June 29, 2021 Read More →

China bitcoin mining crackdown leads to hydropower plant sales

South China Morning Post:

China’s swift and sweeping crackdown on bitcoin mining has pushed owners of small hydroelectric power plants to offload their assets now that demand for cheap power is drying up.

The number of advertisements on Xianyu, a popular second-hand e-commerce platform, for small scale hydro plants with capacity of around 50 megawatts, has increased since the mining crackdown began in May.

Some plants are in southwestern Sichuan province, an area in China with abundant water resources that can provide cheap electricity and where 26 bitcoin mining operations were ordered to shut down last week.

“You can secretly mine cryptocurrency if you buy a hydropower station,” promised one of the sellers on the Alibaba Group Holding-owned platform, when contacted by a South China Morning Post reporter. Alibaba also owns the SCMP.

[Masha Borak]

More: Hydropower plants go on sale in China amid mining crackdown and bitcoin slump

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