China’s Crypto Mining Crackdown Spreads To Yunnan In The Southwest
This may not be good for Chinese miners but as a whole, I believe this will be good for Bitcoin and the Bitcoinosphere:
CHINA’S CRYPTOCURRENCY-MINING CRACKDOWN SPREADS TO YUNNAN IN THE SOUTHWEST
China’s cryptocurrency-mining crackdown spreads to Yunnan in the southwest. The Chinese Government has become one of the first to clamp down on the huge amounts of electricity used in cryptocurrency mining. The rise of cryptocurrencies in China has led to a two-pronged approach to curbing the spread of Bitcoin and other digital currencies. The State Council made up of the political leadership of the nation, has decided to limit the amount of power needed to mine for cryptocurrencies. The second fork in the road for cryptocurrency miners and dealers is the surging price the State Council believes will cause economic problems in the future.
THE UNAUTHORIZED USE OF ELECTRICITY
The decision by the political leadership of China to limit the development of the cryptocurrency market has caused panic for cryptocurrency mining operators. Several of the largest mining organizations have based themselves in the Yunnan region, where unauthorized electricity use has become a problem. The Energy Administration of Yunnan has been delivering notices to suspected Bitcoin mining operations in the region. The Yunnan region is following the deadlines imposed by the State Council of mining and dealing with cryptocurrencies to be completed by the end of June.