After the cryptocurrency ban that affected the markets, China now threatens state firms with punitive measures. The companies that defy the cryptocurrency ban and keep on mining cryptos may face higher electricity prices.
China to Stop All State Mining Operations
The National Development and Reform Commission is looking to take severe measures against industrial-scale Bitcoin mining. A special meeting was held with the intention to make provinces and municipalities responsible for detecting and investigating SOEs involved in mining operations.
One of the main reasons behind this move is the idea that Bitcoin miners are to blame for energy waste and deadly coal mining accidents.
The Chinese government has increased concerns about the country’s power supplies as winter approaches.
Back in September, officials conducted an intense campaign against the miners, going after those who disguised themselves as data researchers and storage facilities.
China even expelled a former Jiangxi provincial official, claiming he violated the Bitcoin ban and supported cryptocurrency mining. In addition, the Central Commission for Discipline Inspection accused Xiao Yi of abusing his power to support enterprises that conduct cryptocurrency mining operations against the government policies.