China orders the second-largest mining region to close, 9% of Bitcoin hashrate at riskBTC $8919 (-1.2%) • ETH $205 (-0.4%) • XRP $0.20 (+0.7%)
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It’s a step forward and a leap backward for China’s mining industry. Days after the Chinese government allowed the use of hydro-electricity for “blockchain projects” in a region known for its high concentration of Bitcoin miners, a directive passed last week mitigates any benefits of the former. Regulators in Sichuan have issued a notice to all crypto-businesses in the region, calling for a swift end to mining activity and any related activities. All sub-ordinate offices and municipal administrators have been directed to “guide” miners to close up shop.
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