The tough moves towards crypto mining continue to come from China, the world’s most populous country, which takes a tough stance against crypto and has made a name for itself with bans on miners.
Numerous states have banned crypto mining activities within their borders. With the news of the Hebei province ban, a new one has been added to the Chinese provinces that ban crypto mining.
Officials from North China’s Hebei Province announced that they will cooperate with other public institutions to ban and block cryptocurrency mining and trading.
According to the information received, the departments of education, public security, the local financial regulation bureau and the communications administration in Hebei Province are among the institutions that will cooperate.
Hebei province officials have announced that they will begin investigating and sanctioning cryptocurrency mining and trading from October.
In the statement, it was claimed that cryptocurrency mining consumes a large amount of energy and this amount of consumption is contrary to China’s ‘carbon neutral’ target.
Cryptocurrency mining is a practice that goes against China’s carbon neutral policy. It upsets the financial order of the country and contains assets that are unclear and have high financial risks.
This situation negatively affects economic and social development. It also poses a threat to national security.
We note that this news from China, published on Reuters, had no effect on Bitcoin and did not put any pressure on the price. China’s influence in the market appears to have waned as the market overvalues news from China.