China Crypto Ban: This Province Just Hiked Electricity Prices for Crypto Mining Activities

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Since China’s central government levied cryptocurrency mining as an obsolete industry, smaller provinces are beginning to follow the electricity price hike rule for crypto mining activities. According to the Chinese Journalist, Colin Wu, Hainan Province just announced the implementation of higher electricity price of US$0.13 (0.8 yuan) per kilowatt-hour for cryptocurrency mining operations in the area. It is unsurprising, given the authorities’ long-standing anti-crypto stance, and as this new electricity price hike extends to different corners of the nation, more miners may become helpless and relocate.

According to CoinGape’s last month’s reportage, the government had already warned of an upcoming electricity price hike in lieu of continued failure to abide by the crypto-mining ban. However, the former warning was only directed towards state-owned entities so they’d quit any ongoing cryptocurrency mining operations, in fear of being forced to pay the hiked electricity prices.

Followed by that, Meng Wei, a spokeswoman for the nation’s chief economic planner, the National Development and Reform Commission (NDRC) declared the upcoming shutdown process of industrial-scale Bitcoin mining activities along with cracking-down state companies that have participated in the same. Meng Wei reinstated the Chinese authorities’ continued “unsustainable” arguments against crypto mining, noting that it “consumes lots of energy” and “produces lots of carbon emissions.” The authorities have levied crypto mining as an “extremely harmful” practice, which threatens to jeopardize China’s Carbon Neutral ambitions.

China Turns Against Government Employees engaged in Illegal Crypto Mining

With the Nation’s green dreams, the Chinese authorities deem it essential to completely vanish crypto from the face of its land. In its mission, after cracking on manifold private crypto mining farms, the government has turned against its own employees and have begun investigating them and their illegitimate use of public places to mine cryptocurrencies.

“In order to thoroughly implement the national work deployment on rectification of virtual currency mining and trading hype issues, orderly promote carbon peaking and carbon neutralization, and prevent and resolve risks in key areas, our province has recently launched a joint special rectification action to comprehensively combat the use of public Resources participate in virtual currency mining and trading activities.”, noted the official order by the Chinese authorities in Zhejiang province.

The post China Crypto Ban: This Province Just Hiked Electricity Prices for Crypto Mining Activities appeared first on Coingape.

Publication date: 
12/04/2021 - 13:18
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