Altcoin Alerts - ICO Token Sale LISTING | News | Press Release UPCOMING ICO's PAST ICO's EVENTS SUBMIT ICO

Xinjiang an autonomous Chinese region to ban Illegal bitcoin miners

Xinjiang an autonomous Chinese region to ban Illegal bitcoin miners

July 26, 2018 11:01 am,

It was confirmed by the Government agency that all the illegal bitcoin mining will be eliminated by the end of August from Xinjiang, an autonomous region in China. The confirmation report came following the leak of a government notice issued by Xinjiang Uyghur Economic and Information Commission (EIC), indicating that the government authority was demanding the local utility companies report and shut down their illegal bitcoin mining operations. As per the report in a local newspaper, an official from the Commission confirmed the authenticity of the document on Monday, mentioning that it was drafted by the EIC’s unit in charge of the Xinjiang region’s utility issues.

The decision was made in the month of January and followed by a notice that Xinjiang required utility companies to make regular reports to the authorities on bitcoin activities locally, as a part of which wider move was made to eventually guide these entities to an orderly exit of the business in the a nationwide and area. The report defined bitcoin miners as any operation in which the government had no knowledge of their work, and they were not registered with the government as a licensed business entity or has been using electricity without formal contracts with utility firms are illegal bitcoin miners. It was also reported, that the utility companies in the region are now tasked with a mission of shutting down such unlicensed operations. Their task would also be to report back to the authority on their progress by the end of August. The Economic and Information Commission have written stating that, “Utility agencies and companies will be held responsible if they failed to shut down illegal bitcoin mining operations in Xinjiang region by the end of this month.”

The Canadian blockchain start-up chief executive, Scott Meng, said: “He has two partners in Xinjiang: one has 40,000 crypto miners, the other has 18,000. They have been asking for help in the past days, urging me to look for places in Canada and US as substitutes. But even for him, it is difficult, he has to get electricity first, even after if I had that, he need to build farms from scratch.”

Featured ICO's

IOTW AnApp Blockchain Technologies Limited
Disrupting the global forged high-end industry
To make the parcel industry better for drivers
Investing in a real diamond mine in West-Africa