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Monday, September 20, 2021

China’s Anhui Province Bans Crypto Mining Operations

China’s Anhui province has announced on Wednesday that it will be shutting down local crypto mining operations to address growing electricity demand and supply shortage over the next three years.

Anhui, a small province in eastern China, is the latest to join the list of six Chinese provinces that have barred BTC mining operations in the region.

Anhui plans to shut down crypto mining projects and scrutinize new initiatives that require large amounts of energy consumption. The province suffered a “grave” supply shortage of electricity due to being a long hotspot for Bitcoin mining.

Local authorities also plan to adopt new practices for building data centers and promote the reform of electricity prices in order to optimize energy usage in the province.

An estimated 90 percent of China’s crypto mining operations have gone offline.

Chinese cryptocurrency blogger Colin Wu revealed that the State Grid Corporation of China has ordered all parts of the country to stop crypto mining.

Bitcoin fell about 4% on Wednesday morning to just over $31,500 a token after the province announced plans to phase out cryptocurrency mining within three years.

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