South China’s Hainan cracks down on cryptocurrency mining activities
Published: Dec 05, 2021 12:28 PM
Representation of the Bitcoin cryptocurrency Illustration: VCG

Representation of the Bitcoin cryptocurrency Illustration: VCG

South China's Hainan Province has listed cryptocurrency mining as an eliminated industry and will also implement different electricity pricing mechanism to reduce carbon emissions, according to a document published on Friday by the Development and Reform Commission of Hainan Province.

The document set the electricity pricing for cryptocurrency mining enterprises at 0.8 yuan per kilowatt-hour. According to the data from China Southern Power Grid in Hainan Province, the basic electricity price for basic livelihood is around 0.6 yuan per kilowatt-hour. 

The document also banned cryptocurrency mining enterprises from participating in electricity exchange program and ordered the enterprises to withdraw before a designated deadline.

The regulator also vowed to enhance government supervision to ensure crypto-currency mining enterprises pay more for electricity. 

Global Times