China to Close 64 Mining Farms
Main page News, China, Mining, Regulations

Authorities in the Chinese province of Yunnan are increasing pressure on the business related to cryptocurrency mining, iHodl Russia has learned.

It is reported that in May, the administration of the Dehong Dai and Jingpo Autonomous Prefecture in western Yunnan discussed the closure of cryptocurrency mining farms on its territory.

The liquidation orders were submitted to 57 projects from the big data sphere, which are actually engaged in bitcoin mining and conduct their activities without the permission of the authorities. In addition, 7 sites that are still under construction are to be eliminated in a certain time.

Even though the members of the administration recognized the value of miners as consumers of surplus electricity, they have also noted the risks of miners' direct connection to hydropower plants and tax evasion.

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Yunnan has surplus hydropower, and also attracts miners with a cold climate and low population density.

On May 29, an explosion occurred at a hydropower plant in Yunnan, which killed six people. The incident was not directly related to the mining activity, however it was decided to conduct a large-scale audit, which could lead to another limitation on the activity of miners. Approximately several farms have already been denied access to electricity.

iHodl previously reported that the Chinese community of the Telegram Open Network (TON) project is planning to launch its own test network on the Telegram's blockchain product.

In the meantime, the Bitfury Group announced the launch of an institutional investor-focus program that will to help large investors and family offices diversify their portfolios into digital asset infrastructure.

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