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China’s NDRC to Consider Punitive Electricity Prices for Crypto Mines

China’s NDRC to Consider Punitive Electricity Prices for Crypto Mines

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China’s National Development and Reform Commission (NDRC), mentioned on Tuesday that within the subsequent stage of its crypto mining crackdown it’s going to contemplate “punitive electricity prices” for some crypto mines.

  • The nation’s prime financial planning physique would possibly implement this measure for corporations that mine crypto, however solely pay residential electrical energy costs, mentioned NDRC’s Meng Wei in a press convention, in accordance to China.com, a information web site run by the State Council Information Office.
  • The NDRC will deal with industrial scale mines and state-owned entities that mine crypto and is asking on native governments to maintain mining inside their jurisdictions, Meng mentioned.
  • Meng was responding to a query concerning the elimination of crypto mining in China.
  • On Saturday, Xiao Yi, a prime Communist Party member from Jiangxi province was fired and expelled from the occasion and can doubtless face prison fees over his assist for crypto mining, the occasion’s anti-corruption watchdog said.
  • The NDRC and different prime authorities businesses referred to as for a renewed crackdown on crypto mining on Sept. 24. Crypto mining was added to a listing of industries to be eradicated in early October.

Read extra: China Tightens Crypto Mining Crackdown, Bans Trading

UPDATE (Nov. 16, 07:51 UTC): Removes reference to Chengdu province, clarifies query in third bullet.

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