China’s Qinghai Province Has Ordered All Crypto Miners to Shut Down

SourceYahoo News
SectorFinancial Markets
CountryMiddle east

Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.David Pan and Nikhilesh DeJune 9, 2021, 7:39 AM·2 min readOops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.

China’s Qinghai province has announced a new ban on virtual currency mining operations, a government document announced Wednesday.

Qinghai is the latest coal-based crypto mining hub that is set to completely eliminate the industry. The news came on the heels of another crackdown notice against some crypto miners in Xinjiang, and follows Inner Mongolia which had previously imposed restrictions on miners..

The document was issued by Qinghai Industry and Information Technology Department, which is part of the provincial government. 

Related: Chinese Police Arrest 1.1K People on Crypto-Related Money Laundering Charges

The local government cited the central government’s concerns about high energy-consuming industries and environmental pollution as well as the State Council’s directive to maintain financial stability by cracking down on crypto mining and trading...read more...