Earlier this year Chinese government started its crackdown against bitcoin mining in China, now smaller provinces are joining the feud. The recent stats have shown that Eastern China’s Anhui province becomes the lasts local entity to start a war against crypto miners. The step was taken by the provincial law enforcement authorities: after the federal government announced a hardcore stance against Crypto mining.
Anhui is famous for its tourism potential, as its low floating clouds, crispy granite rocks, and operas houses became popular with the tourists. People of all classes, countries, and regions frequently visit Anhui. In the past couple of years, an overwhelming majority of crypto miners carried out their activities in the province of Anhui. Anhui’s supercool natural environment and tech-friendly talent have made it is easy for crypto miners to establish their bases in the region.
However, it wasn’t the biggest province in terms of crypto mining, but an important one. Anhui’s crypto mining story proved as a short-lived fantasy. Authorities have claimed that they have washed the whole crypto mining infrastructure from the land. The data provided by the federal authorities showed that Anhui’s electricity demand increase up to 73.14 million kilowatts by the end of 2024. The recent figures show that the current supply is only 48.4 million kilowatts. The government believes that providing any further electricity supply to the province was not fruitful for the country’s economy. On top of that, the crypto mining activities also increased the line losses for the government.
As the result, the Chinese Federal authorities doubled their efforts to halt down crypto mining, which was harnessing the digital ecosystem word wide. The worldwide data available on crypto mining showed that 75% of the world’s crypto mining originated from China. Chinese authorities like F2Pool, Huobi, and others contributing to 75% of the world’s crypto mining.
All of the Chinese crypto mining agencies have now decided to move out of China. Countries like U.S, Iran, Kazakhstan, and South America have offered their support to those Chinese entities. The fact is that hardcore stand from the Chinese authorities denied the crypto market worldwide. Since the start of this cracks down in May, the worldwide Crypto market prices have tumbled down almost 50% on average.
Experts believe that this operation does not serve the government’s claim to bring in the transparency in country’s financial activities. However, Chinese authorities seem to be afraid that crypto can devalue China’s currency and it could harm China’s vision of global dominance. As a result of this crackdown, Bitcoin the strongest cryptocurrency went down from $64,000 to $30,000, in April. These plunges disrupted trade flow.
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