After some time the crypto market was quiet from reports involving crypto in China, finally the market was shocked by the latest news. China was once a major power in Bitcoin mining before the Chinese government ordered activities involving crypto mining to be banned on the grounds that in order to protect the environment.
However, the crackdown did not completely disrupt crypto mining activities. Crypto miners are still mining crypto even illegally. Most recently there were reports that the city of Dongguan in Guangdong province reported that its administration conducted around 6,050 inspections as of Mid -March. To date, a total of 2,957 mining equipment have been seized from 24 centralized mining centers and 35 individual mining centers.
Another city in Guangdong province, Yunfu revealed that authorities had successfully seized 554 mining centers in a joint team inspection. Also receiving tempias it is crypto mining in the city of Mudanjiang in Heilongjiang province, where many residential centers have been used to mine Bitcoin. However, authorities have raided 60 mining centers and reported theft of electricity worth more than 300,000 yuan (about $ 47,000).
As a result, Chinese provinces such as Shanxi have declared that it is raising electricity prices by 1 yuan ($ 0.16) per kilowatt to curb crypto mining activities.
Interestingly, this report was released to coincide with the 4% drop in Bitcoin price to $ 41,000.
