Sichuan Energy Regulator to Meet to Discuss Bitcoin Mining: Report

The Sichuan Energy Regulatory Office said Thursday it will meet June 2 to discuss crypto mining activities amid China’s nationwide crackdown.

• The energy regulator of the south-western province is required to meet by the country’s National Energy Administration, according to Global Times, a newspaper under the Chinese Communist Party’s flagship publication, People’s Daily.
• Despite a national crackdown on bitcoin mining, some mines in Sichuan are operating as usual, Global Times said, citing unidentified industry insiders.
• Sichuan has been a popular region for bitcoin mining due to its cheap electricity from hydropower during the rainy season.
• Chinese regulators recently stressed that the country would be taking a stricter approach to bitcoin mining, with the People’s Bank of China prohibiting financial institutions from providing services to crypto companies.