Chinese City Welcomes Blockchain Industry

Chinese City Welcomes Blockchain Industry

Ya’an, which is a prefecture-level city in the western part of Sichuan province, China, is known to be account for a major percent of Bitcoin network’s computing power in China. Focusing on helping consume the area’s obsessive hydropower electricity, the city has recently released a public guidance reflecting its desire to seize the strategic opportunity of the blockchain sector.

Bitcoin mining is an activity in the blockchain industry known for its dependence on the severe usage of electricity. But the issue wasn’t disclosed in the guidance. The government of the country wants to establish the city into an ingenious blockchain industry hub in the country. The statesman wants the city to be an idol for consuming hydropower electricity.

The guidance wants blockchain firms to use the electricity and those firms should come from generated power that’s being connected to the state grid. The principle also described privileges of blockchain companies. The emphasis of the guidance is for easier consumption of excessive power, blockchain companies should be near to power plants.

These blockchain firms should be centered with State Grid. Those blockchain companies consuming electricity without integration to the State Grid should be rectified soon. Change of the government’s plan over bitcoin mining than last year is seen throughout the notice.

From the past record it has come to sight that during rainy summer season, excessive level of hydropower electricity gets wasted in China and that is why the government and relevant ministries are much worried about it.   Hopefully a strong solution to the problem can be come with the hand of blockchain companies. If you look back to 2017, it is seen that hydropower plants in another area of Sichuan produced 41.5 billion kWh of electricity with a total excess of 16.3 billion kWhtaht went to waste. So, this excess production of cheap electricity welcomes bitcoin mining especially in spring and summer season.

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