China prohibits the electricity supply to mining pools

Power stations under the control of the Sichuan Electric Grid Company will have to stop supplying electricity to Bitcoin miners
14 November 2017   2990

The Tencent Finance received a circular from the Sichuan Electric Grid Company, sent to the mining companies in the region.

The document says that the mining of bitcoins is illegal activity, and therefore the hydroelectric power stations under the control of the SEC will have to stop supplying electricity to such enterprises.

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Chinese miners explained to Tencent Finance that they are talking about hydroelectric power stations under the management of the Sichuan Electric Grid Company, and the regulation does not apply to small hydro power stations that are rife with the region.

But the miners are afraid that the SEC will continue to buy up small HPPs and they may find themselves without electricity for mining.

The Chinese province of Sichuan is a region rich in water resources. The hydropower stations in the province have excess capacity, which makes the cost of electricity very low. Most of the mining enterprises in China are located in Sichuan, as well as similar in characteristics of Inner Mongolia.

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   311

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.

 

People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.