Since Chinese government officials started talking about cracking down on Bitcoin mining and reaffirming encryption guidelines in 2017, digital currency supporters and the media have been focusing on this area. Just recently, an online publication supported by the Chinese government disclosed that the Sichuan Energy Regulatory Bureau plans to hold a meeting on June 2, 2021 to discuss the impact of Bitcoin mining.
The Sichuan Provincial Energy Regulatory Office will meet on June 2 to discuss cryptocurrency mining
In recent years, the Chinese government has been discussing the crypto economy more widely, and most of the conversations have focused on Bitcoin mining.
Chinese officials hope to achieve carbon neutrality by 2060, and a considerable amount of carbon neutrality by 2030. After several meetings of the China Financial Stability Board and other Chinese politicians, many cryptocurrency companies stopped providing services to mainland residents.
Companies starting to cut services from China include Huobi, Btc.top, Hashcow and Okex. Three days ago, Bitcoin.com News reported on statements from a number of executives from Chinese swimming pool operators and mining equipment manufacturers.
A report recently released this weekend detailed that the Sichuan Provincial Energy Regulatory Office plans to hold a meeting next week to discuss the impact of Bitcoin mining.
A columnist from the Global Times, a publication supported by the nation state, pointed out:
The Sichuan Energy Regulatory Office announced on Thursday that the office will hold a meeting on June 2 to fully understand the state of cryptocurrency mining activities in Southwestern Province required by the National Energy Administration.
Regional reporter Colin’Wu’ blockchain goes further famous There were “rumors that China will introduce a repressive policy on Friday night” on Twitter before the weekend.
However, these rumors never came true. Instead, the Sichuan Energy Regulatory Conference was made public. It is estimated that China’s Sichuan and Xinjiang regions are highly concentrated areas of Bitcoin miners.
On Sunday, May 30, 2021, the computing power of the Bitcoin network has been hovering at a level slightly higher than 165 exahash per second (EH/s). Statistics show that the top mining pool with the highest hash rate comes from China.
Today, the top mining pools that dedicate hash rate to the BTC chain include F2pool, Antpool, Viabtc, Btc.com, and Poolin. On Sunday, the aforementioned mining operations residing in China accounted for approximately 66.32% of the global hash rate.
What do you think of the upcoming meeting of the Sichuan Provincial Energy Management Office to discuss Bitcoin mining? Let us know your thoughts on this topic in the comments section below.
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