Anhui Becomes Latest Chinese Province to Target Cryptocurrency Mining

78

The inland province of Anhui has become the latest local government in China to launch a campaign against energy-intensive cryptocurrency mining activities.

The Anhui province government has announced that it will “comprehensively clear out and shut down all cryptocurrency mining projects that are established under various pretexts,” according to a report from province-level state-owned media.

The targeting of cryptocurrency mining projects has been framed as part of a broader campaign to reform the power sector in Anhui province and improve energy pricing, amidst a recent surge in electricity demand.

The announcement from the Anhui government arrives after a slew of Chinese provincial governments have placed bans on cryptocurrency mining, including Xinjiang, Inner Mongolia and Sichuan.

In May the 51st meeting of China’s Financial Stability and Development Committee (FSDC) also called for “striking against Bitcoin mining and transactions,” signalling an escalation of pressure on the sector throughout the country.

LEAVE A REPLY

Please enter your comment!
Please enter your name here