A Chinese reporter shared a report that Bitcoin miners in China are having trouble paying their electricity bills. The reporter said that the Chinese government slowed down transactions with cryptocurrencies due to money laundering and various scams that affected miners the most.
Wu Blockchain, reporting on the crypto mining industry, reported on the problems faced by Chinese Bitcoin miners. The reporter, who shared his news on Twitter, said that Chinese miners cannot pay their electricity bills. Indicating that 74% of the miners face this challenge, Wu mentioned that the miners had to convert the BTC and ETH they issue to Chinese yuan (CNY) to pay their bills. According to the reporter, this will be a factor that will direct cryptocurrency miners from China to countries such as the USA and Kazakhstan.
In the report, it was stated that since the beginning of 2020, the Chinese government’s attempt to catch fraudsters as part of money laundering operations has reduced the number of cryptocurrencies converted into Chinese yuan. However, it was reported that most of the Chinese Bitcoin miners had to convert the Bitcoin and Ethereum they had due to the high electricity bills they encountered. In the details of the news, the decrease in the conversion of crypto coins to CNY within the framework of the Chinese government’s money laundering operation was shown as a negative factor for miners.
A miner was unable to trade for 1 month
According to Wu, a Bitcoin miner was unable to process for a month because he couldn’t pay the electricity bill. The miner said that he could not convert the money he had. However, it was stated that some OTC exchanges that provide special services to miners also became unable to trade.