March 29, 2024

Qinghai becomes the third Chinese province to impose a mining ban

Qinghai becomes the third Chinese province to impose a mining ban

The authorities of the Chinese province of Qinghai have imposed a ban on any activity related to the extraction of cryptocurrency.

The western region followed the example of Xinjiang andInner Mongolia, which previously announced the introduction of restrictions on miners. In May, Sichuan also ordered local businesses to temporarily restrict electricity consumption.

In an official statement, the Department of Industry and Information Technology of Qinghai refers to the Chinese government's concerns about energy-intensive industries and environmental pollution.Wednesday, as well as the directive of the State Council on countering trade and mining of cryptocurrencies to maintain financial stability in the country.

From now on, local authorities in the region must closeall projects related to mining and cannot issue permits for such activities, nor report on the activities carried out to the Department. In addition, the Qinghai government will additionally conduct unscheduled inspections of data centers and other enterprises using powerful computing equipment.

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