Another blow to China’s cryptocurrency market, the province has now banned mining

Anhui province in eastern China has become the latest province to announce a comprehensive ban on cryptocurrency mining. Explaining the reason for the ban, it said the move would help reduce power shortages in the next three years. According to a news portal run by the state-owned Hefei Media Group, Anhui will shut down all cryptocurrency mining projects aimed at reducing electricity consumption, as the state faces a “severe” power supply shortage. Is.

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.


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