Miners, Minting Crypto Coins in State-Owned Premises Warned of Dire Consequences by Chinese Authorities

Authorities in China have not done away with the crypto miners which are living as a minority community in China. Now they are warning the miners living already in fear that dire consequences can be initiated against them if anyone is found extracting digital coins, especially in the state-owned premises. Persons involved in carrying out banned activities will be trialed, fined, and will spend the rest of their lives in jail, says the National Development & Reform Commission of China.

China has banned the use of private cryptocurrencies in the country. The Government has also imposed a countrywide ban upon the extraction of private digital coins. Instead, the Government is encouraging people to adopt the digital Yuan, which though is a digital currency, but not the private one.

Before the imposition of Ban, China was hosting crypto miners, particularly Bitcoin miners, in the majority. However, as of today, the mining industry for private coins has been ruined and shattered into pieces. The government of China believes that miners continue to live in minority and that they are extracting digital coins without the Government’s notice.

In this connection, the National Development & Reform Commission of China (NDRC) has announced recently that further rectification is required. According to NDRC, there are a few left-over miners who are still operating mining farms and mining digital currencies. NDCR has alleged that these miners are hiding behind the shelters which are available to them in the shape of state-owned premises. Since they are living in state-owned premises, therefore, the search teams hardly pay any visits to these sites. The situation now warrants that the state-owned properties too are searched thoroughly to see if miners are engaged in banned activities.

NDRC suggested that since most of the miners are now gone, there should have been a huge decrease in electricity consumption. However, the consumption is still the same as it was when crypto mining was going on in the country, said NDRC. The authority said that the Government of China wants to use extra energy sources for industrial purposes. At the same time, the Government feels that it is falling short in its commitment to reducing emissions from the environment.

It is thus clear that there is literally no room for miners of any of the private crypto coins in mainland China.

While issuing the nationwide warning, NDRC also said that it is closely watching the activities and enforcement agencies are on their side. If anyone is found misusing state land for carrying out banned activities such as mining private coins, then dire consequences await them. NDRC said loudly and in clear words that the Government will not hesitate in taking punitive actions against those violating the state law. The violators will be arrested, fined heavily, and even sent to the jails, said NDRC.