Bitcoin interest drops in China amid a crackdown on social media and miners. And the pool hash rates fell by 30%. However, Baidu and Weibo try to scrub crypto players from their platforms.
Western province slams the door on the crypto miners.
The district government in western Xinjiang issued a notice to suspend virtual currency mining enterprises on June 9 immediately. The report announced that all companies engaged in digital currency mining must stop production by 2 p.m. on June 9.
Moreover, they have to report the suspension to a local Reform Commission. This resulted in a significant drop in the global hashing power. Last month has also seen a bevy of regulations against mining companies.
Moreover, China prepares to try and meet its carbon emissions goals. Miners are still scrambling to adjust to the new regulations, with many heading to more lenient countries like neighboring Kazakhstan.
Weibo and Baidu pull the plug
Baidu is China’s dominant search engine. It restricted the searches for exchanges Binance, Huobi, and OKEx early in the week. Most of the internet companies work under the watchful eye of Government and party officials.
Filtering the keywords is not always an effective solution. It is worth to note that the government also has limited authority since these companies are registered outside China and have a limited physical presence.
Therefore, the more effective way was to silence the cryptocurrency influencer accounts on the microblogging platform Weibo. According to reports, at least a dozen accounts got suspended with a message that they had violated the relevant laws and guidelines.
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