China pressed the button in its last province for cryptocurrency mining. Mining is now officially banned in the whole of China.
China has recently started making decisions to ban cryptocurrency mining in its country. Today, Anhui has become the last Chinese province to completely ban cryptocurrency mining. The state government said this move will help alleviate severe power outages over the next three years.
According to Chinese sources, crypto mining is now banned in all of China. All crypto mining farms in the state will be phased out in the coming days. Hefei Media Group reported that within three years, Anhui’s electricity demand will increase and reach 73.14 million kWh, and today the province can supply 48.4 million kWh. If mining is not banned, a real energy crisis will come.
About a month ago, the fight against cryptocurrency mining in China spread to the southwestern province of Sichuan, where authorities ordered the shutdown of large crypto farms. Similar measures were taken by authorities in Inner Mongolia, Qinghai, Xinjiang and other provinces.
State officials are raising concerns about energy-intensive industries and environmental pollution. Chinese bitcoin miners use coal and hydropower depending on the season. The use of coal is what attracts the attention of the government, which wants to reduce its carbon footprint.
Due to mining, graphics card, processor, RAM and SSD prices fell on the black market and the stock problem broke out. This is the hardware part. There is an incredible increase in energy consumption worldwide. People continue to exploit the energy of the world for the sake of making money. Let’s see if there will be support from other countries for China’s decision in this place.