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Corrected: Yunnan Province Did Not Order Crypto Miners to Shut Down
The source for the original report appears to have been a counterfeit.
CORRECTION (June 11, 2021, 18:15 UTC): This article originally stated that Yunnan province ordered crypto miners to be shut down. The source for this claim appears to have been a counterfeit. Read more. The original article appears below.
STORY CONTINUES BELOW
The Chinese province of Yunnan is getting set to ban cryptocurrency mining, becoming the latest one to do so, according to Forkast News, citing BTC.top, one of China's top mining pools.
- The coming ban follows similar actions in Qinghai, Xinjiang and Inner Mongolia.
- BTC.top said it would need to accelerate shifting operations to North America as well as to the hydropower-rich province of Sichuan, Forkast said in the report.
- The bans are in response to the central government’s concerns about high energy-consuming industries and environmental pollution as well as the State Council’s directive to maintain financial stability by cracking down on crypto mining and trading.
Read more: China’s Qinghai Province Has Ordered All Crypto Miners to Shut Down
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
