Hebei, a northern Chinese province, is the most recent jurisdiction to clamp down on cryptocurrency mining and trading in the country citing environmental conservation as a reason.
The province’s cyberspace commission announced plans to restrict cryptocurrency mining and trading activities in the region on Tuesday, according to Reuters.
The move coincides with China’s broader anti-crypto policy, which has forced the majority of the country’s cryptocurrency mining industry to relocate overseas.
“Cryptocurrency mining consumes a large amount of energy, which goes against China’s ‘carbon neutral’ policy,” authorities in the province said in a statement quoted by Reuters.
The Hebei cyberspace commission has ordered all relevant government stakeholders in the province, including education, public security, communications, and financial regulators, to participate in the crackdown efforts as part of the crypto mining ban.
According to reports, these agencies will have until September 30 to ensure that their information systems are not assisting illegal crypto mining and trading operations.
Because of China’s crypto mining restriction, there has been a major East-West hash power shift, with North American miners potentially controlling a larger share of the worldwide hash rate distribution.
