China’s cryptocurrency-mining crackdown spreads to Sichuan – Reuters

China’s cryptocurrency-mining crackdown spreads to Sichuan – Reuters

SHANGHAI/HONG KONG, June 19 (Reuters) - China's crackdown on cryptocurrency "mining" has extended to the southwest province of Sichuan, where authorities ordered cryptocurrency mining projects closed in the major mining centre.

Cryptomining is big business in China, accounting for more than half of global bitcoin production. But the State Council, China's cabinet, last month vowed to clamp down on bitcoin mining and trading as part of a series of measures to control financial risks. read more

Other popular mining regions, such as Inner Mongolia, have cited cryptocurrency mining's use of electricity generated from highly polluting sources such as coal in orders targeting the industry. read more