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Policy

China’s NDRC to Consider Punitive Electricity Prices for Crypto Mines

The central government called on provinces to “take responsibility” of their jurisdictions.

By Eliza Gkritsi
AccessTimeIconNov 16, 2021 at 7:39 a.m. UTC
Updated May 11, 2023 at 5:22 p.m. UTC
Anshun covered bridges in Chengdu, Sichuan. (Zain Lee/Unsplash)
Anshun covered bridges in Chengdu, Sichuan. (Zain Lee/Unsplash)
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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.

Read more: China Tightens Crypto Mining Crackdown, Bans Trading

UPDATE (Nov. 16, 07:51 UTC): Removes reference to Chengdu province, clarifies question in third bullet.

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Eliza Gkritsi
Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.

Follow @egreechee on Twitter

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