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The local government announced an inspection to eliminate illegal bitcoin operations in september.
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Rybkin was one of three people convicted over the illegal mining operation.
The government made it clear that this does not indicate support for bitcoin or other cryptocurrencies and trading in the country remains illegal. However, you cannot use chinese yuan until now, mining has served a purpose unique to china: In its recent crackdown, the chinese authorities have seized 7000 crypto mining machines alleged for illegally consuming electricity. It is host to inexpensive power, local factories to produce specialized chips, and cheap labor to operate facilities. The investigation had begun last year when the security. There are really many who are expecting that soon china will finally ban bitcoin mining but if you will analyze it, banning such an economic activity is not on the good interest of the country. China has not passed any legislation regulating cryptocurrencies. Reportedly 7000 crypto mining machines seized by chinese authorities for consuming electricity illegally. The accused zhang bribed internet cafe administrators under the garb of contacting the firm and asked them to implant the mining program into the computer of the internet cafes while. Authorities in china's sichuan province are investigating reports of illegal bitcoin core (btc) mining farms, after unauthorized mining rigs were discovered according to local reports, the land resource bureau in garze county identified the illegal mining operations, which had been constructed without. Regardless if it's bitcoin or the latest fad ico, all activity beyond interpersonal, over the counter transfers is illegal. The local government announced an inspection to eliminate illegal bitcoin operations in september. China fights against illegal use of energy.
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Illegal crypto mining is not just an issue endemic in china, though state authorities have been far more active than other jurisdictions.
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