China's Qinghai province announced a ban on cryptocurrency operations, a government document said Wednesday. Qinghai is the latest coal-fired mining company to try to wipe out the altogether industry. The news received another warning against the shutdown of some crypto miners in the Xinjiang Uyghur Autonomous Region of Inner Mongolia, which previously imposed restrictions on miners.
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This document was released by the Industrial Information Technology Bureau of Qinghai Province, which is part of the province. Local authorities maintain financial stability by cracking down on mining and cryptocurrency transactions as well as government concerns over energy-intensive industries and environmental pollution, which are two reasons to abolish all mining activities in the province. I gave the Prime Minister's instruction.
Chinese Bitcoin Miners (BTC, + 8.32%) Miners to power plants by combining coal and hydropower, depending on the season. In particular, the use of coal has caught the attention of governments trying to reduce carbon dioxide emissions. In May, the government of the People's Republic of China, one of the country's most important authorities, ordered local authorities to combat mining and trade in cryptocurrencies.
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So far, the Chinese government has leaned in this direction. Inner Mongolia introduced rules for energy-using companies in April, suggesting that another mining center, Sichuan Province, could end local energy policies used by miners. Bitcoin's hash percentage (the amount of computer energy protected by the network) fell by more than 16% as many coal-fired power plants were shut down earlier in the year due to an accident at a local mine. El Salvador recognizes cryptocurrencies as fiat 4.00 over the last 24 hours. Bitcoin prices, which rose nearly $ 0, have fallen slightly in the news.