Key message: The authorities of China have ordered energy companies to stop servicing mining firms. This news was spread by journalist Colin Wu, who covers the crypto space in China. Sichuan authorities issued an official document today, June 18, asking energy companies to stop servicing such firms and report back by the end of the week on progress.
China and the mining ban
China has already banned Bitcoin mining in multiple provinces and looks set to continue with the ban. Chinese miners are thus looking for other havens to continue mining. The latest, positive news is a message from the mayor of Miami, who is enticing miners with cheap, nuclear energy and a promise to keep trying to keep prices down. Another option for miners is Texas, which offers cheap electricity from wind farms.
The reason for the mining ban is a statement from Chinese President Xi Jinping, who let it be known in 2016 that the country was going to pull out of high-energy projects. The aim is to reduce the carbon footprint created by the industry and other countries are trying to follow suit.
It should also be pointed out that for opponents of BTC, this is more grist for the mill for their critics. On the other hand, many people are also leaning towards the possibility that the sweeping bans have something to do with the up and coming digital yuan.