Chinese Bitcoin Mining Centers Fear Electricity Cuts as Compliance Issues Loom

Having banned the exchanges where cryptocurrencies like Bitcoin are traded, the Chinese government is now cracking down on the plants where such currencies are mined.

The Yingjiang Administration Bureau for Industry and Commerce, which enforces enterprises and consumer protection laws, issued a notification to the Bitcoin mining facilities operating in China’s Yunnan province. The bureau sought the said businesses to register themselves with their Power Supply Bureau. In case of non-compliance, it warned them with power cuts, threatening the very core on which their mining operations are based.

#btc mining facilities in Yunnan province are facing another round of compliance check. Failure to do so will result in power cutoff from the grid. pic.twitter.com/S8udtDrbvX

— Red Li (@redtheminer) November 12, 2018

The notification surfaced after big mining facilities were found to be using the state-sponsored cheap electricity to mine cryptocurrencies. The authorities found that a…