In the middle of August, officials of the Chinese province of Sichuan approved a number of mining enterprises, allowing legal energy consumption in the region. After the local government of Ya'an City decided to support mining, officials from Chengdu pledged their support for crypto mining as well as support for the industrial blockchain park at the Hashcon 2020 event.
In 2018, officials called the industry wasteful, but two years later, the Sichuan government is far more friendly to bitcoin mining than it was two years ago. In the middle of April 2020, officials from the city of Ya'an approved a number of companies, and in August a second batch of enterprises was approved for hydropower consumption.
There are reasons for this – according to Qu Zhaoxiang, co-founder of 8btc and Chainnode, as crypto mining becomes compliant, the government will be able to generate significant tax revenues and create more jobs, as well as create a stable business environment for enterprises.
Image courtesy of Asia Times