Shutting down Bitcoin mining facilities could cause ‘severe economic problems’

China has been exhibiting its interest in blockchain technology and with the digital yuan, the country has surely turned heads. Apart from this, China has been dominating the Bitcoin mining space. However, the latest news from the country shows the ugly side of the same.

Recently, Chinese authorities have reportedly seized about 7,000 cryptocurrency mining machines for consuming electricity, illegally. Appearing in a recent interview, Ethan Pierse, Director at the CryptoAssets Institute, elaborated on the same. Pierse pointed out that what happened in China is not exactly a mining crackdown but just electricity theft. Despite, the fact that people have to register to use abundance electricity, the price of it in China is fairly low and people still choose to go around it.

Pierse added,

“People are going around that even still and tapping into electricity where they can and siphoning that off. So basically, they see that and monitor that there are weird peaks of…