China Next Crypto Mining Crackdown With Punitive Electricity Prices - Bitxcon
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China Next Crypto Mining Crackdown With Punitive Electricity...
Mining, News

China Next Crypto Mining Crackdown With Punitive Electricity Prices

China authorities are making moves towards the ban on crypto in order to finish their crackdown on crypto mining with the help of rules, which will increase the cost of electricity.

Everyone knows well that China has banned the mining of crypto coins, However, there are mining companies that are legal and industrial in China who are operating their businesses in compliance with the next specific time interval domain.

Today, Chinese government officials have begun moving towards extremely strict regulations to make it easier for crypto mining companies to take over. National Development and Reform Commission (NDRC) announced this issue on the 15th of November and declared that the high of electricity is the next weapon against mining companies that mine crypto.

Meng Wei from NDRC disclosed this information when talking to the conference at china.com.

Meng announced that new prices for electricity will be applied to mining companies that use electricity at the expense of electricity used by housing customers.

On 13 November, a Communist Party member from Jiangxi province, Xiao Yi, was fired by the party. The reason? Xiao was in support of crypto mining operations in opposition to China’s crypto crackdown laws.

China last renewed crypto crackdown

A few days ago, China announced the renewed crypto crackdown in September.

In September, Chinese authorities said that no one crypto exchange (local or foreign) is allowed to facilitate the crypto transactions services to the China mainland users. Also, all transactions made through the crypto market will be illegal.

In Oct, Chinese government officials said they would include the crypto mining industry on the blacklist of the sector.

But, some sources claim the Chinese authorities are taking the opinions from their citizens about the ban on crypto mining. They could think of removing bans on crypto mining, but the current actions of Chinese authorities do not indicate the similarities.

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