining-crackdown-continues\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/precoinnews.com\/crypto\/chinas-digital-currency-mining-crackdown-continues\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/precoinnews.com\/crypto\/chinas-digital-currency-mining-crackdown-continues\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/precoinnews.com\/"},{"@type":"ListItem","position":2,"name":"Crypto","item":"https:\/\/precoinnews.com\/category\/crypto\/"},{"@type":"ListItem","position":3,"name":"China's digital currency mining crackdown continues"}]},{"@type":"WebSite","@id":"https:\/\/precoinnews.com\/#website","url":"https:\/\/precoinnews.com\/","name":"Pre Coin News","description":"precoinnews.com","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/precoinnews.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"mediabest","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","caption":"mediabest"}}]}},"_links":{"self":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/129347"}],"collection":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/comments?post=129347"}],"version-history":[{"count":0,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/129347\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media\/129346"}],"wp:attachment":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media?parent=129347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/categories?post=129347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/tags?post=129347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}