China’s crypto miners suffer a new blow as another province cracks down on mining

China’s crypto miners suffer a new blow as another province cracks down on mining
фото показано с : invezz.com

2021-7-15 13:25

China has been dealing blows to crypto miners for months now, one province after another. The trend does not appear to even be slowing down, let alone stopping, as the Anhui province became the latest one to join the country-wide crackdown.

According to a recent report from hf365.com, Anhui has come up with a plan to shut down 100% of mining projects on its territory over the course of the next three years. The province noted that the decision came from the power supply shortage and that this issue will also curb any new projects that might emerge with the need for a large amount of energy and power consumption.

China’s crypto mining crackdown continues

The local reports did not cite any specific official, just the decision as a whole. However, the new move doesn’t come as a surprise, given the series of moves that China has been making to kick out the miners, and make the use of any cryptocurrency apart from its digital yuan obsolete.

The new move also comes right as Bitcoin (BTC/USD) started trading below its strongest support at $32,000 per coin, although it managed to recover slightly and go above this level once again at the time of writing. Over the last two months, BTC has been trading between this support and a resistance at $36,000, with its fluctuations becoming gradually smaller. But, as they continue to diminish, Bitcoin seems to be sticking more and more to its support, rather than the resistance.

The move also comes only a month after the city of Ya’an, which has abundant hydropower and is located in Sichuan province, announced that it plans to root out all BTC and ETH miners by the end of the year. Other provinces, such as Inner Mongolia and Yunnan, made similar promises, and they continue to crack down on any crypto mining business on their territories.

Meanwhile, miners are still looking for a new home, with one of the biggest options so far being Miami, Florida, whose mayor invited the miners to come and use the city’s nuclear power.

The post China’s crypto miners suffer a new blow as another province cracks down on mining appeared first on Invezz.

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