According to reports, Anhui has become the latest area where China plans to end cryptocurrency mining. According to local media reports, the province will close all mining facilities due to power shortages. Another source revealed that the state-owned network operator has issued closure notices to Bitcoin farms across the country.
Anhui will stop Bitcoin mining amid power shortages
The eastern province of Anhui has joined a long list of regions in China that no longer welcome cryptocurrency miners. According to media reports, the provincial government hopes to close mining facilities and block new energy-intensive projects to solve the province’s power shortage.
According to Reuters and Bloomberg, citing local news portals under the government-affiliated Hefei Media Group, the plan is to close all encrypted mines to deal with severe power shortages in the next three years. According to the report, the data center will be constructed in an orderly manner in the future.
Officials predict that Anhui’s electricity demand will reach 73.14 million kilowatts in 2024. In contrast, the current supply is 48.4 million kilowatts, highlighting the widening gap that local governments intend to close. In addition to banning encrypted mining, the province is also preparing to adjust electricity prices to stimulate more economic use of electricity.
State Grid Corporation of China issued a notice on the closure of encrypted mining
The Global Times, an English-language newspaper of the People’s Daily, also shared News on Twitter. The state-run publication added: “So far, nearly 90% of #Bitcoin mining capacity in #China has been shut down.” Although Anhui is not a coinage hotspot, its actions highlight the country’s ongoing repression, which has already affected Sichuan. , Xinjiang, Qinghai, Yunnan and Inner Mongolia and other mining centers.
At the same time, Chinese encryption journalist Colin Wu, also known as “Wu Blockchain”, Tweet On Wednesday, the State Grid Corporation of China (SGCC) announced the closure of the nationwide cryptocurrency mining business. The measure involves “all parts of the country”, the post explains in detail:
At present, some domestic provinces with insufficient power, such as Henan and Anhui, have also begun to implement this.
Blockchain Wu later revealed that Gansu, the northwestern province of China, had also received a notice from the State Grid Corporation of China. The network operator “manages the vast majority of China’s electricity, but the notice appears to be official,” the reporter explained when commenting on the latest developments in China’s hard-hit crypto mining industry.
What do you think of the latest incident in China’s crackdown on cryptocurrency mining? Share your thoughts on this topic in the comments section below.
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