China Banned Projects With High Energy Consumption!

China announced that projects that consume too much energy will be strictly banned.

China banned projects with high energy consumption. Chinese President Xi Jinping announced that they will take firm steps to ban projects that consume too much energy. It is thought that this statement will harm Bitcoin mining. Addressing ecology, environment and energy issues at a meeting he attended, Xi Jinping stated that ecological and environmental protection is integrated with economic development. However, the Chinese government has made a commitment to be carbon neutral by 2060 and to reduce carbon emissions after 2026. According to the report of the Xinhua news agency, Xi Jinping stated that all parties and governments should create a development plan based on green energy and low carbon technologies and clarify all roadmaps for this plan. President Jinping continued his statements as follows: "Projects that do not meet the requirements, consume a lot of energy and have high emissions should be strictly prohibited." Journalist Wu Blockchain stated that this decision will negatively affect cryptocurrency mining in China. Power Outages in China were Mentioned Security measures were taken due to various accidents in China's coal mines in March and April. While supervision was increased in certain power plants, electricity in large data centers was cut off. It was pointed out that this cut may affect the sectors in the relevant regions in the short term. During the inspection, it was stated that there was a decrease in the Bitcoin hash rate in China and this decrease may be a result of power outages.