China’s NDRC to Consider Punitive Electricity Prices for Crypto Mines
The central government called on provinces to “take responsibility” of their jurisdictions.
China’s National Development and Reform Commission (NDRC) said Tuesday it will consider “punitive electricity prices” for some crypto mines as part of the next stage of its crypto mining crackdown.
- The country’s top economic planning body might implement this measure for companies that mine crypto but only pay residential electricity prices, said NDRC’s Meng Wei in a press conference, according to China.com, a news site run by the State Council Information Office.
- The NDRC will focus on industrial scale mines and state-owned entities that mine crypto, and is calling on local governments to take care of mining within their jurisdictions, Meng said.
- Meng was responding to a question about the elimination of crypto mining in China.
- On Saturday, Xiao Yi, a top Communist Party member from Jiangxi province, was fired and expelled from the party and will likely face criminal charges over his support for crypto mining, the party’s anti-corruption watchdog said.
- The NDRC and other top government agencies called for a renewed crackdown on crypto mining on Sept. 24. Crypto mining was added to a list of industries to be eliminated in early October.
UPDATE (Nov. 16, 07:51 UTC): Removes reference to Chengdu province, clarifies question in third bullet.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.