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But compounding matters is the enormous environmental toll of crypto mining, which undermines Chinese President Xi Jinping’s ambitious promise to make China carbon neutral by 2060.īefore the crackdown, bitcoin mining in China was projected to generate more than 130 million metric tons of carbon emissions by 2024, according to a study published in scientific journal Nature Communications. The sudden crackdown has largely been driven by the inherently speculative nature of cryptocurrencies and the Chinese Communist Party’s (CCP) extreme aversion to risk-or anything outside its control. “It’s not worth running the regulatory risk.” The environmental toll of cryptocurrencies “Next, we will mainly mine in North America,” he wrote on his Weibo social media account. Jiang Zhuoer, chief executive of BTC.TOP, which accounts for more than 18% of China’s bitcoin mining hashrate, announced the suspension of his local operations. Sichuan Duo Technology’s Tang, meanwhile, put his mining rigs up for sale on social media platform Wechat. “We will actively support all kinds of laws and regulations in the country,” HashCow said in a statement. Cryptocurrency exchange Huobi suspended miner hosting services as well as some trading services, while, cryptocurrency miner HashCow-which owns the world’s largest mining farms-said it would stop selling machines to clients in China. Last week, a number of companies involved in cryptocurrency mining began halting operations in China.
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While individual miners and traders may be able to slip through the cracks, larger commercial miners will likely be considering alternative mining hubs with less rigorous regulatory regimes, analysts say. Chinese Vice Premier Liu He told a group of finance officials that the government would “clamp down on bitcoin mining and trading activity” to ensure financial stability. In late May, China’s State Council signaled a crackdown on cryptocurrency mining, causing bitcoin’s price to plummet by 30% and casting a pall across the entire industry, which collectively lost over $1 trillion in value. “The water is just going to flow away, so rather than waste it, we use it to make a contribution to China,” says Tang.Ĭhina’s government, it turns out, disagrees. Local governments will often offer power for pennies-or even free-to attract jobs and get a painless boost to their gross domestic product figures. This means that in the summer, when rains are plentiful, miners flock to Sichuan’s hydropower stations, which have a glut of supply and are based in far-flung locations that make it hard for them to plug into the national grid. Cryptocurrency mining requires huge amounts of computing power, making energy consumption a major overhead for the industry. Ltd, told TIME from his penthouse office in Sichuan province capital Chengdu last month.Ĭhina hosts around 75% of the world’s bitcoin mining capacity-or “hashrate”-due to its established technology supply chains and extremely cheap electricity. “We’re like bees chasing flowers,” Tang Wanlong, chairman of bitcoin mining company Sichuan Duo Technology Co. The rainfall also brings trucks stacked with computers to hydropower dams, where entrepreneurs can tap cheap electricity for mining bitcoin-the arcane process that accumulates the cryptocurrency using huge amounts of computing power to solve equations. Downpours transform the mottled landscape into lush emerald, while azaleas bloom and migrating cranes and storks begin the long journey back north. The annual spring rains bring many changes to southwestern China’s Sichuan province.