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Bitcoin Mining Faces Rumors in China

Dec 28, 2017

Major Bitcoin mining companies in China were shocked by the news about power cancelation. Rumors claimed that the power companies are up to cutting off electrical supply of the mining rigs. However, soon after this report was promulgated, the information changed drastically.

Sichuan Electric Power company published an article where Bitcoin mining was indicated as an illegal activity and there were doubts on whether supplying mining farms with electricity will have consequences for the supplier itself.

This information was intended for the internal audience of the Sichuan Electric Company only, however, it was spread around the Internet by mistake. In spite of that, Sichuan still remains the province where are the most reasonable electricity prices.

The Chinese government in the last couple of years supports a very negative attitude towards Bitcoin and other cryptocurrencies. However, mining is still not banned and, any unofficial statements that might claim it is an outlaw, do not have any legal power. At the same time, we have to remind that the cryptocurrency exchanges and ICO are illegal in China.

Considering the fact, that the government has already restricted the access of Chinese citizens to many internet resources like Facebook, Google and Twitter, it is not a surprise that cryptocurrency business is in danger. Ownership, mining and usage of Bitcoins is not yet illegal but tendencies are disappointing.

Investing in cryptocurrencies became a very popular trend now and even the governmental bans cannot stop businessmen from this. Offshorelicense Ltd warns you not to invest recklessly, especially when your chosen jurisdiction restricts more and more actions with the cryptocurrency. We are ready to consult you on prospective territories where Bitcoin is accepted by the government and it is safer to establish business. Use your capital and assets wisely and if you are ready to dive into the ocean of the cryptobusiness, just let us know.

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