It appears that the Chinese government is now taking steps to clamp down on cryptocurrency miners as it creates its digital currency backed by the yuan. Miners say that the high cost of electricity used for their activities might force them to seek alternatives.
The digital yuan creation has been in the pipeline as far back as 2014 and has since been set to launch this year. Meanwhile, China has continued to tighten its grip on cryptocurrency trading.
These efforts by the Chinese government and the freezing of Bitcoin miners' bank cards can be tied to the government weeding as much competition as possible against the arrival of its fiat-backed digital currency.
A famous Chinese cryptocurrency journalist, Colin Wu, has reported that 74% of miners surveyed attested to the drastic impact of the hike in electricity tariffs. Some other miners said they had shut down their mining operations for a month as they couldn't continue.
All this build-up has led to the closure of some OTC companies that specialize in serving miners.
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