Chinese Authorities to Shut Down Illegal Miners

China's Xinjiang Uyghur autonomous region is set to eliminate "illegal" bitcoin mining by the end of September
24 July 2018   725

The Chinese authorities intend to put an end to the "illegal" bitcoin mining in the Xinjiang Uygur Autonomous Region before the end of August. This is reported by CoinDesk.

The first rumors about the authorities' new plans appeared this weekend after a leak of the documents of the Economy and Information Commission of Xinjiang (EIC). In particular, it says that local suppliers of electric power industry are obliged to stop illegal bitcoin mining and to report it to the authorities.

Authorities note that "illegal mining" also means mining without license and use of electricity without official contacts.

Local utility agencies and companies will be held accountable if they failed to shut down 'illegal' bitcoin mining operations.
 

Economy and Information Commission of Xinjiang

PRC authorities obliged the electricity suppliers from Xinjiang Province to regularly report on the activities of local companies engaged in bitcoin mining.

This decision largely affected the activities of the mining companies that carry out operations in this region. So, Scott Meng, the head of the Canadian blockchainn start-up, who is also engaged in the mining in Xinjiang, said that the measures taken by the Chinese authorities "definitely had an impact" on local companies.

I have two partners (in the region): one has 18,000 crypto miners, the other has 40,000. And they have been crying for help in the past days, urging me to look for places in the U.S. and Canada (as substitutes). But even for me, I have to get electricity first. And even if I had that, we need to build farms from scratch.
 

Scott Meng

CEO, Canadian Blockchain Startup

As reported, in June 2017, the EIC also issued a notice to municipal governments asking them to be careful when supporting bitcoin mining companies.

Jihan Wu to Leave Bitmain's Board, Media Reports

According to the lawyer of Bitmain, with the transition to a new position, Wu lost his right to vote in the decision-making process of the board of directors
14 November 2018   56

The head of Bitmain Jihan Wu, resigned from the company's board of directors and moved to the position of supervisor, 8btc reports

According to the lawyer of Bitmain, with the transition to a new position, Wu lost his right to vote in the decision-making process of the board of directors, in connection with which he could no longer influence the management of the company.

According to the published document, in addition to Wu, three more functionaries left the management team. The changes allegedly took effect on November 7th.

The reasons for this decision were not disclosed. However, according to some rumors, Jihan Wu entered into an unspoken confrontation with Bitmain co-founder Mikri Zhang, since he is focused on product development in the field of AI and chip production.

In September, Bitmain filed an official application to the Hong Kong Stock Exchange for an IPO. It is currently under review.

In November, Bitmain announced plans to install 90,000 Antminer S9 devices in the Xinjiang Uygur Autonomous Region before the upcoming hard fork of Bitcoin Cash on November 15.