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China’s Guizhou Province To Slap Backdated Power Charges On Uncovered Crypto Miners
Another Chinese province has introduced higher retroactive electricity charges for cryptocurrency mining projects when they are discovered, a form of financial penalty on the banned activity.
Ankita K.
7:57 22nd Jun, 2022
Policy

The Guizhou Provincial Development and Reform Commission on Monday said any uncovered cryptocurrency mining farms will face an increased electricity rate of 2 yuan (US$0.3) per kilowatt-hour for the power used in the period they were in operation.

China banned crypto mining in September, but underground mining activities persist.

The threat of penalties in the form of higher power charges is meant to stem what seems to be a resurgence of such mining operations, which consume large amounts of electricity.

Guizhou joins at least four other Chinese regions in introducing similar penalties.

In January, China controlled 21.1% of the global Bitcoin hashrate, to become the second-largest Bitcoin producer, trailing only the 37.8% in the U.S., according to the Cambridge Centre for Alternative Finance.

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