Apparently, the general anti-Bitcoin stance of the Chinese government continues, with reports that the cheap hydroelectric power being used by the largest Chinese Bitcoin mining facilities may soon be a thing of the past, according to local media.
The statement regarding the cessation of cheap mining electricity indicates that the Sichuan Electric Power Company has issued a circular indicating that it will no longer provide the necessary power from its grid-connected hydropower stations. The circular suggests that Bitcoin mining is ‘illegal operation.’ The circular has yet to be confirmed.
Bitcoin using surplus, government still squeezing
The statement from the power companies does not reflect the general feeling of miners, according to the article. Miners feel that the Bitcoin operations are using ‘discarded water’ – water that is let go without producing electricity, which is why the price has been remarkably low…
Read Full: BREAKING: China May Cut Off Cheap Power To Bitcoin Miners?