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Xinwen Lianbo, the daily news agency of state-owned China Central Television reported on December 29th, 2022 that Xiao Yi, the former Communist Party secretary for the city of Fuzhou pleaded guilty to corruption charges in Zhejiang Hangzhou Intermediate People’s Court.
All the charges that are imposed on Xiao Yi are related to his time when he was director from 2008 to 2021. The report revealed that Xiao accepted 125 million Chinese yuan in bribes for construction programs and illegal promotions.
Xiao was also found guilty over the charges related to business transactions between him and Bitcoin miners from 2017 to 2021.
“During his 2017 to 2021 tenure as the Communist Party Secretary of the City of Fuzhou, Xiao Yi provided support to cryptocurrency mining companies in the form of subsidies, capital aid, and electricity assurance. These acts were contrary to national regulations, the theory of New Development, and led to massive losses in public property, leading to adverse consequences.”
The court was adjourned and will pass its judgement in the upcoming session.
A year ago, China banned crypto mining in the country citing the energy crisis. As a result, it was a simple decision for China to remove these miners and lower their carbon impact.
Even though the government of china has banned all crypto mining operations in the country, according to Statista, China is the second biggest bitcoin mining country in the world.
The legislation directed local authorities to charge 0.30yuan per kilowatt per hour for crypto mining in different portions of the country.
News from all around the globe is troubling cryptominers because after China’s ban on crypto mining in November 2022, The US city of New York also banned crypto mining.
China was the largest hub for crypto mining operations till the ban in 2021. After the ban, New York became a prominent choice for mining operations. Electricity availability at cheaper rates was possible in the region due to Niagara Falls.
According to a White House report, the country-wide carbon pollution from U.S. crypto mining ranged between 25 and 50 million metric tons. The Environmental Protection Agency estimates that that would be roughly equivalent to operating 20 to 40 million gasoline-powered vehicles for a year.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
