China Continues to Crack Down on Bitcoin Mining

South China Morning Post (SCMP) has published a report highlighting the crackdown on cryptocurrency mining in the province of Yunnan. Quoting a report of Xinhua news agency, SCMP highlighted the action taken by the local authorities of launching the investigation against the alleged use of the power in the mining business.

Further revealing details, the news agency quoted that Yunnan Energy Bureau has made an elaborate plan to cut the power supply of the organizations and individuals indulging in illegal mining of the cryptocurrency. In addition, the law will also catch the defaulters who are evading electricity bills, and safety risks will also be cited as a parameter for shutting down illegal Bitcoin mining operations.

The whole process of cracking down will get completed by the end of June. Joint investigation teams have been made to carry out inspections. Accordingly, financial penalties will be slapped on companies and individuals whose actions are found to be in contradiction of the law. Even the power generation companies supplying electricity to these defaulters will be punished through a series of sanctions that the regulator has planned to slap on them.

This latest news of cracking down on illegal mining in Yunnan is the latest in the efforts of the Chinese government to curb the illegal mining of cryptocurrency mining. The country has already cracked a whip in other regions such as Qinghai and Inner Mongolia. It has also been reported that officials had earlier met to decide on the policy change on Bitcoin mining, but no final decision had been taken by authorities.

This development will have long-term implications for the mining of Bitcoin and other cryptocurrencies. It is a setback for the Crypto universe as China continuous to play hardball and is firmly opposed to the idea of digital currencies. It’ll be interesting to witness how authorities will move forward with the sanctions and whether the process will end anytime soon or not.