China's crackdown

China's crackdown on cryptocurrency mining has extended to the southwest province of Sichuan, reversing its previous lenient stance on the sector amid a national crackdown against these significant power-intensive activities. As a result, the authorities ordered cryptocurrency mining projects to close in the major mining center. According to data compiled by the University of Cambridge, Sichuan is China's second-biggest bitcoin mining province. The recent development will further cut down computing power for crypto mining after third-place Inner Mongolia conducted a…