China Allows Building of Hydroelectric Plant in Well Known Bitcoin Mining Town

Government authorities in China have allowed construction to go ahead to increase the capacity of current hydroelectric plants in the Ya’an district of Sichuan, a town popularly known in cryptocurrency circles to be teeming with Bitcoin miners.

China’s Blockchain Push

Ya’an is rumored to account for a majority of the world’s Bitcoin mining efforts. The province is said to house mining farms belonging to companies such as Bitmain, which make use of the region’s naturally cool climate and cheap electricity to save on costs and increase profitability. However, the sentiment is not directly addressed or acknowledged in the announcement.

Ya’an’s government aims to promote the region towards a global player in blockchain development and innovation, as stated in the post:

The announcement further stated all excess power generated from the currently running hydroelectric plants will be connected to the “State Grid,” which in turn, will be used to power the local blockchain industry. As per the report, much of the energy is wasted and can be utilized towards technologically-advanced projects.

Bitcoin U-Turn

In 2018, China’s Center for Information and Industry Development (CCID) published a “Blockchain Technology Assessment Index,” a native framework that ranked cryptocurrencies on factors such as “creativity,” “applicability,” and “basic tech.” No other country has published such reports, indicating the Far East giant’s interest and motivation towards integrating digital currencies in a controlled manner.

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