It seems that the Chinese government does not intend to abandon its anti-crypto currency position: the Cointelegraph website shares with local media reports that the cheap hydroelectric power used by the largest Bitcoin farms of the Middle Kingdom may soon go into oblivion.
The statement on stopping the supply of cheap electricity for mining refers to the fact that Sichuan Electric Power Company issued a circular with a notice that it will no longer provide the necessary energy from its connected hydroelectric power stations. The document also allegedly calls the mining of the bitcoins "an illegal operation." So far, the data on the circular has not been fully confirmed.
THE GOVERNMENT CONTINUES TO PRESS
The statement from the energy companies does not reflect the general mood among the miners, according to the article of local media . They believe that for crypto-currency operations, "unnecessary water" is used, that is, water that flows without generating electricity. Therefore, the price was so low.
And yet, the power cutoff goes on two fronts: the province not only stated that "there will be no new power stations," but it also buys existing ones. Here's what you can read in the article:
On the one hand, Sichuan Province issued a circular at the political level, banning the emergence of new small hydroelectric power stations; [At the same time,] the energy company is moving towards acquiring such stations to promote its own power grid. This greatly reduces the amount of cheap electric energy for Bitcoin.
Such a change would well correspond to the attempts of the Chinese government to penetrate all spheres of the crypto currency.
Since the veracity of the story has not yet been confirmed, we advise interested readers to follow the further development of events.
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