All cryptocurrency mines in Qinghai province ordered to shutdown

China’s northwest province of Qinghai ordered the closure of all cryptocurrency mining operations in the region, reported Caixin.

According to the provincial industry and information technology regulator, all existing operations will be closed, and no new virtual currency mining projects will be permitted in the province. The move follows similar orders enacted in northern Inner Mongolia and the far western region of Xinjiang.

Due to authorities’ concerns over financial risks associated with cryptocurrency and the large amount of electricity consumption, China, a global Bitcoin mining country, has escalated the crackdown on cryptocurrency mining.