Chinese Bitcoin Miners Ponder Operations Overseas amid Potential Ban

Recently, various reports have been suggesting that China’s crackdown on cryptocurrencies will extend to mining, as state-run Sichuan Electric Power Corporation reportedly distributed a circular ordering grid-connected hydropower stations to stop supplying low-cost electricity to bitcoin mining operations. As reported by CCN, the report has been debunked as the company admitted it made several mistakes, including using unverified claims, on its circular.

China Bitcoin Crackdown to Extend to Low-Cost Mining Ban: Report

China’s Sichuan province is gearing up to extend its bitcoin ban to mining operations as part of its wider crackdown on the cryptocurrency industry. According to local media outlet Tencent Finance, the state-run Sichuan Electric Power Corporation has distributed a circular ordering grid-connected hydropower stations to stop supplying low-cost electricity to bitcoin mining operations. Because mining has become so competitive, few ordinary bitcoin users can make a profit mining the cryptocurrency.

China ICO Ban: World’s Oldest Bitcoin Exchange Shuts Its Doors

Bitcoin exchange BTCC has closed its CNY trading platform in compliance with the China ICO ban, marking the end of an era for the bitcoin community both inside and outside of China.  BTCC made the announcement on Twitter, noting that it had operated for a “world record of 2,305 days.” Indeed, the vast majority of bitcoin users likely cannot remember a time before BTCC. Throughout the world, exchanges rose, fell, and occasionally scammed their customers, but BTCC remained.

NEO Founder: Government Collaboration ‘Possible’

NEO founder Da Hongfei spoke with regulators prior to China’s ICO ban to confirm that the NEO project was developing as originally communicated to the government. Da disputed rumors that China will ban cryptocurrency mining and stated that he believes a collaboration with the government is “possible” in the future. The NEO founder himself made this revelation in an interview with Dutch financial publication Het Financieele Dagblad.

NEO Founder Da Hongfei Advised China on ICO Ban; Govt. Collaboration ‘Possible’

Chinese regulators consulted with NEO founder Da Hongfei prior to the bitcoin exchange and ICO ban. Da disputed rumors that China will ban cryptocurrency mining and stated that he believes a collaboration with the government is “possible” in the future. NEO Founder Advised Regulators on Exchange & ICO Ban The NEO founder himself made this revelation in an interview with Dutch financial publication Het Financieele Dagblad.

Charlie Lee: China Bitcoin Mining Ban Rumors are False

Litecoin creator Charlie Lee says a trusted source has told him that China will not ban bitcoin mining operations or the bitcoin network. He says the rumors are being propagated by large-scale traders who are attempting to manipulate the bitcoin price. Lee revealed this information Thursday night on Twitter, stating that he had not traded on the knowledge before making it public. 1/ I have a trusted source that says that there's no truth to China banning mining or network.

Chinese Bitcoin Exchange Executives Banned from Leaving the Country: Report

Regulators have banned Chinese bitcoin exchange executives from leaving the country while officials continue their crackdown on cryptocurrency trading and potentially prepare to launch a digital token controlled by the central bank. According to a Beijing News report, Chinese bitcoin exchange executives are barred indefinitely from traveling outside the country to ensure that they “cooperate with the investigation” into cryptocurrency trading, which has now been ruled illegal.