Beijing court rules bitcoin mining contracts ‘invalid’, advises local governments to shut down remaining farms

A court in Beijing has rejected a lawsuit seeking monetary damages from a blockchain firm after its client failed to make money on bitcoin mining, in a case that suggests China’s judicial system has no intention of recognising and protecting cryptocurrency-related interests.

In May 2019, when China still tolerated bitcoin mining, Beijing Phonf Marketing Technology entered into three agreements with Zyzc Blockchain Technology, paying 10mil yuan for the deployment of mining machines in the Liangshan Yi Autonomous Prefecture in southwestern Sichuan province. Liangshan Yi Autonomous Prefecture was one of six “model zones” selected to carry out business activities that could absorb the excess energy being generated.on top of the then existing ban on cryptocurrency trading.

After the court rejected Beijing Phonf’s case, it informed the Sichuan branch of the National Development and Reform Commission, which moved to shut down any remaining mining farms involved in the case, as well as other previously unknown projects.

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