Resolutely achieve the "zero clearance" goal. 15 provinces have launched virtual currency "mining" rectification this year.

The special rectification against virtual currency "mining" is still in progress. Since December, Hainan, Shaanxi, Yunnan, Zhejiang and other places have successively issued relevant policies or disclosed the special rectification situation. Since the beginning of this year, in order to achieve the goal of "zeroing out" virtual currency mining, 15 provinces have carried out special rectification against virtual currency "mining".

Ding Feipeng, director of Beijing Liantong Law Firm, told the Securities Daily reporter that both the central and local levels are subject to strict supervision on virtual currency "mining".

Since December, various regions have continued to carry out rectification work on virtual currency "mining" and conducted regular supervision. While the results are significant, new changes have also emerged.

On December 3, the Hainan Provincial Development and Reform Commission decided to list virtual currency "mining" activities as an eliminated industry and implement differentiated electricity prices, with a price increase of 0.80 yuan per kilowatt-hour. At the same time, virtual currency "mining" users are not allowed to directly participate in electricity market transactions. Compared with the withdrawal methods of other provinces, Hainan's withdrawal method of raising electricity prices through market-based means is relatively gentle, which is the first case in China.

Ding Feipeng said that Hainan's price increase to 0.80 yuan per kilowatt-hour was a way to clear out the debt by using differentiated electricity prices under regulatory policies.

Zheng Dingxiang, president of the Shenzhen Information Service Industry Blockchain Association, told the Securities Daily reporter that Hainan's implementation of differentiated electricity prices for "mining" activities has actually increased the cost of "mining" activities, pushed "mining" companies to exit the market on their own, and at the same time blocked new mining projects, clearing out existing projects in the market in a benign and orderly manner.

On December 10, the Yunnan Provincial Energy Bureau disclosed that the illegal power supply to Bitcoin mining by small and medium-sized hydropower stations in Yunnan Province has been “eliminated”. According to preliminary estimates, after the illegal power supply to Bitcoin mining by small and medium-sized hydropower stations in Yunnan Province has been “eliminated”, 2 billion kWh of electricity can be saved throughout the year.

"Previously, some small and medium-sized enterprises took advantage of Yunnan's low electricity prices to mine virtual currencies, mainly because the southwest region has abundant hydropower resources in summer and relatively low electricity prices. Although it seems to promote local economic income, in fact, this high-energy-consuming industry wastes resources and damages the ecology far more than the benefits." Zheng Dingxiang said.

Recently, Zhejiang has conducted surprise spot checks on 36 IP addresses of 20 state-owned units in seven regions of the province without prior notice, without saying hello, without listening to reports, and directly checking the computer rooms and tracing back to the "mining machines". It has seriously investigated and corrected a number of illegal and disciplinary violations involving the use of public resources to participate in virtual currency "mining" and transactions.

Shaanxi confiscated more than 2,000 bitcoin mining machines used to steal electricity. At the same time, it conducted joint supervision on special investigations such as the large-scale bitcoin "mining machine" electricity theft case at the Qunfeng Machinery Factory in Mian County, Hanzhong, and the bitcoin "mining machine" electricity theft case at Hanzhong Handai Tongda Transport Co., Ltd.

Since the beginning of this year, domestic supervision on virtual currency "mining" has continued to escalate.

In March this year, Inner Mongolia took the lead in cleaning up virtual currency "mining" projects. In May, it established a reporting platform for virtual currency "mining" companies and formulated eight punishment measures. Subsequently, Xinjiang, Qinghai, Sichuan, Yunnan and other provinces followed suit and carried out a cleanup and rectification of virtual currency "mining" activities. In September, after the release of the "Notice on Rectifying Virtual Currency "Mining" Activities", Jiangsu, Zhejiang, Fujian, Jiangxi and other provinces also began to take action.

Zheng Dingxiang said that since the beginning of this year, the state has clarified the illegal nature of virtual currency and continued to implement high-pressure supervision. Multiple departments and provinces and cities have jointly rectified virtual currency "mining" behavior, comprehensively cleared out illegal "mining" companies, and achieved positive results across the country. It can be said that the current domestic rectification work in the field of virtual currency has been basically completed and has entered the stage of normalized supervision.

Overall, various regions have taken more vigorous inspection and rectification measures against virtual currency "mining" activities. Both centralized "mining" and decentralized, small-scale "mining" have been effectively cleaned up. In the future, it will not be far away for my country to achieve the goal of "zeroing" virtual currency mining.