Strong moves towards crypto mining continue to come from China, the world’s most populous country, which has a tough stance against cryptocurrencies and has made a name for itself with bans on miners.
Numerous states have banned crypto mining activities within their borders. With the news of the ban from Hebei province, a new one has been added to the Chinese provinces that ban crypto mining.
Officials of Hebei province in northern China announced that they will cooperate with other public institutions to ban and block cryptocurrency mining and trading.
According to the information received, education, public security departments, local financial regulation bureau and communications administration in Hebei province are among the institutions to cooperate.
Hebei Province officials have announced that they will begin investigating and sanctioning cryptocurrency mining and trading from October.
In the statement, it was stated that crypto mining consumes a large amount of energy and this consumption amount is contrary to China’s ‘carbon neutral’ target.
Cryptocurrency mining is a practice that goes against China’s carbon neutral policy. It disrupts the country’s financial order and contains assets that are not clear and have high financial risks.
This situation negatively affects economic and social development. It also poses a threat to national security.
We observed that this news from China, published on Reuters, had no effect on Bitcoin and did not put any pressure on the price. China’s influence on the market seems to have diminished as the market overprices the news from China.