Anhui joins list of Chinese Provinces to ban Bitcoin mining
Anhui has joined the list of provinces that have taken steps to restrict Bitcoin mining and trading in China.
Officials in the small eastern-Chinese province have announced a set of measures to tackle growing electricity demand and the associated power supply shortage over the next three years. And part of the government’s efforts includes shutting down all crypto mining projects, state media outlet Global Times reported.
The announcement deals yet another blow to China’s already troubled cryptocurrency industry. As reported by BTC PEERS, Yunnan officials shut down all Bitcoin mining farms in the region in early June, ahead of the Communist Party of China’s 100th anniversary. Other regions, including Inner Mongolia, Xinjiang, and Sichuan, the three largest Bitcoin mining hubs in China, have moved to clamp down on miners, forcing them to either relocate or switch off their equipment.
It is now estimated that about 90 percent of China’s crypto mining operations have gone offline. Meanwhile, Chinese cryptocurrency blogger Colin Wu disclosed that the State Grid Corporation of China has ordered all parts of the country to stop crypto mining.
Considering the trajectory of things, Anhui’s ban will likely be permanent. More provinces are also expected to place a ban on crypto mining.