In China, the regulations related to Bitcoin (BTC) mining Tighten again. Yingijang County in China’s Yunnan Province has issued a warning against hydroelectric power stations that provide power to bitcoin mining companies.
IT House It stated on August 20 that all hydroelectric power stations in the area should immediately stop supplying power to bitcoin mining companies. The companies have until August 24 to completely dismantle mining farms and move mining equipment out of the area. If that doesn’t work, the state will step in.
All municipalities in the area must also notify the National Development and Reform Commission (NRDC) of the decommissioning. This agency should further tighten law enforcement on “illegal” crypto mining and the monitoring of hydropower plants from now on from supplying power to mining companies.
China began cracking down on mining in the country this summer. Many provinces have banned mining completely, causing a significant drop in Hash rate, or the total computing power, of the Bitcoin network. Bitcoin and altcoins also took a hit. China’s central bank recently announced They will not stop putting pressure on the crypto industry.
Iran banned all cryptocurrency mining in May this year Because cities have had to deal with major blackouts. It was because the country was being ravaged by extremely hot and dry spring and summer. Mining companies were, of course, the first to believe this.