Yesterday, The China Times reported that a new electricity rate hike for crypto miners in China’s southeastern province of Zhejiang is a penalty, not a green light as stated by province capital Hangzhou authorities.
Zhejiang Province announced this month that it would raise the electricity price for crypto miners by 0.5 yuan (US $0.079 per kilowatt), raising questions about whether authorities had reconsidered the mining ban.
Last year, China stopped crypto mining in September which caused a major departure of the country’s erstwhile world-leading crypto mining sector. However, small-scale private enterprises continue to flourish, according to a state-backed document published in December. At least three more provinces have imposed similar sanctions for raising power costs.