China’s state council, or cabinet, vowed to curb bitcoin mining and trade in late May, citing financial risks. The price of Bitcoin in India 24.1 lakh till 5 pm on July 24. Major Chinese mining centers, including Sichuan, Inner Mongolia and Xinjiang, have implemented comprehensive measures to root out trade. Prior to the collapse, China accounted for about 70 percent of global bitcoin production.
Cryptocurrency mining business consumes a lot of electricity. Specially designed, high-powered computers use computers or rigs to solve minor complex math puzzles, creating new virtual currencies like Bitcoin.
According to the article, Anhui’s electricity demand will increase to 73.14 million kilowatts in 2024. The state’s current supply is only 48.4 million kilowatts, indicating a relatively large gap. In addition to rooting out cryptocurrency mining, Anhui will also promote improvements in electricity prices to guide further economic use of electricity.