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.
East China’s Anhui will close all local #cryptocurrency mining projects amid tightening power supply, local media reported on Wed. By now, nearly 90% of #China's #Bitcoin mining capacity has been shut down. https://t.co/SGcK5L9j7E pic.twitter.com/Rsd1ln3zXw
— Global Times (@globaltimesnews) July 14, 2021
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.
The State Grid Corporation of China has issued a notice to all parts of the country requesting the closure of virtual currency mining. At present, some provinces with insufficient power in China, such as Henan and Anhui, have also begun to implement it. pic.twitter.com/kgDY1msDQ5
— Wu Blockchain (@WuBlockchain) July 14, 2021
Considering the trajectory of things, Anhui’s ban will likely be permanent. More provinces are also expected to place a ban on crypto mining.