- China-close to launching its own CBDC.
- Jieyang City raided another center inside their province and confiscated 916 pieces of mining equipment as part of their anti-virtual currency mining campaign.
Guangdong Province has been working hard to combat virtual currency mining, and today they busted a large mining complex.
China’s attitude on “free cryptocurrencies” is clear from its numerous acts. For example, despite accounting for more than 10% of all Bitcoin transactions, the country has prohibited crypto fundraising and mining. As a result of these sanctions, twenty companies have left China.
Launching of CBDC
China, on the other hand, is on the point of launching its own CBDC.
According to China Securities News, China’s stance on cryptocurrency mining is as follows:
“They have a high energy consumption and carbon footprint, contribute little to the national economy, and have a limited driving influence on industrial growth and scientific and technological progress.”
Takedown of crypto mine worth $790k
The mining center was disguised in an electric car charging station, and in a search, officials recovered over 190 professional mining devices valued at more than 5 million yuan. The mining hub’s operator hired the electric car charging station by providing the name of a high-tech firm, and the charging station was used as a cover for the vast energy wasted during mining.
The hub had been operational for over 1,000 hours and utilized over 90,000 kilowatts of power at the time of seizure.
On February 26th, Jieyang City raided another center inside their province and confiscated 916 mining equipment as part of their anti-virtual currency mining campaign.
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Source: https://www.thecoinrepublic.com/2022/03/23/china-raided-another-crypto-mine-worth-790k/