China's Zhejiang Province Implements Punitive Electricity Prices for Crypto Mining

The eastbound Chinese state of Zhejiang said it is introducing punitive energy prices for crypto miners, pursuing successful the footsteps of the Hainan state and Inner Mongolia portion adjacent arsenic authorities enactment to destruct the industry, which was banned past year.

• The National Development and Reform Commission, China's apical economical readying body, proposed punitive energy prices for crypto miners successful November.

• The NDRC's Zhejiang subdivision and the section bureau of the nationalist grid relation jointly published a notice connected Feb. 14 saying crypto miners would person to wage an further RMB 0.5 ($0.79) per kilowatt hr (kWh). The announcement besides called connected authorities entities and grid operators to fortify their monitoring for crypto mining activity. The announcement was dated Feb. 11, meaning it was astir apt passed astir authorities departments and cardinal stakeholders earlier being posted online.

• In December, the confederate land of Hainan introduced an RMB 0.8 per kWh surcharge for miners, CCTV reported. Inner Mongolia added RMB 1.0 per kWh starting successful January.

• An authoritative from the Zhejiang Government Service Center told reporters connected Tuesday that crypto mining is inactive prohibited. The authoritative was responding to confusion among immoderate Chinese net users, who had speculated the instauration of higher costs meant mining was allowed, China Times reported.

• Chinese cardinal authorities bodies issued their starkest and astir broad prohibition connected crypto mining and trading successful September. Crypto mining was included successful a database of industries to beryllium eliminated successful October. But provincial authorities and agencies are inactive trying to instrumentality the ban.

• The energy premium is simply a supporting punishment to the ban, the Zhejiang authoritative said yesterday, according to China Times.

• Also yesterday, authorities successful Beijing's neighboring state of Shandong, called connected citizens to study connected suspected mining enactment done hotlines.

• In October, authorities successful Zhejiang busted a graphics processing portion (GPU) mining cognition astatine a authorities installation aft screening 4,699 net protocol addresses.