Many of the Bitcoin mining enterprises got authorization from Chinese officials, in mid-August, to consume hydropower in Sichuan province.
Soon after the local government of Ya’an city announced to promote mining in its region, Chengdu officials at Hashcon 2020 event, stated that they would not only welcome crypto mining but would also support a blockchain industrial park.
Sichuan Turns A Bitcoin-Friendly
As per the report, two years back, the government officials at Sichuan province were not in favor of Bitcoin mining, but now, not only they are a bit friendly towards it, but also have given approval to Bitcoin mining enterprises for consuming hydropower.
Back in the year 2018, the officials considered the mining industry to be wasteful, but now they are ready to welcome and work with the miners from the industry.
Before Sichuan, the officials of Ya’an city gave their approval to the Bitcoin mining companies for the hydropower consumption.
In Mid-April 2020, the officials from the city notified that a large number of Bitcoin mining companies in the city were allowed to leverage cheap hydropower.
Recently, 8btc contributor, Lylian Teng, published a report stating that in the month of August Ya’an leaders legalized a second batch to leverage hydropower consumption.
Hashcon 2020 Event
An analyst from 8btc, Vincent He, on August 28, stated that Chengdu, the capital of Sichuan, recently organized a Hashcon 2020 event, where two of the government officials shared their views on Bitcoin mining operations.
On August 22 and 23, Inbtc, 8btc, and Chainnode organized this Hashcon summit, where a huge amount of BTC hash rate along with 70 percent of the ASIC rig manufacturers was being offered by the miners.
The co-founder of 8btc and Chainnode, Qu Zhaoxiang, recently has said, “As crypto-mining gets compliant, the government can obtain considerable tax revenue and create more jobs, as well as creating a stable business environment for enterprises.”