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In mid-August, officials from China’s Sichuan province approved a number of companies mining bitcoins for the region’s legal consumption of hydroelectricity. After the Ya’an city local government decided to promote mining, Chengdu officials recently talked about welcoming cryptocurrency mining to the Hashcon 2020 event and strengthening a blockchain industrial park.
Government leaders of Sichuan province are starting to be much friendlier towards bitcoin mining than they were two years ago. In 2018, officials called the industry a waste, but nowadays Sichuan leaders have embraced bitcoin miners.
In mid-April 2020, Ya’an city officials approved a number of companies to harness low-cost hydropower in the region. In August, Ya’an leaders authorized a “second batch of demonstration enterprises for hydroelectric power consumption,” according to 8btc collaborator Lylian Teng.
On August 28, 8btc’s Vincent He explained that two Chengdu government officials spoke at the Hashcon 2020 event. Chengdu serves as the capital of Sichuan and is a sub-provincial city.
Hashcon was a summit on bitcoin mining held by Inbtc, 8btc and Chainnode on August 22 and 23. The report notes that the vast majority of the BTC hashrate was present at the Hashcon 2020 event along with 70% of the ASIC platform manufacturers.
The first day of the Hashcon Summit saw a partnership with Chenghua District and 8btc which will invoke a Sichuan-based blockchain industrial park. The park will showcase the blockchain computing power (bitcoin miners) who have settled in Chengdu, according to the regional report. “Eight blockchain firms including inbtc and Valarhash have signed contracts and established themselves,” Vincent He noted.
“As crypto-mining becomes compliant, the government can achieve sizeable tax revenues and create more jobs, as well as create a stable trading environment for businesses,” said Qu Zhaoxiang, co-founder of 8btc and Chainnode.
“The Chengdu government shows great interest in the mining business model, blockchain technology and hopes to be involved in cryptocurrency mining. [The] the government’s attitude towards the industry has changed. ”Inbtc co-founder Zhu Fa stressed.
According to the report, 39 exhibitors attended the mining summit with a strong focus on the mining ecosystem. Firms such as Nurima, Seagate and Gongyi alloy technology were present along with Innosilicon, Babel, F2pool, and ASIC manufacturers Microbt.
What do you think of Chengdu government officials embracing bitcoin mining? Let us know what you think in the comments below.
Image credits: Shutterstock, Pixabay, Wiki Commons, 8btc,
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