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China Clamps Down on Preferential Treatment for Bitcoin Mines

The pictured Sichuan province bitcoin mine is one of many in western China, drawn to the region by of a supply of cheap wind power and hydroelectricity. Photo: Visual China
The pictured Sichuan province bitcoin mine is one of many in western China, drawn to the region by of a supply of cheap wind power and hydroelectricity. Photo: Visual China

As the price of bitcoin surges to new heights, Chinese regulators are raining on bitcoin miners’ parade.

Local regulators will take action to ensure bitcoin mining companies no longer receive preferential policies for electricity prices, taxes or land use, a source close to regulators told Caixin.

Another source from the central bank-led committee in charge of internet financial risk told Caixin that localities have been told to use electricity prices, land-use policy, taxation and environmental measures to “guide” companies out of the bitcoin mining business.

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