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Policy

Sichuan Energy Regulator to Meet to Discuss Bitcoin Mining: Report

Some mines in Sichuan are operating as usual despite the recent crackdown, Global Times reported.

By Jamie Crawley
AccessTimeIconMay 27, 2021 at 11:06 a.m. UTC
Updated Sep 14, 2021 at 1:02 p.m. UTC
The Sichuan region of China is rich in cheap hydro power.

The Sichuan region of China is rich in cheap hydro power.

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The Sichuan Energy Regulatory Office said Thursday it will meet June 2 to discuss crypto mining activities amid China's nationwide crackdown.

  • The energy regulator of the southwestern province is required to meet by the country's National Energy Administration, according to Global Times, a newspaper under the Chinese Communist Party's flagship publication, People's Daily.
  • Despite a national crackdown on bitcoin mining, some mines in Sichuan are operating as usual, Global Times said, citing unidentified industry insiders.
  • Sichuan has been a popular region for bitcoin mining due to its cheap electricity from hydropower during the rainy season.
  • Chinese regulators recently stressed that the country would be taking a stricter approach to bitcoin mining, with the People's Bank of China prohibiting financial institutions from providing services to crypto companies.

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