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The Chinese Province of Qinghai Has Commanded All Crypto Miners to Shut Down

The Qinghai province of China has officially issued a ban on mining crypto. Previously, Xinjiang and Inner Mongolia have also issued restrictions for miners.

The Qinghai Industry and Information Technology Department is the one that issued the document.

It cited high-energy consumption and environmental pollution as factors, plus the State Council‘s decision to crack down on crypto mining and trading in order to keep the financial stability.

The price of Bitcoin, which increased by $4,000 after it was confirmed that El Salvador has made it legal tender, began to drop again following the news from China.

The full document can be read below:

“The Qinghai government will prohibit any local authorities from setting up or permitting any new crypto mining projects. It will also close down all the current crypto mining operations in the province.

The Qinghai government will strictly inspect and punish any projects that operate mining activities in the disguise of big data centers or supercomputing centers. It will bar any company from providing venues or electricity to crypto mining projects.

The government will carry out follow-up inspections and randomly select companies for the inspections. It advises the companies to prepare for related paperwork and other support evidence in case of the inspections.

Local authorities are required to give further updates on the implementation of these measures to the energy-saving department of the Qinghai provincial government before June 20.”

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