To create more business opportunities, China’s Sichuan province should devote efforts to study how it can leverage its abundant hydro energy in the crypto mining industry. This was the statement made by Yang Jiang, a member of the China People’s Political Consultative Conference, during a meeting by government-backed think tank Sichuan Decision-Making Consulting Committee.
Jiang’s goal is to explore new economic opportunities and growth, according to the Sichuan Daily report. The comment comes amid probes by local authorities into crypto mining sites allegedly built without party permission.
During the meeting, Jiang said the combination of cryptocurrencies, blockchain, and excessive hydro energy in Sichuan could create more business opportunities in the province. Jiang highlighted that 70% of BTC mined come from Sichuan facilities, saying the excess of energy resources, especially in the summer, has historically made this region attractive for miners.
“Blockchain can be involved in every industry. Its main application in the financial sector as a digital currency with bitcoin as a key example,” Jiang is quoted telling the committee members, adding crypto mining requires cooling and computing, making it an energy-intensive industry.
Although a politician, Jiang’s comment serves as a recommendation and does not represent the opinion of the central government in Beijing. While they will not necessarily lead to any policy change, the report does come only a few days after the pro blockchain comments of China’s President Xi Jinping.
This isn’t the first time that Jiang has voiced support for the crypto mining sector. While serving as the vice-chairman of China’s Securities Regulatory Commission, Jiang did a study and research tour to the office hardware manufacture Canaan and voiced support for the idea of Canaan going public in mainland China.
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