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china ban crypto mining

How long will the “dirty” business of bitcoin mining last?

You may have already heard much news about banning crypto mining in China these days. The important reason that China ban or limit bitcoin mining is about power consumption. The scale of bitcoin mining needs a lot of electricity supported. Suppose 1pcs Bitmain Antminer S19, the power is 3.25kw, 100pcs would be 325kw, 1000pcs would be 3250kw. We believe there are at least over 100,000pcs(maybe far less) of bitcoin mining hardware running inside of China.

In Mongolia, where all the electricity power is from burning coal, the bitcoin mining farms will be shut down definitely soon. Coinviewinfo noticed many used mining hardwares from Mongolia are on sale. All the electricity power were cut off in the mining farms located in Mongolia.

In Sichuan, recently Sichuan official held an exclusive meeting to discuss about the crypto mining industry on 2nd June, 2021, there’s no exact rules yet after the meeting. However, as Coinviewinfo received the updates that the official is still giving negative reviews on crypto mining. Right now, some of mining farms in Sichuan are still running but kinda ‘illegal’, because they are still waiting for the final decision from the government. Some of miners are showing their positive opinion that extra hydropower during the rainy season in Sichuan can be used in crypto mining, meanwhile government can take tax from the industry, and they hope the government can take it into consideration.

Conclusion: It’s unsure situation in China right now. The policy risk still exists in China for hosting crypto mining service.

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