Major Crypto Mining operations and Yunnan will see a sudden shutdown, and it is unclear if the order came to proceed with the crackdown or because of the upcoming CCP Anniversary.
According to reports, Chinese crypto miners from the Yunnan province might have to stop all mining operations for a day or much longer because of the upcoming 100th Anniversary Celebration event of the Chinese Communist’s Party later this week.
As reported by the VP of mining infrastructure at Foundry Services, Kevin Zhang, at the time of writing, all currently crypto mining operations in mining farms of Yunnan have stopped. Zhang reported that he got information about at least two crypto mining farm locations that have been ordered to halt operations, as instructed to them, as an order from the high up.
Reducing Pollution and Smog for the Anniversary
These shutdowns are in full motion, as the Chinese Communist’s Part Celebrates its 100th Anniversary, which apparently happens on the 1st of July, every single year. Reports have suggested that because this anniversary is the 100th and has a lot of importance, Chinese authorities are making sure that the pollution levels are much less, as the country already suffers from pollution issues, currently the 14th country to have the worst levels of traffic, air pollution. It is not only the crypto mining farms that are being shut off, the coal mining and steel manufacturing industries will also be closed for up to a week in hopes of reducing smog levels.
Mining Crackdown continues
Despite all the reported reasons that have come up, it is still unclear if the halting of the crypto mining operations in the province of Yunnan is directed towards the recent countrywide crypto mining ban that has been put into motion by the Chinese government and authorities. Many new reports have come up, revealing that the Chinese government will continue its crackdown, spreading into many more provinces such as Yunnan, Xinjiang and others, respectively.
Because of the major crackdowns, crypto mining companies are forced to stop operations or move their sites to entirely new locations, where crypto mining is still considered as viable. Many major players are expected to move their operations to the state of Texas, where they will focus on renewable energy and take advantage of the stable power supply.