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Mining

Chinese Cryptocurrency Mines are Going to Be Revised by the Government

Max Maiboroda

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cryptocurrency-mining-regulations-china

Regular cryptocurrency mines in Guizhou and Xinjiang were ordered to be revised due to power outages, registration of real-name systems and tax inspection subjection according to Chinese media reports. The mines are going to be checked for tax information, customer information, and capital transaction by the local government.

Statistics show that about 70% of the Bitcoin in the world is produced in China. Remote areas such as Inner Mongolia, Xinjiang areare popular locations for miners as they have low prices for power resources. The Chinese government’s strict cryptocurrency regulations are a cause for concern as they fear that one day the State will prohibit cryptocurrency mining.

Some local governments have distributed red-headed documents to different mines because of resource wastage and mine disturbances, but the cryptocurrency mines in China are not banned completely.

Only mines with complete business mining licenses, stable grid power supply procedures, and employees with social security are allowed, according to the reports.

Context  Chinese Police Confiscated 600 Mining Rigs
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