The internet facilities in China are somewhat more self-contained and secure than the rest of the world. A good number of people use locally produced sources that allow them to get their information and connect with the rest of the online world. The top search engine service providers like Baidu and Sogou have blocked access to exchange websites like Houbi, OKex, and Binance.
The report was first broken by Chinese crypto-journalist Colin Wu. From the media platform called 8BTC News Portal, Wu also reported that social media sites had done the same. Weibo, which is an equivalent of Twitter in China, has also stopped returning search results for news or accounts of these exchange platforms. Meanwhile, the crypto market seems to be recovering from the depression during the last 24 hours, with Bitcoin trading at $35,030 at press time.
Following the Xinjiang Mining Ban, the Crypto Community is Expecting to Witness Hash Rate Sagging
A few days ago, Chinese President Xi Jinping issued a public statement calling for taking down all projects that are heavily reliant on energy resources starting 2026. The vision behind doing so is to clamp down on the increasing carbon emissions generated from such projects. Crypto mining rigs were also added to the list of these ventures. Ever since the announcement was made, a lot of miners migrated to friendlier environments.
However, many ignored the regulations and decided to keep going. To make matters worse, Xinjiang province has decided to implement a faster and more universal ban in the region. China is responsible for mining about 60% of all Bitcoin in the world, and the halt might reduce hash rates of BTC internationally.
The ban on crypto mining within Xinjiang is not a good omen for Chinese crypto miners. The province is considered to be the hub of energy and natural resources like natural gas, fossil fuels, and coal. As per news broadcasted by the Chinese crypto reporting service Blockbeats, all mining rigs are to contact the Changji Prefecture Development and Reform Commission (CPDRC).
The orders to put a ban in effect were issued by the same commission. Dovey Wan, a KPL or Key opinion leader for cryptocurrencies, opines that Sichuan province has become a sanctuary for Chinese crypto miners for the time being. She fears that a more comprehensive crypto trading ban could be implemented. She also said that it would have been better if the mining ban was priced in first.