Editor’s note: A version of this post first appeared on Yicai Global, the English-language financial news service of Shanghai Media Group. Yicai Global is one of just two dedicated Chinese news feeds connected to the Bloomberg terminal.

Bitcoin mines in China’s southwestern province of Sichuan have been unable to capitalize on the soaring value of the cryptocurrency as there is no government regulation over the practice, according to a market insider.

There are a number of bitcoin mines in the province thanks to the vast amount of hydropower, which is cheaper to produce than from other sources. As mining is power-intensive, cheap electricity is a key money saver for miners. Some of the mines have been forced to shut down or relocate, despite the rising value of Bitcoin, China’s National Business Daily reported.

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Yicai Global

Yicai Global is the English-language financial news service of Shanghai Media Group and is one of just two dedicated Chinese news feeds connected to the Bloomberg terminal.