State Grid's profit fell by 81%. Bitcoin mines in Sichuan and Yunnan were under greater pressure to use electricity. The direct power supply was increased.

The storm is coming, and some mine owners have revealed that they have received a signal of contraction and are worried. However, in the 2018 Sichuan government's No. 26 document on the reform of the Sichuan power system, it was proposed to actively and steadily explore and promote the "dedicated power supply" and "direct power supply" pilot projects, carefully formulate pilot plans, and carry out pilot projects for the construction of hydropower consumption industry demonstration zones near power sources with serious water abandonment. Therefore, power plant owners also argued for the survival of direct power supply based on this document.

Since the beginning of this year, power grid companies in Sichuan, Yunnan and other places have continued to initiate the cleanup of direct power supply. Yunnan Power Grid issued a document on April 13, stating that according to the preliminary screening of the comprehensive power consumption rates of 134 hydropower plants and 11 thermal power plants included in the provincial dispatch balance in 2019, the comprehensive power consumption rates of most prefectures and cities connected to the grid were abnormally high to varying degrees. The document requires a comprehensive cleanup of the problem of grid-connected power plants illegally transferring power.

Sichuan State Grid issued a document on May 28, requiring the standardization and governance of power supply to illegal plants, but avoiding a "one-size-fits-all" standardization and governance approach. For those who meet the policy conditions and are willing to connect to the public power grid, we will do our best to provide services; for power plants and power supply companies that refuse to rectify their unauthorized direct supply and illegal plants, we will handle relevant issues in accordance with laws and regulations.

Recently, due to the high temperature in Sichuan and Chongqing, there has been a peak in electricity consumption, which requires load adjustment. A large number of mines have been cut off from power. Some mine owners are also worried that the power grid is using this to suppress the power consumption of mines. According to the miners who spoke to the mining website, the power grid frequently transferred the load of the hydropower station to the Internet for a short period of time this year, with the purpose of causing frequent power outages in the direct-supply mines and forcing miners to use the power of the park. Some old direct-supply sites that used to be very stable have been frequently adjusted by the power grid and cut off this year, causing miners to complain bitterly, and the mining machines have also been damaged a lot due to frequent power outages.

However, there is also good news. The Baihetan Power Station, which was originally planned to mainly export electricity, has reserved a certain amount of electricity to supply Sichuan and Yunnan. The first batch of units is scheduled to generate electricity in July next year, which may alleviate the power shortage to a certain extent and be beneficial to next year's flood season.