China Targets Xinjiang’s Development Park for Introducing Bitcoin Mining in 2018

A central group responsible for inspecting ecological and environment protection has released a report that states that environmental and ecological problems in some areas of Xinjiang Uygur Autonomous Region and Xinjiang Production and Construction Corps are still prevalent and need to be addressed.

The inspecting team revealed that certain localities and departments do not have the necessary understanding of the need for ecological and environmental protection of the autonomous regions.Many entities have reportedly focused on development while neglecting the environmental downsides and blindly launching projects but “failing to manage and control them.”The report also singled out Zhundong Economic and Technological Development Zone which has managed to attract investment and host “six illegal high-energy-consuming virtual currency mining enterprises,” since 2018.The Chinese province of Xinjiang has historically been one of the major Bitcoin mining hubs in the country due to its abundant fossil fuel and hydroelectric energy.Following the crackdown on mining operations, several industrial parks in the region were ordered to halt operations.The Zhundong development park also received a notice in June last year demanding they shut down their operations immediately.Despite the intense crackdown, China’s Bitcoin mining continues covertly. According to a new study by Cambridge Centre for Alternative Finance (CCAF), the country is responsible for 21% global Bitcoin mining, which is only second to the US.
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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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