Qinghai Province Orders Closure of All Crypto Mining Operations

China's Qinghai province has announced a ban on virtual currency mining operations, a government document said on Wednesday.

Qinghai is the latest coal-fuelled cryptocurrency mining hub, but China is on the verge of completely eliminating the industry. The news comes just after Xinjiang issued another notice cracking down on some cryptocurrency miners, following restrictions on miners in Inner Mongolia.

The document was issued by the Qinghai Provincial Department of Industry and Information Technology, which is part of the provincial government.

The local government cited the central government’s concerns about energy-intensive industries and environmental pollution, as well as the State Council’s instructions to maintain financial stability by cracking down on cryptocurrency mining and trading as two of the reasons why they canceled all mining activities in the province.

Bitcoin miners in China use a combination of coal and hydroelectricity to power their mines, depending on the season. The use of coal has particularly raised concerns for the government, which is seeking to reduce its carbon footprint.

In May, the State Council, one of China’s top government bodies, asked local governments to crack down on cryptocurrency mining and trading.

The Chinese government has been moving in this direction for some time. Inner Mongolia implemented regulations on energy-consuming companies in April, while Sichuan, another mining hub, said it might end a local energy policy that was exploited by mining companies.

Earlier this year, when some coal-fired power plants shut down due to local mine accidents, Bitcoin’s hash rate dropped by more than 16%.

The price of Bitcoin, which had risen by nearly $4,000 in the past 24 hours as El Salvador recognized Bitcoin as legal tender, fell slightly on the news.

The full text of the document is as follows:

1. It is strictly forbidden for all regions to approve various virtual currency "mining" projects, and all existing virtual currency "mining" projects will be shut down.

2. Resolutely investigate and punish project entities that set up projects in the name of big data, supercomputing centers, etc. but engage in virtual currency "mining". It is prohibited to provide venues and electricity support for virtual currency "mining" activities.

3. Inspections and random checks will be carried out on the cleanup and rectification situation in the later stage. Please prepare the relevant materials.

Please report the implementation of the above work to the Energy Conservation Division of the Provincial Department of Industry and Information Technology before June 20 in accordance with the requirements of the Notice.

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