China is taking tough action on crypto mines in the guise of data centers


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.

Officials from several provinces have conducted more inspections of colleges, research laboratories, data centers and other potential sites where crypto mines may be hidden.
LOVEBYLIFE

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.

.

Related Articles

Why the Red Sox ‘s Kevin Plweckie has been growing since the Mets’ departure

The Houston-Red Sox-Braves World Series is the highlight of a reunion fall. Boston's two original ball clubs were reunited. And the Mets' original two catchers...

AEW Saturday Night Dynamite Results October 16, 2021

It's Saturday and you know what that means. AEW Dynamite is down tonight and LOVEBYLIFE News has a range of live-by-play results...

Becky Lynch says social media is an angry and unhealthy place

Becky Lynch really boosted her social media game when she became The Man. That new guy hasn’t pulled any punches on social...

Latest Posts

Why the Red Sox ‘s Kevin Plweckie has been growing since the Mets’ departure

The Houston-Red Sox-Braves World Series is the highlight of a reunion fall. Boston's two original ball clubs were reunited. And the Mets' original two catchers...

AEW Saturday Night Dynamite Results October 16, 2021

It's Saturday and you know what that means. AEW Dynamite is down tonight and LOVEBYLIFE News has a range of live-by-play results...

Becky Lynch says social media is an angry and unhealthy place

Becky Lynch really boosted her social media game when she became The Man. That new guy hasn’t pulled any punches on social...

Advocates say Ontario’s enhanced vaccine certificate system is not accessible to marginalized people

Advocates say Ontario's enhanced COVID-19 vaccine certificate system is not accessible to marginalized groups. The new system, announced Friday, predicts that people...

Small Cap Movers: FinTech firm Tintra, Gas Storage Project Harland & Wolff & Cornish Metals

Since Tintra was one of the big winners at AIM this week, the lottery software company has taken another step towards transforming into...