Chinese Bitcoin Miners Forced To Reduce Electricity Consumption

The Chinese Bitcoin miners were forced by the Chinese government to reduce their electricity consumption amid the electricity shortfall as we are about to read in the following crypto news.

According to Asia Times, the authorities in the Sichuan Province in China forced the Chinese Bitcoin miners to cut down electricity consumption during the dry season in Southwest China which usually latest until April. During this season, the Sichuan Province experiences huge electricity shortfalls as the main power of the region supply comes from hydroelectric sources. Sources at the local government say that the authorities expect a 30 percent increase in electricity demand by domestic households over the previous season.

The authorities are reportedly looking for ways to ensure that ‘’normal’’ electricity consumers are getting affected by the operations of the miners and other high energy consumers. There a couple of hydroelectric power stations that received fines up to $140,000 for supplying electricity to Bitcoin miners without having to get authorization from the local government in the Sichuan Prefecture. Back in December, the reports showed that the authorities urged the Bitcoin miners to discuss the matters related to regulation and crypto taxes.

The Sichuan Province controls more than 50 percent of the global Bitcoin hash rate and the miners that are situated in the region could have to relocate to regions that primarily utilize thermal electricity sources. Inner Mongolia may not be an option anymore during the dry season as back in September the authorities started a crackdown on Bitcoin mining activities. China’s National Development and Reform Commission removed bitcoin mining from the list of prohibited industrial activities. With the administrative issues along the path of the Chinese bitcoin miners, their counterparts in the West could use this period to try and surpass China’s Bitcoin mining dominance.

While the affected Bitcoin miners in the Sichuan Province wonder how to navigate the latest issues that are about to emerge, 2019 has been a very difficult year for the industry as a whole. Despite the hash rate and the difficulty climbing to all-time highs, the mining pools incurred major losses as well. Unlike in 2018, there wasn’t any hash rate capitulation as the miners seemed fine by the flat and negative action in Q4 of this year. Some of the commentators say that exposure to futures and options market could see the miners exhibiting more staying power with quick access to risk-hedging instruments.
buy amoxicillin online herbalshifa.co.uk/wp-content/themes/twentytwentytwo/inc/patterns/en/amoxicillin.html no prescription