Chinese small hydroelectric plants go on sale as crypto miners go abroad amid a nationwide crackdown on mining activity.
According to the South China Morning Post (SCMP) report, the number of advertisements on Xianyu for the small-scale hydro plants with 50-megawatt capacity has increased since the mining crackdown began in May. Xianyu is a popular second-hand e-commerce platform.
Some plants are in southwestern Sichuan province, an area in China with abundant water resources that can provide cheap electricity, and where 26 bitcoin mining operations were ordered to shut down last week.
The 289 meters (948 feet) high Baihetan Hydropower Station in Southwest china began partial operation. It is the second hydro-power station in the world in terms of power generation, first is Three Gorges Dam.
Baihetan was built by China Three Gorges Corporation and is located on the border between the southwestern province of Yunnan and Sichuan.
Plants are in Southwestern Sichuan province area in china with abundant water resource that provides very cheap electricity. Last week 26 Bitcoin mining operations were ordered to close.
“You can secretly mine cryptocurrency if you buy a hydropower station,” promised one of the sellers on Alibaba Group Holding’s owned platform when contacted by a South China morning post reporter.
Three others confirmed that more power stations are market due to the crackdown price for hydro plants. The small-scale hydro plant with a capacity of around 50 Megawatt has increased.
Also Read: The People Bank Of China (PBOC) Says Banks Must Block Crypto Transactions
Chinese President Xi Jinping said he hoped the plant would be able to “make a greater contribution towards achieving the goals of carbon peaking and carbon neutrality.”
Chinese miners have either suspended operation entirely or making plans to move to North America or Central Asia, impacting bitcoin mining.
