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Some Xinjiang Bitcoin Miners Instructed to Shut Down: Report

The local government of Changji in Xinjiang has instructed miners at the Zhundong Economic Technological Development Park to shut down mining activities.

Actualizado 14 sept 2021, 1:08 p. .m.. Publicado 9 jun 2021, 10:23 a. .m.. 1 min readTraducido por IA
Mining facility

Some bitcoin miners in the Chinese province of Xinjiang have been ordered to cease operations as the country cracks down on crypto mining.

  • The local government of Changji in Xinjiang told miners at the Zhundong Economic Technological Development Park to stop their mining activities, according to a notice "seen and verified" by The Block.
  • Government officials in Zhundong were instructed to end all mining activities under their control by 6:00 UTC (2 a.m. ET) Wednesday.
  • The park covers 15,500 square kilometers and houses coal power plants as well as some of the largest crypto-mining facilities in China, thanks to the wide availability of coal-powered energy.
  • The instruction follows the notice by the China State Council last month calling for a crackdown on bitcoin mining.

Read more: Sichuan Energy Regulator to Meet to Discuss Bitcoin Mining: Report

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Trace Mayer (Trace Mayer)

The creator of the Mayer Multiple argues bitcoin’s growing economic substance is compressing volatility and attracting deeper capital.

What to know:

  • Bitcoin volatility has dropped from around 120 in 2017 to 35 as institutional participation and options markets add stability to the asset.
  • Mayer believes lower volatility makes bitcoin more investable for corporations, family offices, and institutional investors.
  • Despite long-term concerns around miner security incentives and quantum computing, Mayer remains bullish...