China Bitcoin Crackdown to Extend to Low-Cost Mining Ban

China’s Sichuan province is gearing up to extend its bitcoin ban to mining operations as part of its wider crackdown on the cryptocurrency industry. According to local media outlet Tencent Finance, the state-run Sichuan Electric Power Corporation has distributed a circular ordering grid-connected hydropower stations to stop supplying low-cost electricity to bitcoin mining operations. Because mining has become so competitive, few ordinary bitcoin users can make a profit mining the cryptocurrency. Hashpower has instead become pooled in large mining farms centralized in regions of the world that offer miners competitive…

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