Former Chinese Official Apologizes for His Involvement in Cryptocurrency Mining

Former Chinese official Xiao Yi from Fuzhou city, who had antecedently been removed from his station for supporting cryptocurrency mining, issued an apology connected authorities TV connected Sunday, the South China Morning Post reports.

In a tearful confession to a TV audience, Xiao accepted the disciplinary verdict and expressed his remorse, admitting that his actions caused "grave losses."

After an probe conducted by the Central Commission for Discipline Inspection and the National Supervisory Commission, Xiao was accused of disregarding concern policies arsenic helium assisted companies operating successful cryptocurrency mining activities.

A company, which was backed by Xiao, masqueraded arsenic a halfway for large information computing but was really leveraged for cryptocurrency mining connected an unprecedented standard with astir 160,000 machines that accounted for a tenth of Fuzhou's vigor needs.

Apart from covering up amerciable vigor consumption, different nefarious activities attributed to Xiao include solicitation of bribes and preferential regulatory treatment.

The TV conception besides reminded viewers of the volatile quality of crypto and different risks associated with the nascent assemblage successful China.

In 2021, the state stepped up its clampdown against crypto mining aft antecedently banning crypto trading. However, the government's attempts to basal retired crypto mining are acold from being a resounding occurrence fixed that China inactive accounts for a important information of the planetary hashrate contempt falling down the U.S.