Chinese energy regulators in Sichuan have revealed their plan to obtain information on energy use for bitcoin mining from local energy companies in the region for each country. Reuters Report. According to the report, the collection of this information could lead to a “restriction in the second largest center of bitcoin production.”
This is in line with An earlier decision was made By the central government of the Asian country to decisively deal with bitcoin mining and related activities. Various parts of the country have started to root out bitcoin mining operations within their regions. “Inner Mongolia has expressed its willingness to root out business,” the report noted.
Due to this level of hostility towards the industry, many bitcoin mining hubs have started moving most of their mining activities to North America and Central Asia.
Interestingly, an official with the Sichuan Energy Regulatory Bureau of the National Energy Administration noted that the province is not the only one collecting information on energy use. However, he also declined to provide more information on whether the province might look to ban bitcoin mining.
Mining is a common industry responsible for minting new units of Bitcoin. The industry relies on the use of high-powered computers and focuses on solving mathematical problems using an energy-intensive process.
“Bitcoin power: the power of money” And the “Comparing the environmental impact of Bitcoin with that of gold and banks“Both are a detailed look at the environmentally friendly reality of the bitcoin industry, while proving false claims that bitcoin is destroying our earth. Investigations of energy use by China are evidence that Chinese officials do not yet understand the impact of bitcoin on the incentive system for energy use.”