Qinghai has become the latest Chinese province to clamp down on Bitcoin mining.
According to a document shared by China-focused cryptocurrency outlet 8BTCNews, miners have been ordered to stop setting up new cryptocurrency mining projects.
All existing mining operations will be suspended by the government.
Unscrupulous mining farms masquerading as big data centers will be investigated and punished.
As reported by U.Today, some miners in the Xinjiang province were ordered to immediately cease their operations earlier today, which has caused a substantial drop in Bitcoin’s hashrate.
Thomas Heller of Compass Mining tweeted that the news was “huge” for the mining industry since Xinjiang is the main destination for mining during dry seasons.