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    Anhui becomes latest Chinese province to ban cryptomining

    By Aaron Woolner

    06:05, 15 July 2021

    The eastern Chinese province of Anhui has become the latest part of China to impose a ban on cryptocurrency mining, saying it wants to free-up power generation capacity. 

    The news came in a report by the state-backed Hefei Media Group, which said that the Anhui was banning in all cryptocurrency mining to deal with a shortage of power electricity in the province. It was first reported in English by Reuters. 

    Electricity demand in Anhui is set tol rise to 73.14 million kilowatts in 2024, well ahead of its current capacity of 48.4 million kilowatts, according to Hefie Media Group. 

    Power hungry 

    The provincial government is hoping that banning power-hungry crypto miners will help the region overcome its project power production gap. 

    In June the price of Bitcoin fell by 8% when Chinese authorities announced a ban on cryptocurrency mining in the extended the southwest province of Sichuan. That saw total mining capacity in the country reduced by  90% from its peak. 

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    Prior to China’s crackdown the country was responsible for up to 70% of global bitcoin production, according to Reuters. 

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    Read more: Bitcoin falls nearly 8% on China mining crackdown

     

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