Media: Sichuan will assess the impact of the ban on bitcoin mining on the energy sector

On June 2, the authorities of the Chinese province of Sichuan will hold a seminar on the use of excess hydroelectric power in the context of the ban on cryptocurrency mining. This is reported by The Block with reference to an invitation to state structures from the National Energy Administration of China.

According to the plan of the meeting in the regional capital Chengdu, officials will discuss the scale of mining and the possibility of using excess electricity in the event of a ban on cryptocurrency mining.

Sichuan is popular among Chinese bitcoin miners due to its abundance of hydroelectric power during rainy summers.

On May 16, the provincial authorities temporarily restricted the power supply to large consumers due to low rainfall and a shortage of coal. On May 17, the total computing power of the bitcoin network fell by 20%.

Recall, on May 18, journalist Colin Wu reported that three associations under the People’s Bank of China issued a joint notice prohibiting companies from supporting cryptocurrency-related business.

On May 21, Vice Premier of the State Council of the People’s Republic of China Liu He, during a speech at a meeting of the Committee on Financial Stability and Development, announced the plans of the Chinese authorities to take measures against bitcoin mining and trading.

Subscribe to ForkLog news on Telegram: ForkLog Feed — the entire news feed, ForkLog — the most important news, infographics and opinions.

Did you find an error in the text? Select it and press CTRL+ENTER

Shibnobi Builds On Its Gains, Announces Whitelist SweepWidget Contest For $Shinja Holders

As Shibnobi, the world's deadliest Shiba, continues to gain massive momentum, the team is...

Inaugural ZENCON a resounding success

Over 200 participants and attendees of the 68-Hour-Hackathon produced 24 projects across 5 categories...

Gulf Xellence announces the most exciting and largest CRYPTO FEST 2022 to be held on 19th – 20th October in Dubai,UAE

Witness the world of possibilities under one roof – attend CryptoFest 2022. CryptoFest 2022 is...