More Chinese provinces issue bans on cryptomining – Reuters

More Chinese provinces issue bans on cryptomining – Reuters

Authorities in China's northwestern province of Qinghai and a district in neighbouring Xinjiang ordered cryptocurrency mining projects to close this week, as local governments put into practice Beijing's call to crack down on the industry.

China accounts for a over half of global bitcoin production, but some miners have been considering moving elsewhere after the State Council, China's cabinet, vowed to clamp down on bitcoin mining and trading last month. read more

"We are standing at an inflection point for the mining industry here in Asia," said Lei Tong, Managing Director Financial Services at Babel Finance, a Hong Kong-based crypto lender and asset manager.