Some Bitcoin mining farms in China stopped operations | Bitcoin,Crypto and Blockchain news and dictionary

Some Bitcoin mining farms in China stopped operations

The activities of some crypto money mining farms in China have been suspended due to tax and other various legal reviews.

An anonymous miner told reporters that the relevant government agencies had asked for the stop of their operations from November 5, when some mining farms in Guizhou province in southeast China and the far west of Xinjiang were stopped.

According to the news, Cong News also said that the authorities are examining the tax returns, cash flows and customs information of the mining farms. It was also reported that the tax inspection by the authorities was very strict. Furthermore, the mining farms were required to sign a commitment to ensure that they would not serve customers who did not register a real name in order to meet the compliance criteria.

“According to the new regulations, our company will carry out a more rigorous real name registration process in the near future to ensure the security of the national network and information,” one of these mining farms said. This mining farm appears to be an authorized mining company complying with national laws and regulations. However, the company suffered a power outage on November 5th, and electricity has not been granted so far.

The mining company was forced to face an estimated 1 million yuan each day in this period. The anonymous source said that a few mining companies have cut off their electricity in this way and that the new regulation may affect the future miners in the future.

The news has not yet been verified by the authorities. On the other hand, the news is also important in the midst of the upcoming Bitcoin Cash forking, coming in a critical time for the world’s largest Bitcoin mining company, Bitmain . Bitmain had been working with the mining farms in Xinjiang for some time to deploy 90,000 Antminer S9 mining equipment prior to the bifurcation of Bitcoin Cash . This will show whether the regulatory initiative will have an impact on the Ending and BCH bifurcation.

This is not the first regulatory step in limiting crypto-money mining activities in the autonomous region of Xinjiang. In July, the Xinjiang Economic and Information Commission issued a statement demanding local public institutions to report and stop illegal Bitcoin mining operations.

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