Chinese authorities intend to terminate 64 mining farms

Chinese authorities intend to increase pressure on cryptocurrency miners in Yunnan and Sichuan provinces. The fight is aimed at farms operating illegally.

As a result of the May meeting of local authorities, it was decided to close 57 projects operating in the field of big data, but actually engaged in the extraction of cryptocurrencies without the necessary license. Seven objects that are currently only at the construction stage are subject to elimination. Participants noted that there are cases when miners contact directly hydroelectric power plants to agree on tariffs, and thus bypass existing rules.

We add that earlier mining was considered by the authorities as a way to develop business activity in the region. However, now many farm participants are trying to sell their equipment in order to avoid significant financial losses.