China’s approach towards “free cryptocurrencies” has been evident through its many actions. For example, even though the country holds more than 10% of all Bitcoin transactions, they also banned crypto fundraising and mining. Twenty firms exited China as a response to these bans.
On the other hand, China is closest to releasing its own CBDC. China shows impressive advancements in the crypto space as a government, while its people face harsh embargoes, especially against mining.
China Securities News stated China’s attitude towards cryptocurrency mining as:
“they have large energy consumption and carbon emissions, low contribution to the national economy, and limited driving effect on industrial development and scientific and technological progress.”
the article continues by explaining that this perspective calls for strengthening the supervision of the entire virtual currency mining industry.
Guangdong Province in China strongly advocates this approach towards virtual currency mining. Today, Guangdong officials discovered a hidden mining facility within their province for the first time.
The mining hub was hidden in an electric vehicle charging station, and officials seized more than 190 professional mining machines worth more than 5 million yuan in a raid. The operator of the mining hub rented the electric vehicle charging station by giving the name of a high-tech company and used the charging station as a cover for the massive energy spent during mining.
At the time of confiscation, the hub had been active for more than 1,000 hours and consumed more than 90,000 kilowatts of electricity.
Under the campaign against virtual currency mining, Jieyang City raided another hub within their province and seized 916 mining devices on February 26th.
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