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Liangshan Yi Autonomous Prefecture was one in every of six “mannequin zones” chosen to hold out enterprise actions that would take in the surplus power being generated.
Nevertheless, in Could 2021 China’s State Council introduced a crackdown on bitcoin mining, on prime of the then present ban on cryptocurrency buying and selling.
Within the court docket case, Beijing Phonf argued that it solely earned 18.35 bitcoin, price round US$900,000 based mostly on Thursday’s market worth, however even decrease based mostly on bitcoin’s worth over the previous summer time. The plaintiff demanded the blockchain firm flip in one other 278.17 bitcoin in compensation.
After the court docket rejected Beijing Phonf’s case, it knowledgeable the Sichuan department of the Nationwide Improvement and Reform Fee, which moved to close down any remaining mining farms concerned within the case, in addition to different beforehand unknown tasks.
Comparable inspections have been occurring in different provinces. In Zhejiang, the native disciplinary and web authorities fashioned a particular group that lately raided some 20 government-run organisations, equivalent to laboratories and universities, and located that 14 have been illegally mining cryptocurrencies.
The folks concerned have been punished, some having their bonuses revoked, in line with an article revealed Tuesday on the web site of China’s Central Fee for Self-discipline Inspection.
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