Is cryptomining a problem in China?

Cryptocurrencies, despite being banned in China for numerous years, still remain accessible to citizens through alternative avenues.

Chinese authorities have been developing their own digital currency for several years, aiming to establish a controlled and regulated system within the country.

This push for a domestic digital currency reflects the Chinese government's desire to maintain tight monetary control and mitigate the risks associated with unregulated cryptocurrencies.

Chinese Vice Premier Liu He reaffirmed the country's stance against cryptomining in May, highlighting the need for a firmer approach to combat the practice.

Cryptomining, which involves the use of computing power to solve complex algorithms and earn rewards in the form of cryptocurrencies, has been a contentious issue in China due to its high energy consumption and potential for illegal activities.