State Grid Corporation of China Demands to Stop Mining
The State Grid Corporation of China (SGCC) sent a notification to all regions with a demand to stop mining cryptocurrencies in the country.
According to journalist Colin Wu, some regions have already begun to implement the order. For example, the provinces of Anhui, Henan and Gansu announced their readiness to close all enterprises.
The Global Times reported that SGCC’s decision to shut down mining farms was due to power outages. At the moment, about 90% of enterprises are closed.
The tightening of China’s policy towards the cryptocurrency industry has provoked a massive “flight” of business to other countries. And some businesses just stopped working.