Chinese miners fear further restrictions from the government

Recent restrictions by the Chinese government — the ICO ban and the ban on the trading cryptocurrency in pair with yuan — have led many Chinese citizens to believe that the leadership of the republic decided to banish the cryptocurrency market out of the country, with mining being the next possible target.

Naturally, those entrepreneurs who dedicated their time and money for setting up vast, breathtaking mining farms with hundreds of GPUs working together simultaneously for best performance, are now shocked that their business might become completely illegal. This partly reminds of cryptocurrency entrepreneurs’ status in Russia – although the government tells it will allow cryptocurrency in the future one way or another, presently the law enforcement does not treat miners and altcoins very friendly.

South China Morning Post tells a story of Wang Hongyi, one of these mining farmers who carefully built the relations with the local government, allowed them to invest in his farm, registered it as an experimental data center and now, amidst the recent news from Beijing, he isn’t sure that all these efforts will not turn out to be fruitless. His sentiment is shared by “small” Chinese miners, those who place a mining rig in their houses. Anyway, everybody connected with cryptocurrency in China is now sure that the government will not just change its tune tomorrow.