China Cryptocurrency Mining Clampdown: Anhui Joins the Growing List

14 July 2021 | Updated: 14 July 2021

The Eastern province of Anhui in China has joined the growing list of Chinese regions to crack down on cryptocurrency mining companies and operations. According to local reports, authorities plan to shut down mining facilities in the province and prohibit new energy-intensive projects to manage the power deficit in the region.

According to a local media house owned by government-affiliated Hefei Media Group, the authorities plan to wean the region of mining facilities to manage the dwindling energy supply over the next three years.

Government officials expect electricity demand in Anhui to spike to 73.14 million kilowatts by 2024. The province currently produces only 48.4 million kilowatts, showing the stark inefficiency of its energy production capacity, which the government seeks to reduce. Aside from banning cryptocurrency mining activities and other energy-intensive projects, the province also plans to adjust electricity pricing to foster more economic power usage.

State Grid Corporation of China Distributes Closure Notices for Cryptocurrency Miners

Global Times, a newspaper manufacturer under the People’s Daily, tweeted about the new development, noting that: “By now, nearly 90% of #China’s #Bitcoin mining capacity has [gotten] shut down.” Although Anhui is not a mining hotspot in China, its decision accentuates the ongoing crypto crackdown in the country, which has seen mining hubs in hotspots like Sichuan, Xinjiang, Qinghai, Yunnan, and Inner Mongolia chase miners away.

Famous Chinese crypto advocate Colin Wu, popularly known as ‘Wu Blockchain,’ tweeted today that the State Grid Corporation of China (SGCC) has issued a closure notice for crypto miners across the country. Wu added that:

“At present, some provinces with insufficient power in China, such as Henan and Anhui, have also begun to implement it.”

The crypto advocate also revealed that Gansu, a Northwestern Chinese province, has received the memo from the SGCC as well. The crypto-journalist noted that the SGCC “manages the vast majority of China’s electricity, but this notification appears to be formal.”

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.