Chinese authorities manhunt for miners and confiscation of 3,500 mining machines.
Chinese authorities are making serious efforts to stop cryptocurrency transactions after the People’s Bank of China in September called all cryptocurrency transactions illegal.
Tough measures to crack down on illegal activity included raising electricity rates for liners in Zhejiang province earlier this year. The decision was based on the idea that it would serve to curb illegal cryptocurrency mining.
At the same time, Guangdong, Heilongjiang, and Shanxi provinces saw major seizures of mining equipment, accompanied by other measures to curb illegal activities.
Also, on March 15, Chinese authorities seized 554 mining farms in the city of Yunfu, which has a population of 2.4 million people. And in the major metropolis of Mudanjiang, which is located in the northeastern province of Heilongjiang, more than 60 pieces of mining equipment were seized, which was made public by the Chinese media.
On Friday, it became known that the electricity tariff for mining farms had been increased, as reported by Shanxi province. As early as May 10, the cost will increase by 1 yuan ($0.16) per kilowatt.
All the problems that make mining in China extremely problematic can easily be avoided if you intend to continue to mine legally under better conditions.
High electricity rates for running your own equipment, possible troubles with the law in your country, which are serious obstacles to mining, can be accepted as a fact, or you can use an alternative option. You can take advantage of cloud mining from Hashmart.io, which has standardized prices for its contracts, which you pay only once and which will not change afterward. Also, the plus side of cloud mining from Hashmart.io is that you are legally protected as our firm is registered in Cyprus.
In addition, due to the energy crisis caused by the economic and political situation between Russia and Ukraine, the energy crisis in the European Union and the United States of America, where energy prices in recent months have jumped by 50%, to mine with Hashmart.io became twice as profitable, since mining farms have not raised the prices for electricity.
Do legal mining with Hashmart.io and don’t spend extra money on electricity and equipment, as our company has established itself as a reliable and trustworthy provider of cloud mining since 2018.