China to Close over 90% of Bitcoin Mining Capacity: Newspaper

More than 90% of China's Bitcoin mining capacity is estimated to be shut down after authorities in southwest Sichuan province, one of China's largest mining bases, ordered a halt to mining in the region on Friday, the Global Times reported. Regulators in other key mining hubs in China's north and southwest regions have taken similar harsh steps, even as Sichuan had been predicted to be taking a softer approach given its abundant hydropower, the newspaper said. Crypto miners are scrambling to find overseas mines to place their devices and many have suffered huge losses, the newspaper said citing an unidentified industry insider. Sichuan authorities listed 26 potential miners and ordered local electricity companies to screen and terminate these operations, the newspaper said.