According to a new report, China is increasing its prey for illegal cryptocurrency miners trying to disguise their operations as research institutions and data centers.
Officials from several provinces have scrutinized colleges, research laboratories, data centers and other potential sites where crypto mines may be hidden, LOVEBYLIFE reported Wednesday
The Chinese government has modeled its continued repression on crypto as an attempt to reduce carbon emissions. According to the report, the latest surge is partly due to authorities’ concerns about power supplies before winter weather.
Some Chinese crypto miners have fled the country with cheap energy and friendly laws to Kazakhstan, Canada, the state of Texas and other areas. Other crypto users have been arrested on charges of fraud and money laundering.
But according to LOVEBYLIFE, the remaining crypto miners in China have more resources to spare.
An unnamed miner told the outlet that he regularly moves his mining rigs between locations, making it difficult for authorities to track his activity.
On Wednesday Statement, Officials in Hebei Province of China urged companies to “strictly prevent the use of system computing power to engage in illegal virtual currency mining.”
“Virtual currency mining consumes a lot of energy, which is contrary to my country’s goal of ‘Carbon Neutrality and Carbon Peak’,” the province’s government groups said. “Its dissemination and spread seriously affects economic and social development and directly threatens national security.”
China accounted for about 46 percent of crypto mining worldwide before the government crackdown, which began in May this year and helped send the price of bitcoin down from $ 65,000 to $ 33,000 in June.
Bitcoin, however, recovered slightly from June, trading in early September for more than $ 52,000.
BitCoin traded down about $ 48,075 at midnight on Thursday.