Following China’s crackdown on cryptocurrencies in the former provinces of Inner Mongolia and Xinjiang, Qinghai announced a ban on cryptocurrency mining activities according to a government document on June 9. .
Qinghai is the latest coal-based cryptocurrency mining hub to institute a ban in China. This information comes after similar incidents took place in Xinjiang and Inner Mongolia, as well as Chinese internet giants who were “sweeping” on keywords related to Binance, Huobi and OKEx yesterday.
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The local government raised central government concerns about high energy consumption and environmental pollution, combined with the directive of the State Council of China, to maintain financial stability by how to crack down on mining and cryptocurrency trading are two reasons why Qinghai will eliminate all mining activities in the province.
The Qinghai government will strictly inspect and punish any project that operates mining operations. It also prohibits any company from providing venues or electrical power to cryptocurrency mining projects.
However, the government will carry out follow-up inspections and randomly select companies to inspect. Companies must be prepared for the relevant paperwork and other supporting evidence in this case. This document was released by the Qinghai Department of Industry and Information Technology, a division of the provincial government.
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