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.
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