Opinion: Closing Bitcoin mining facilities could lead to "serious economic problems"

According to previous reports, Hebei Tangshan Police discovered in a special operation against electricity theft that borrowing Bitcoin mining machines to steal electricity has become a new type of electricity stealing crime in recent years. As of now, Hebei Tangshan Police have seized 52 high-power transformers and seized 6,890 Bitcoin mining machines. In response, Ethan Pierse, head of the CryptoAssets Institute, said in an interview that this does not mean that China is comprehensively cracking down on crypto mining, but is cracking down on electricity theft crimes.

In addition, he pointed out that China's four regions alone accounted for 66% of global computing power, and Sichuan alone exceeded 50%. Pierse added that if China decides to shut down network access on a large scale, it will be a problem. "Bitcoin mining is largely controlled by another government, and their ability to close the currency itself may more or less cause serious economic problems for the US government, large companies or other platforms that take advantage of this. Pierse said that this could affect the availability of the network and he wanted to see more mining facilities around the world.