Former Official Apologizes For Supporting Cryptominer
2023.01.10 08:55
Former Official Apologizes For Supporting Cryptominer
By Tiffany Smith
Budrigannews.com – During a broadcast on state-run television, Xiao Yi, the former secretary of the Chinese Communist Party in Fuzhou, admitted to “acting recklessly” in support of crypto mining.
On January 8, state-run media published an interview in which Xiao seemed to apologize for being a “sinner” and causing “grave losses” to Fuzhou from what appeared to be a prison. In December, the former CCP official admitted to taking bribes totaling more than $18 million for construction programs and illegally promoting projects, including a local crypto mining company.
The state-run news agency says that during inspections, Xiao told Jiumu Group Genesis Technology, a local crypto mining company, to act like it was providing other tech services that weren’t illegal in the area. From 2017 to 2020, the company is said to have operated roughly 160,000 miners.
In 2021, China formally outlawed all crypto mining in the country, but it had been targeting specific companies since 2018. During the crackdown, Xiao was in charge of the CCP secretary in Fuzhou. However, he is said to have continued to back Jiumu Group Genesis Technology. He was fired from his position and the CCP after officials began their investigation in May 2021.
More Random or non-random reset of Terra
As of January 2022, China’s miners were responsible for more than 20% of the global Bitcoin (BTC) hash rate despite the country’s ban on cryptocurrency mining. Canaan, based in China, reported that its business grew in 2022, despite the fact that some businesses have relocated to countries like the United States, which remains the leader in the BTC hash rate with more than 37% as of December 2021.
