China’s Anhui province to close crypto farms as network operator issues closure message, reports

Anhoi is reportedly China’s new territory, which plans to stop the production of cryptocurrencies. According to local media, the province will close all mining operations due to electricity shortages. Another source found that the state network operator had posted a message about closing bitcoin farms across the country.

Anhui will halt mining bitcoins amid electricity shortage
The Eastern Province of Anhui has become a long list of regions in China where cryptocurrency miners are no longer welcome. According to media reports, provincial governments want to shut down mining businesses and prevent new energy-intensive projects to address the problem of electricity shortages in the province.

It is scheduled to close all cryptocurrency mining farms in the next three years to deal with acute power outages, according to a local news portal owned by Hefei, the Government Media Group quoted by Reuters and Bloomberg. The report says data centres will only be built regularly in the future.

Officials expect electricity demand in anhoi to reach 73.14 million kilowatts by 2024. This compares with the current offer of 48.4 million kilowatts and shows a growing gap that the local government wants to close. In October, in addition to banning crypto mining, the province is preparing to adjust electricity prices to encourage more economic electricity consumption.

Chinese state-run network company posts message on crypto mining shutdown
The Global Times, an English-language newspaper called people’s Daily, also shared the news on Twitter. “So far, about 90% of bitcoin mining capacity in #China has been shut down,” the state press added. The Anhui currency, although not the store, point, movement, highlights the ongoing pressure in the country that has led to mining hubs such as Sichuan, Xinjiang, Qinghai, Yunnan and Inner Mongolia.

By the way, Chinese crypto reporter Colin Wu is also famous Dec.

Join the Discussion

  • BrokerEUR/USD
    City Index 0.5pips (fixed) margin: 3.33%
  • Back to top