China’s crackdown on cryptocurrency mining extended to southwest province Sichuan where mining projects in the major mining center were ordered by authorities to shut down, reported Reuters.
Last month, the State Council pledged to tighten regulations on bitcoin trading and mining to control financial risks associated with cryptocurrency. China’s cryptomining business is responsible for over half of global bitcoin production.
A joint notice was issued Friday by the Sichuan Provincial Development and Reform Commission, as well as the Sichuan Energy Bureau, ordering the closure of 26 mining projects. According to data provided by the University of Cambridge, Sichuan is China’s second biggest bitcoin mining province.