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China seizes over 3,500 Bitcoin mining rigs, hikes electricity rates

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China seizes over 3,500 Bitcoin mining rigs, hikes electricity rates

The provinces of Guangdong, Heilongjiang, and Shanxi announced Bitcoin mining equipment seizures and other measures to phase out operations that have survived waves of crackdowns that followed the September crypto ban.

See related article: China takes aim at corruption in underground Bitcoin mines

Fast facts

  • Dongguan, a city of 10.5 million in the southeast province Guangdong, seized 2,957 Bitcoin mining machines from October to mid-March this year.
  • Meanwhile, authorities in Yunfu, a midsized city of 2.4 million in Guangdong, seized 554 mining rigs in a nearby town on March 15.
  • Mudanjiang, a city of 2.3 million in northeastern province Heilongjiang, seized more than 60 rigs from mining farms hidden throughout its territory in March.
  • Shanxi province announced Friday it will raise electricity prices for mining farms by 1 yuan (US$0.16) per kilowatt starting May 10. 
  • Since the crypto ban last September, authorities have relied on unusual electricity consumption and IP addresses associated with mining pools to locate Bitcoin mining farms. 
  • Chinese media reported that Zhejiang province’s electricity rate hike for crypto miners earlier this year was meant as a penalty to deter the resurgence of illegal mining operations.

See related article: Bitcoin miners unwelcome in Hangzhou despite targeted energy hike


Source: ethereum.today

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