Official expressed his remorse on state TV cryptomining
A company, which was backed by Xiao, masqueraded as a center for big data computing but was actually leveraged for cryptocurrency mining on an unprecedented scale with roughly 160,000 machines that accounted for a tenth of Fuzhou's energy needs.Apart from covering up illegal energy consumption, other nefarious activities attributed to Xiao include solicitation of bribes and preferential regulatory treatment.
The TV segment also reminded viewers of the volatile nature of crypto and other risks associated with the nascent sector inIn 2021, the country stepped up its clampdown against crypto mining after previously banning crypto trading. However, the government's attempts to root out crypto mining are far from being a resounding success given that China still accounts for a substantial portion of the global hashrate despite falling behind the U.S.
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