A leading polysilicon company in Xinjiang was fined over 100 million yuan for illegally supplying power to mining operations

A leading polysilicon company in Xinjiang was fined and had illegal gains confiscated by regulatory authorities for supplying power to virtual currency mining activities, with a total amount exceeding 100 million yuan.

The background of the relevant rectification shows that local authorities are intensifying regulation of virtual currency mining, requiring comprehensive inspections and strictly prohibiting companies from illegally transferring power in any form. Currently, Xinjiang has clearly classified virtual currency mining as an industry to be eliminated, and related law enforcement actions are ongoing.