Chinese, cryptocurrency It is known for being a very outspoken country about its opposition to the use and mining of currency units. In what was once a Bitcoin mining superpower, there is now a huge crackdown on crypto, with equipment confiscated and electricity bills increased.
Last year, the country declared a full-fledged crypto mining ban last year, citing environmental concerns. Since then, multiple provinces of China have reported that more than 3600 BTC mining rigs have been seized by the authorities.
China makes illegal BTC mining harder
China’s Guangdong, Heilongjiang and Shanxi provinces have recently imposed strict restrictions on criminals involved in BTC mining in an effort to impose a full ban. Dongguan city in Guangdong province also reported that its administration had carried out approximately 6,050 inspections by mid-March.
As a result, a total of 2,957 mining equipment has now been confiscated from 24 central mines and 35 separate mining farms. Experts think that this development may affect Bitcoin and altcoins.
Yunfu, another city in Guangdong province, also announced that they had succeeded in capturing 554 mining rigs in a joint team investigation. According to one report, the mine was founded in a stationery manufacturing company.
Garages of houses are used for mining
The city of Mudanjiang in Heilongjiang province reported that many residential garages are used for Bitcoin mining. Authorities confiscated more than 60 pieces of equipment and also alleged illegal use of electricity valued at more than 300,000 yuan (about $47,000). According to reports, a criminal organization was running these Bitcoin mining operations and stealing electricity to power them.
Shanxi province has taken a stricter action on the issue and announced that it has increased the price of electricity by 1 yuan ($0.16) per kilowatt to counter crypto mining farms. This action will come into effect from May 10.
Sichuan province launches its own NFT marketplace
in the country crypto edition NFTs, called digital collectibles in China, remain one of the country’s last few remaining ties to cryptocurrencies. The collections are incredibly popular in the country, and even government agencies such as the state-run news agency Xinhua encourage him to publish them.
The Chinese province of Sichuan has recently launched its own NFT marketplace. According to reports, the province’s culture and tourism authority plans to use a digital asset trading platform to stimulate the music industries. The government reported that there are a number of music companies that are using blockchain technology to protect their copyrights.
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