Wu Blockchain reported that the authorities in the Yunnan province of China had been ordered power companies to stop providing electricity to the Bitcoin miners in that region.
The authorities haven’t stated any reason for the abrupt ban. But the reporter noted that it might have stemmed from more demand for economical interest.
Yunnan Bitcoin miners stopped during the power ban.
According to the source, the power ban was served to several Bitcoin miners in the Baoshan region in Yunnan, precisely on November 30. Today’s development can impact the Bitcoin network hashrate, given a large number of crypto mining farms located in that region. Notably, Yunnan is the fourth-largest province by Bitcoin mining hashrate, just after Xinjiang, Sichuan, and Nei Mongol, per the Cambridge BTC mining map.
The power ban has been served to many Bitcoin miners in the Baoshan region in Yunnan on November 30. This development can impact the Bitcoin network hashrate, with many crypto mining farms located in that region. Yunnan is the fourth-largest province by Bitcoin mining hashrate, just after Xinjiang, Sichuan, and Nei Mongol.
A drop has been noticed in the Bitcoin network hashrate lately. From 139 EH/s, the hashrate dropped to 111 EH/s. There are many possibilities that the development in Yunnan has fueled the decline. But the source discoursed that the power ban is not a political pressure on the Bitcoin miners. It is a way for the authorities to demand more economic interest.
Yunnan crashes the miners.
Last June, the Yunnan authorities have asked many Bitcoin miners to stop the operations. The authorities stated that some miners imposed security risks for they connected their farms to hydropower stations. The miners have also been accused of tax evasion that led to the closure of 64 illegal mining operations and new mining facilities.
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