China’s Bitcoin Mining Province, Sichuan, Advised to Leverage its Hydro Energy to Remain Attractive

China's government-backed think tank of Sichuan encourages the bitcoin mining hub to utilize hydro energy as a cheaper power source to keep crypto mining attractive.

The Province of Sichuan in China has been a booming crypto mining hub with most of the world’s Bitcoin being mined within its environs. This has attracted sentiments from its local leaders like the former V.C of China’s Securities Regulatory Commission, Yang Jiang, who thinks they ought to continue using the hydro energy available in creation of more opportunities.

Sichuan’s Blockchain and Crypto Mining Opportunity

Yang who is now a member of the government-backed Sichuan think tank shared his views during a committee meeting held on 27th October. Sichuan daily reported that the think-tank, whose mandate is to look at high-end developments, discussed opportunities tied to the resources located in the Province. Most notably was the potential to tap into both blockchain and crypto operations that have been identified as power intensive.

According to Yang, 70% of BTC is mined within Sichuan. This figure is 20% higher than Coinshare’s stats which estimate the turnover at half of the World’s Bitcoin mining activity. However, Sichuan’s potential still stands out given the energy intensive nature of blockchains and cryptocurrencies. Yang’s recommendations come a few days after the Province leadership held a seminar on how they could maximize utility from excessive hydro energy.

Regulatory Pressure from Chinese Authorities

The crypto mining activities in Sichuan have had a fair share of challenges especially from a regulatory point. Earlier in the year, China’s authorities began investigations into illegal cryptocurrency miners operating in Sichuan. They had set up most of the mining activities along Dadu River with over 30,000 machines said to have been illegally constructed. This is not to say that Bitcoin mining within Sichuan has not been thriving. A number of reports within the crypto space point out that almost 70% of BTC is held in China.

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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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