Sunday, September 25, 2022
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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
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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