A new electricity rate hike for crypto miners in China’s southeastern province Zhejiang is a penalty, not a green light, province capital Hangzhou authorities said, the China Times reported on Wednesday. 

See related article: China’s Zhejiang province busts dozens of state-owned entities for mining crypto

Fast facts

  • Zhejiang Province announced this month that it would increase the electricity price by 0.5 yuan (US$0.079) per kilowatt for crypto miners, arousing confusion on whether authorities reconsidered the mining ban.
  • China banned crypto mining last September, sparking a mass exodus of the former world-leading crypto mining industry from the country. 
  • Zhejiang joins at least three more provinces in announcing similar penalties to increase electricity prices.

See related article: China customs seizes 49 second-hand crypto mining rigs for export