According to local chinese news sources, Chinese authorities had a notice being sent around telling them to “guide” an “orderly exit” for cryptocurrency mining operations, as they begin shutting down their mines.
These sources said that the notice was issued by an inter-agency task force assigned to looking into risks in internet finance. Electricity prices are dirt cheap in the remote areas of China, where there the temperatures in those areas is also super-low. This is perfect for crypto miners as operating gigantic mines uses lots of computing power, and that all generates heat. So mining in remote China is a perfect blend: cheap electricity and low temperatures, it’s like Christmas everyday for miners.