Regional reports from China show that government officials have audited over 5,100 small hydropower plants to get them to adapt to China’s rehabilitation and rectification process on future energy sources. China has pledged to be carbon neutral and ultimately zero carbon emissions by 2060, and the recent raids on bitcoin miners and small power plants have been fueled by that goal. Hydropower plants in Sichuan and Yangtze are feeling the effects of recent crackdowns on power generation and consumption in China In the past few months, China’s goal of reducing net carbon emissions to zero in 39 years has hit bitcoin miners and small power plants in five different provinces. China President Xi Jinping, surprises the world when he said China was committed to reducing emissions to zero. Bitcoin miners and small power plants were beginning to feel the impact of China’s goal of drastically reducing emissions when reports surfaced from Inner Mongolia. After the problems in Inner Mongolia, the Bitcoin miners in Xinjiang were ordered to close on June 9, 2021. Reports from Xinjiang followed bans on bitcoin mining in Qinghai Province, and then warnings from officials in Yunnan Province as well. Eventually, after a May 31 report informing Sichuan officials that they would be talking about bitcoin mining in the area, Sichuan authorities finally notified bitcoin miners in the province that they would be ready to go by Should be closed June 25th. These raids caused Bitcoin’s global hash power to tremble from 147 exahashes per second (EH / s) on June 14th to a low of 69 EH / s on June 28th. In addition to the Bitcoin miners, small hydropower plants also had to follow a clean-up and correction process. The rectification orders are from the Sichuan Provincial Water Resources Department and government officials from the Yangtze River Economic Zone. Bitcoin.com News reported on the mandates that apparently pushed some hydropower plants to put the hydropower plants up for sale. The local People’s Daily magazine reported last week the crackdown hurt hydropower operators who were unable to complete government clean-up and corrective orders. 1,360 hydropower plants in Sichuan could not fulfill the clean-up and disposal orders, 243 hydropower plants are on standby People’s Daily reporters say a total of 5,131 small hydropower plants have been inspected, but a large number has been caught by regulators. 3,528 were able to successfully complete the prescribed processes, but 1,360 hydropower plants were unable to complete the cleaning and remediation jobs. In addition, there are 243 hydropower plants in suspension as they are considered “reserved” by officials in the Sichuan and Yangtze River Economic Zone. The People’s Daily report notes that it is uncertain whether these hydropower plants will continue after government officials from China make their decisions. Bitcoin miners have long been warned and many started migrating elsewhere last year. Currently, Kazakhstan is one of the most popular travel destinations and there are tons of reports suggesting that many Chinese businesses are moving to Kazakhstan. Unfortunately, hydropower plants are not as versatile and cannot be easily closed and moved, and China’s crackdown has ravaged many small hydropower operators. What do you think of the Yangtze River Economic Zone and Sichuan crackdown on hydropower plants in China? Let us know what you think on this matter in the comments below. Photo credits: Shutterstock, Pixabay, Wiki Commons Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
CNY - Chinese Yuan Renminbi