China extends cryptocurrency-mining ban to Sichuan

China’s crackdown on cryptocurrency “mining” has extended to the southwest province of Sichuan, where authorities ordered cryptocurrency mining projects closed in the major mining centre.

Cryptomining is a big business in China, accounting for more than half of global bitcoin production. But the State Council, China’s cabinet, last month vowed to clamp down on bitcoin mining and trading as part of a series of measures to control financial risks.

Friday’s move in Sichuan – where miners mostly use hydropower to run the specially designed computer equipment used in verifying bitcoin transactions – suggests the crackdown is more broadly based.