Following the ban of crypto transactions in China, the latest directive is China’s recent onslaught to continue stomping down crypto mining and trading. Sometime In May, the country’s State Council ordered a stompdown on crypto mining in the country. In line with the council, mining operation and facilities consume quite a huge amounts of energy which limits the countries efforts to reduce carbon emissions.
In June, Bitcoin miners in China’s southwest province of Sichuanare reportedly fled the country following the onslaught ban on crypto mining activites. An operator of a crypto mining farm in the region, stated that following this order, many other crypto miners are already starting to exit the business so as to comply with the federal authority policies.
Coming from the region in China that accounts for one third of global bitcoin production, the decree ban on operations has basically naturalized the industry as miners dumping machines in despair to seek refuge in places such as Texas or Kazakhstan.
Global Times says local Chinese government claims the latest stomp has cut the country’s bitcoin production by over 90%.
However, Bitcoin mining is an energy-intensive activity, the country is an ideal route for it because of its availability of cheap power energy. The most of China’s power electricity originates from coal-powered facilities, it happens to be one of the dirtiest sources of power in a world struggling to switch to cleaner sources of energy.
Tesla billionaire-owner, Elon Musk also came stood against the use of the countries dirty energy source when he stated that his company will not be accepting crypto payments until the process of mining is far cleaned up.
With such recent activities currently in the, China is effectively stomping the crypto activity in the country.