4 articles
China's government initiated a comprehensive crackdown on cryptocurrency mining in June 2021, with provincial authorities ordering immediate cessation of mining operations and later implementing a nationwide ban through federal regulatory action.
Heavy rainfall in Sichuan province during late June 2019 destroyed tens of thousands of mining rigs and disrupted up to 20 percent of the global Bitcoin hashrate, prompting miners to relocate operations to Xinjiang.
Chinese regulators have instructed all bitcoin and cryptocurrency exchanges operating domestically to cease trading and close their platforms by a specified deadline.
China's People's Bank and other government agencies have declared initial coin offerings illegal and issued directives prohibiting banks and financial institutions from conducting ICO-related business.
