The Chinese government apparently opposes the extraction of Bitcoin and the use of cryptocurrencies. A multi-encryption mining plant in Sichuan is now said to be closed. But while China continues to put pressure on Bitcoin miners, the Mayor of Miami even sends an invitation to them.
Will Miami become a mining town?
As Wu Blockchain says, Sichuan provincial authorities have just officially issued a statement on the Bitcoin mines. Its content: an instruction to all power supply companies in the province to stop supplying energy to cryptographic mining companies. Wu Blockchain writes on Twitter:
“On June 18, Sichuan formally issued a document urging power companies to cut off power to extract virtual currencies and report a similar situation on June 25.”
On June 18, Sichuan formally issued a document requiring power companies to stop supplying electricity to virtual currency mines and to notify on the 25th. https://t.co/O39TSETy0k
– Wu Blockchain (@WuBlockchain) June 18, 2021
On top of that: According to another report, the Chinese authorities have also ordered all cryptographic mining projects in Ya’an, one of the most important mining centers in Sichuan Province, to close.
The operations of large Bitcoin mining companies are now banned within the province. The order is intended to be valid only temporarily. Industry observers, familiar with the situation on the ground, assume that the government will soon follow the regulatory framework (and then the permanent framework).
“We want you to be here”
The move is not the first to target Bitcoin miners in the area. Just a few days ago, several other Bitcoin mining plants in China were ordered to close. Among other things, it should have been about theft of electricity, ie the illegal use of energy for BTC mining.
China’s approach is in stark contrast to the opening countries of Bitcoin, such as El Salvador or Paraguay. For example, Carlos Antonio Rejala Helman, a Member of Parliament from Paraguay, has just confirmed that the new laws on Bitcoin (e.g. eToro or Libertex) will. Panama could follow. But encryption customization is progressing not only in Latin America but also in the US. Best example: Miami.
Its mayor, Francis Suarez, is considered an encryption enthusiast, and he apparently also has a heart for Asian Bitcoin miners. It is said: The doors of Miami are open to Chinese BTC miners if they are looking for a new home.
In an interview with CNBC, Suarez stresses that he has not personally received calls from Chinese miners. But he wants to focus on his city here. Suarez:
“We want to make sure our city has a chance to compete. […] We talk to many companies and just tell them, “Hey, we want you here.” “