Miners in China started shuting down the machines because they can’t pay for electricity due to frozen bank cards

Miners in China started shuting down the machines because they can’t pay for electricity due to frozen bank cards

The Chinese media came up again with information confirming the continuing problems of crypto miners.


18 Nov 2020 , 20:30 @ Matey Salt

Miners in China started shuting down the machines because they can’t pay for electricity due to frozen bank cards

The Chinese media came up again with information confirming the continuing problems of crypto miners.

Problems with frozen accounts in China continue. In the context that China controls about 50% of the total mining capacity (according to the latest surveys) this situation can have serious consequences.

The report was published by Chinese daily, which received a statement from one large miner, who said:

The most headache and most difficult thing now is to pay electricity bills. There are also miners who said that the mining machine has been shut down for a month because they cannot sell the currency to pay the electricity bill. Some OTC companies that specialize in serving miners have also terminated their business,

The miners even conducted a survey among the community, which depicts up to 74% of miners have a problem with paying electricity bills due to the freezing of cards.

China wants to fight money laundering in this way, and it is not just about freezing accounts. We have only recently witnessed the arrest of two representatives of the most known crypto exchanges, OKex and Huobi.

Given these persistent problems, the community is convinced, claiming that many miners are already considering relocating their mining activities to countries that are more friendly to regulation and supervision, for example to North America.

Read also: Riot Blockchain mined 730 BTC’s over the duration of three quarters of this year and increased mining revenues by 21%

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