Former senior Chinese official used 10% of a city's electricity to mine cryptos

(Translation) From: China News Service

[Packaging "mining" as "high-tech industry"] ...When the former party member of the Jiangxi Provincial Political Consultative Conference and the Vice Chairman, Xiao Yi, serving as the Secretary of the Fuzhou Municipal Party Committee of Jiangxi Province, he regarded Jiumu Group Genesis Technology Co., Ltd. as a business card of Fuzhou's digital economy. He declared it was a big data and cloud computing High-tech company. However, what the company was really engaged in was the cryptocurrency computing and production business, commonly known as "mining", that is, "mining" cryptocurrency on the Internet.

Genesis had about 160,000 "mining" machines running every day. From 2017 to 2020, this company's electricity consumption accounted for 10% of Fuzhou's total electricity consumption. In order to cover up the real situation, Xiao Yi instructed relevant departments to fabricate statistical reports and alter the classification of electricity consumption. He also illegally demanded financial subsidies for the company, and illegally pushed government agencies to provide the company with guarantees, loans and other financing support amounting to more than 2.4 billion yuan (348 million dollars), and helped the company build a new data center in the high-tech zone.

Original news in Chinese:

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