Keepers of Chinese hydropower plants are massively putting up their businesses for sale after the introduction of a ban on mining cryptocurrencies in China.
As a result of the suppression of the miners' business by the Chinese authorities and the forced migration of some of them, an increasing number of trade offers in the form of small hydropower plants began to appear on the territory of the country. We are talking about mini-hydropower plants capable of generating from 10 to 50 MW. The ads for the sale were noticed by users of the Xianyu site.
At the same time, announcements come from just those provinces where mining was “strangled” in the first place. For example, many small hydropower plants are sold in the Sichuan province, which is rich in its water resources and cheap electricity, which previously attracted miners from all over the country.
Some owners, in addition to their ads, admitted that the buyer can easily organize a "secret" mining farm based on the hydropower plant. Other sellers also assure that potential customers will not be affected at all by the ban on mining cryptocurrencies, which recently began to operate in the province. First of all, their confidence is because the authorities actively support the formation of both private and state-owned enterprises capable of “electrifying” hard-to-reach regions of the country. The government cites poverty reduction, energy conservation, and flood control in the provinces as additional factors.
By the end of 2020, more than 25,000 small hydropower plants were located near the Yangtze River, which covers 9 Chinese provinces, according to China Energy News. However, due to environmental damage in which the owners of some hydropower plants were exposed, the government ordered the reconstruction of 20,000 enterprises. One of the sellers clarified that the reason why the owners of hydropower plants at one time looked closely at mining was that they were not able to obtain permission to connect their hydropower plants to the power grid from the local department.
In social networks, fears were expressed that the buyers of such mini-hydropower plants could become the next victims of severe restrictions and raids on their enterprises by the authorities due to the extraction of digital currencies, urging novice businessmen to be careful.
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