China Crypto Ban: This Province Just Hiked Electricity Prices for Crypto Mining Activities

Since China’s central government levied cryptocurrency mining as an obsolete industry, smaller provinces are beginning to follow the electricity price hike rule for crypto mining activities. According to the Chinese Journalist, Colin Wu, Hainan Province just announced the implementation of higher electricity price of US$0.13 (0.8 yuan) per kilowatt-hour for cryptocurrency mining operations in the area. It is unsurprising, given the authorities’ long-standing anti-crypto stance, and as this new electricity price hike extends to different corners of the nation, more miners may become helpless and relocate.