- A former CCP member on the local channel has apologized for his involvement.
- Xiao Yi pleaded guilty to accepting more than $1.8 million in bribes.
- China accounts for 21% of BTC mining, second only to the US at 38%.
China has banned cryptocurrency mining since 2021, citing many reasons. But the shadows seem inevitable as former Chinese Communist Party (CCP) member Xiao Yi speaks out from what appears to be a prison and apologizes for aiding a crypto mining company in Fuzhou.
Former Chinese Communist Party secretary in Fuzhou, Xiao Yi confessed ‘Reckless action’ To support cryptocurrency mining during broadcasts on national TV channels.
The interview was published on January 8, 2023, in which Xiao mourned from a place resembling a prison, “sinner” and cause ‘Significant loss’ to Fuzhou.
Xiao was found guilty of corruption charges in December 2022 after accepting more than $18 million in bribes to allow construction programs and falsely promoting several projects, including a local cryptocurrency mining company. I was admitting
Xiao has instructed local cryptocurrency mining firm Jiumu Group Genesis Technology to describe itself as a provider of technology services not banned in the region, according to a local news agency report. From 2017 to 2020, it continued to operate nearly 160,000 miners.
China officially banned the continuation of cryptocurrency mining operations in the country in 2021, but has been monitoring certain companies since 2018. Mr. Xiao was then secretary of his CCP in Fuzhou, where he continued to support Jiumu Group Genesis Technology. An investigation into him by officials took place in May 2021, and he was expelled from the party and subsequent post.
China used to be second only to the United States for Bitcoin mining, according to a study by Cambridge University’s Judge School of Business. In December 2021, the United States has mined her 38% of the world’s bitcoin and China has mined her 21% of the world’s bitcoin.
Things and this data did not go well with the authorities, who banned crypto trading in September 2021 and banned the launch of new projects in the country. This is because it is financed by thermal power plants, which means that coal and fossil fuels are causing pollution.
After the ban, many miners left the country and emigrated to US cities such as Nebraska and Kearney. Some miners have moved to bordering Kazakhstan.
The country used to account for 65% to 75% of total hashrate.
As expected, several underground mining operations are popping up, and these miners are trying to get around Beijing’s ban.
With its technological prowess, China has proven to be a favorable country for cryptocurrency mining. However, since BTC mining is a fairly energy-intensive project, the country has decided to lose its leadership position in order to protect the environment, even though cryptocurrencies could teach the world.