Saturday, July 2, 2022

Chinese authorities continue to crackdown against bitcoin miners as they seize 49 Old ASIC Antminers.

The Takeaway:

Chinese authorities continue to crackdown against bitcoin miners after they seized 49 second-hand Bitmain ASIC Antminers from unnamed individuals.

Huangpu Customs of China’s Guangdong Province has said it seized 49 old used bitcoin miners from an unnamed party that was attempting to smuggle the devices into the country. According to the local reports, the old machines will be disposed of in accordance with local regulations. According to a report published on Monday, the alleged smugglers had used false information in their export documents. 

 

China continues its crackdown against bitcoin miners.

Chinese authorities’ latest seizure of the mining devices comes as the Asian country continues its crackdown against bitcoin miners. The crackdown has already seen China relinquish its status as the world’s number one bitcoin mining country. The crackdown has also spurred crypto mining activities in neighboring countries like Thailand and Kazakhstan. The US is also attracting crypto miners from across the world despite unclear regulations in many states. 

The alleged smugglers had used false information in their export documents. However, authorities discovered the consignment was not comprised of shoe materials, as stated in the “export document” the report said. Instead, the consignment consisted of what some reports say are old ASIC miners.

 

Chinese authorities released a report on the Rectification of Virtual Currency Mining Activities.

The announcement of Huangpu Customs’ seizure of the old ASIC Antminers came just days after another Chinese regulator, Shandong Development and Reform Commission (SDRC), announced the release of a document titled “Report on Rectification of Virtual Currency Mining Activities.” According to the China-based website 8btc, the regulator, through this document, announced the start of the supervision of telephone lines for “rectification” of crypto mining activities at the provincial and municipal levels.

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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