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China has shut down all major Bitcoin mining farms in Yunnan province

Cryptocurrency Jul 02, 2021 04:00AM ET
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© Reuters. China has shut down all major Bitcoin mining farms in Yunnan province

According to Kevin Zhang, the vice president of crypto mining firm Foundry, Yunnan officials have moved to shut down all major Bitcoin mining facilities in the southwestern province.

Citing an anonymous source, Zhang said on Wednesday that the latest crackdown efforts were related to China’s 100thCommunist Party anniversary that was celebrated on July 1.

Just like Sichuan, Yunnan is known for its abundant hydropower. It was the fourth-largest Bitcoin-producing province in China. However, in early June, state news outlet China Star Market reported that the region’s Energy Bureau had begun inspecting illegal mining farms. One of the sources quoted in the article claimed that all mining farming could be shut down in the province, with officials also threatening to cut power supply to individuals and companies that may “pose a safety risk related to their electricity usage.”

While the idea of a total ban may not be true, it would not come as a surprise. Inner Mongolia, Sichuan, and Qinghai have all banned Bitcoin mining, effectively crippling the crypto industry in China.

Zhang estimates that a whopping 90 percent of all crypto miners in China would have gone offline by the end of July.

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China has shut down all major Bitcoin mining farms in Yunnan province
 

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