On June 18th, Sichuan officially issued a document requesting power generation companies are required to immediately stop supplying power to any virtual currency mining and report the relevant situation on the 25th.
We are starting to see the effects of this decision as the amount of mining power backing Bitcoin fell by nearly 17% in the last day. Sichuan province ordered 26 large mining projects to be monitored and shut down.
As I was writing yesterday, the drop of the hashing power can make Bitcoin block production longer.
The future of Chinese crypto mining doesn't look great. It's worth noting that most of the Bitcoin network's hashing power, almost 75%, is from China. With the current crackdown, most of that power will be moved outside; we could see more renewable energy used in the future mining operation. Even the Deputy of Paraguay is inviting some miners to his country.
Yesterday I wrote a more extensive article on the current crypto affairs happening in China.
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