China has issued a severe crackdown against bitcoin mining, as evident from the previous few flashes of the same taking place. China issued the decision based on the fact that bitcoin mining being commenced on such a large scale is not favorable for the environment on any level or scope, and another reason is the initiation of the digital yen, which can’t be done if bitcoin is stealing all the influence within the Chinese market.
Right now, the Chinese province by the name of Yingijang County has issued a statement in which they are going to close even the last standing hydropower plant if seen or witnessed powering a bitcoin mining farm. The dismantling of all the hydropower plants is in effect, and orders have been initiated to commence for the same regarding each and every hydropower plant under its jurisdiction.
Chinese Regulators are Ready to Take All Actions to Stop Crypto Mining
This is a rather strict insight, but it only targets those hydropower plants that are illegally supplying power to the bitcoin farms, and thus they have been issued a deadline to delist all of the bitcoin mining farms, or otherwise, the state will use its authority and dismantle the power plants itself.
All the hydropower plants within the vicinity are also advised to report to the NDRC after they have cut down the bitcoin mining farms from their supply grid. This will help the state keep tabs on things and run numbers, such as how many mining farms have been cut off from the hydropower supply line and the other power resources it would compel these farms to use.
It seems that China is not ready in any capacity to give all of it another thought, and it will stop at nothing to uproot the last bitcoin manning farm out of the country. It might seem a bit much for such a massive state to go behind something negligible, but there is a third wheel. Bitcoin mining farms use unauthorized electricity and want uninterrupted access to cheap electricity for which most are not even paying, and if some are paying for it, then they are definitely keeping the state out of the profit generated through mining. So, in one way or the other, these are the mining farms pressing the hand of the state to issue such a severe crackdown.