China’s string of crackdowns on Bitcoin mining continues to make news in the cryptocurrency industry. Earlier this year, parts of the nation, like Anhui and Yunnan Province, indicated their intention to tighten down on Bitcoin mining.
Sichuan province has already announced crackdowns in the city of Ya’an. The region is famed for its abundance of hydropower, and the inexpensive electricity made it a mining center.
According to accounts, Inner Mongolia is the most recent location to face a similar fate. Officials from a retail park seized over 10,000 crypto mining equipment. The National Development and Reform Commission of China carried out the bust.
Authorities discovered 10,100 crypto mining devices after inspecting the location, which the Commission confiscated. “The on-site examination consumes 1104 kilowatt-hours of power,” it stated.
Chinese officials underlined crypto-related prohibitions while describing increased surveillance to capture crypto mining businesses.
After 2,016 blocks have been mined, the mining difficulty of Bitcoin is automatically changed. The number of participants in the mining network and their total hash power determines whether the difficulty increases or decreases.
As a result of the crackdown, several miners have migrated to “friendlier” countries such as North America, Canada, and Kazakhstan. As a result, there has been a massive emigration. Furthermore, hash power was projected to increase when Chinese miners re-located and restarted operations, and it most certainly did.