China’s largest power utility orders halt to cryptocurrency mining

The State Grid Corporation of China (SGCC) sent a notice to all regions of the country demanding that cryptocurrency mining cease, according to journalist Colin Wu.

According to him, some regions facing power shortages have already begun implementing the order. Authorities in Anhui province said they were ready to shut down all projects related to digital-asset mining, Wu said, citing local media. Similar measures were reportedly taken by the administrations of Henan and Gansu.

Local official media in Anhui, a province in China, stated that due to power shortages, Anhui will completely clean up virtual currency mining projects. The most famous miners roast cat team, Jiang Zhuoer, etc. all graduated from USTC in Hefei. https://t.co/aewwKi3jtV

— Wu Blockchain (@WuBlockchain) July 14, 2021

Wu confirmed the information by Global Times, a publication affiliated with the CCP. The shutdown of Bitcoin mines is linked to power-supply disruptions. According to journalists, to date nearly 90% of mining facilities in China have been shut down.

East China’s Anhui will close all local #cryptocurrency mining projects amid tightening power supply, local media reported on Wed. By now, nearly 90% of #China‘s #Bitcoin mining capacity has been shut down. https://t.co/SGcK5L9j7E pic.twitter.com/Rsd1ln3zXw

— Global Times (@globaltimesnews) July 14, 2021

Wu also noted that SGCC is the largest electricity supplier in China, but “the notice appears to be formal”.

The @FoundryServices team continues to take market share and broke into the top 4 $BTC mining pools over the last 24 hours. Watch out for team #USA pic.twitter.com/520mEnb6zu

— Matthew Ballensweig (@MattBallen4791) July 13, 2021

In May, three associations under the People’s Bank of China issued a joint notice, prohibiting companies from supporting cryptocurrency-related businesses.

In the same month, Vice Premier Liu He said the authorities planned to take measures regarding the mining of digital assets and the trading of Bitcoin.

Later, Xinhua News Agency criticised digital gold and the methods of its extraction, and authorities in several Chinese provinces ordered miners to cease operations. Among them: Yunnan, Sichuan, Qinghai, Xinjiang and Inner Mongolia.

Read ForkLog’s Bitcoin news in our Telegram — cryptocurrency news, prices and analysis.