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Bitcoin miners not welcome in Hangzhou

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.


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Vaishali Goel
Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.


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