Kevin Zhang, vice president of cryptocurrency mining company Foundry, claims that all major Bitcoin mining farms have closed in Yunnan, China's most southwestern province. Cite an anonymous source.
According to Zhang, the government is stepping up its crackdown on the cusp of the Communist Party of China centennial to be celebrated on July 1.
Yunnan, which is known for its abundant hydroelectric power, was a major mining center along with Sichuan.
In early June, the state media China Star Market He reported that the Yunnan Energy Bureau had ordered the inspection of mining farms, but fell short of issuing a blanket ban. However, a source cited in the article claims that all mining farms could potentially be closed in the province.
Sichuan, Qinghai, Inner Mongolia have also banned Bitcoin mining, effectively eradicating the entire industry in China.
Zhang estimated that a staggering 90 percent of all cryptocurrency miners would go offline by the end of this month.
According to reported by Crypto report, Bitcoin's hashrate fell to its lowest level since July 2019 on June 28.