China is well-known for being very firm against the use of bitcoin and cryptocurrency mining. The country, which was once a Bitcoin mining powerhouse, is now cracking down on the cryptocurrency by confiscating equipment and hiking electricity bills.
Last year, the country announced a complete ban on cryptocurrency mining, citing environmental concerns. Multiple provinces of China have reported the confiscation of over 3600 BTC mining rigs by the authorities.
China makes it difficult for illegal Bitcoin miners
China’s Guangdong, Heilongjiang, and Shanxi provinces recently outlined stringent measures against those involved in BTC mining in an attempt to impose a complete ban.
Dongguan city in Guangdong province announced that its administration had conducted roughly 6,050 inspections till Mid March. As of now, a total of 2,957 mining equipment have been seized from 24 centralized mining dens and 35 individual mining farms.
Yunfu, another city in Guangdong province, disclosed that a joint team inspection resulted in the seizure of 554 mining rigs. The mine was set up in a stationery manufacturing workshop, according to a report.
Many residential garages were reported to be used to mine Bitcoin according to Heilongjiang province. More than 60 rigs were seized by officials, who also reported illicit electricity theft worth more than 300,000 yuan (about $47,000). According to reports, a criminal gang was running these Bitcoin mining operations and stealing electricity to power them.
To counter crypto mining farms, Shanxi province has announced a 1 yuan ($0.16) per kilowatt increase in electricity prices. This action will take effect on May 10th.
Sichuan province launches its NFT marketplace
NFTs which are also known as digital collectibles in China are one of the few remaining links to cryptocurrencies in the country. The collectibles are extremely popular in China, prompting government bodies such as the state-run news agency Xinhua to issue them.
The Sichuan province of China recently launched its NFT marketplace. According to reports, the province’s cultural and tourism office has developed a digital asset trading platform to help the province’s music business grow. A handful of music corporations are embracing blockchain technology to defend their copyright, according to the government.