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Tether’s USDT Implicated in $2B Illegal Foreign Exchange Scheme in China – Regulation Coming?
15.5.2024
On May 15, a few people suspected in an underground banking operation were arrested by Chinese police in Sichuan province. They have been charged in facilitating illegal foreign currency transactions involving around $2 billion worth of Tether's USDT.
The post Tether’s USDT Implicated in...
Chinese Police Warn of Rise in CBDC-themed Money Laundering Schemes
22.11.2023
Source: EduardSkorov/Adobe Chinese police say there has been an increase in CBDC-themed money laundering schemes as the digital yuan rollout continues. Per the Dushichen Newspaper Agency (va JSChina), officers in Suining, Sichuan Province, stepped in to thwart a scammer. Detectives explained that...
Sichuan Province of China Targets Metaverse Industry Expansion to Reach $34.4 Billion by 2025
17.8.2023
Sichuan, a southwestern Chinese province, once recognized as a thriving crypto mining hub prior to the national ban on mining, is now looking to expand the metaverse industry.
Sichuan’s government unveiled an ambitious draft action plan with an aim to cultivate the nascent metaverse industry into...
Officials in Sichuan Instruct Bitcoin Miners to Shut Down Operations: Report
18.6.2021
According to regional reports, bitcoin miners in Sichuan have been told by the Ya’an municipal government that they have until June 25 to shut down operations. Sichuan has been eyed closely in recent times as it’s estimated that a large demographic of miners are situated in the region....
China’s Qinghai Province Instructs Bitcoin Mining Operations to Shut Down
10.6.2021
Following the report that indicates specific Chinese miners in the Xinjiang region were told by officials to shut down, another agency in Qinghai has informed miners to cease operations in a recently published government mandate. Similarly, the Qinghai Industry and Information Technology...
Sichuan Energy Officials Plan to Meet in June to Discuss Bitcoin Mining Implications
31.5.2021
Ever since government officials in China started talking about cracking down on bitcoin mining and reiterating crypto guidelines from 2017, digital currency proponents and the media have been focused on this region. Just recently, a Chinese state-backed online publication revealed that the Sichuan...
Bitcoin Hashrate Slides- Low BTC Prices, Sichuan Wet Season, Upcoming Difficulty Spike to Blame
20.5.2021
While bitcoin prices plummeted this week, the network’s hashrate has also dropped considerably since tapping a high on May 9. Since then, the hashrate has seen swings between 10-15% because of the crypto market downturn, alleged issues with alleged power outages in Sichuan, China, and...
China’s Inner Mongolia Plans to Shut Down Bitcoin Mining Operations by April This Year
2.3.2021
Inner Mongolia, an autonomous region in northern China, is planning to shut down all cryptocurrency mining activities in the area by April 2021, as part of efforts to improve energy efficiency. Regulating the Electrical Consumption in Inner Mongolia The government of Inner Mongolia will also stop...
Excessive Flooding in Sichuan Causes 20% Hashrate Losses for Chinese Bitcoin Miners
18.8.2020
Torrential downpours of nonstop rain have been wreaking havoc in China’s Sichuan province, which has caused some operations to shut down ASIC mining devices. Reports from the region show that certain areas have seen electrical shortages and the aftermath is causing quite a bit of stress...
Sichuan Officials Continue to Foster the Relationship Between Bitcoin Mining and Hydropower
18.8.2020
The province of Sichuan is well known for being one of the largest concentrations of bitcoin miners on earth because electrical costs are extremely cheap in the region. Data shows that miners using hydropower in Sichuan are paying between 0.065-0.075 yuan or $0.01 per kilowatt-hour. According...
Flooding Threatens China’s Bitcoin Miners, Chinese Billionaire Says ‘Three Gorges Dam Collapse Imminent’
5.8.2020
This week cryptocurrency enthusiasts are still focused on the severe flooding in China during the 2020 monsoon season. The flooding has already displaced millions of Chinese citizens and skeptics are concerned about the vast number of bitcoin miners located in the Sichuan province. The landlocked...
Chinese Government Crackdowns and Cheap Hydropower- Miners Migrate from North to South China
4.6.2020
China-based bitcoin miners have started to migrate southbound from North China, according to local reports. The operators are having difficulties and are transitioning mining facilities for cheap hydro-powered electricity. Testimonials also show that 64 mining operations in the prefecture in Yunnan...
Bitcoin Hashrate Slides 33% Since Halving – Difficulty Drops, Issues in Sichuan China
22.5.2020
It’s been 11 days since the third bitcoin block reward halving. Data now shows that the overall SHA256 hashrate lost around 47 exahash per second (EH/s), since the all-time high of 140 EH/s on May 3. With more than 33% of the hashrate lost, reports stemming from Sichuan China indicate that...
1 Cent per Kilowatt-Hour: China’s Sichuan Province Encourages Hydro-Powered Bitcoin Mining
29.4.2020
The local government of Ya’an city, in China’s Sichuan province, has announced the region is encouraging bitcoin mining in Sichuan if operations leverage the local hydropower plants. The document released by Ya’an city officials is in stark contrast to how Sichuan lawmakers felt...