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.