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A new electricity rate hike for crypto miners in China’s southeastern province Zhejiang is a penalty, not a green light, province capital Hangzhou authorities said, the China Times reported on Wednesday.
Fast facts
- Zhejiang Province announced this month that it would increase the electricity price by 0.5 yuan (US$0.079) per kilowatt for crypto miners, arousing confusion on whether authorities reconsidered the mining ban.
- China banned crypto mining last September, sparking a mass exodus of the former world-leading crypto mining industry from the country.
- However, small-scale private operations still exist, a state-backed paper reported last December.
- Zhejiang joins at least three more provinces in announcing similar penalties to increase electricity prices.