CCTV aired details of the corruption involving Fuzhou Genesis Company’s "mining," involving 2.4 billion yuan and nearly 160,000 mining machines

ChainCatcher news, the second episode "Political Supervision" of the TV documentary "Forever Blowing the Horn" was broadcast on CCTV. During his tenure, former secretary of the Fuzhou Municipal Committee, Xiao Yi, regarded Jiumu Group's Genesis Technology Co., Ltd., located in the Fuzhou High-tech Development Zone, as a "business card" for Fuzhou's "digital economy" industry, promoting it as a high-tech company engaged in "big data" and "cloud computing." However, Xiao Yi was well aware that the company was actually involved in virtual currency mining, commonly known as "mining."

It is reported that Xiao Yi instructed Lin Qingxing, the actual controller of Jiumu Group, to disguise the company as a big data enterprise, and some leading officials formed a "mining" interest community with Lin Qingxing's company. Genesis Company operates about 160,000 "mining machines" daily, and from 2017 to 2020, the company's electricity consumption accounted for 10% of the total electricity usage in Fuzhou. To cover up the true situation, Xiao Yi instructed relevant departments to fabricate statistical reports and adjust electricity classifications. He also illegally requested financial subsidies for the company and improperly promoted government agencies to provide guarantees, loans, and other financing support amounting to over 2.4 billion yuan, helping the company build a new data center building in the high-tech zone.

Starting in 2018, the state clearly required local governments to guide "mining" enterprises to exit in an orderly manner, and further explicitly prohibited the development of virtual currency "mining" projects under any name. Xiao Yi was fully aware of national policies but still harbored a fluke mentality, attempting to deceive by instructing Lin Qingxing's company to "perform" other businesses when inspections occurred. (source link)