China Warns State-Owned Companies To Stop Bitcoin Mining Or Risk Strict Penalties

China has issued a warning to its state-owned enterprises to stop cryptocurrency mining. It also warned that it would increase electricity rates for companies that continue to defy the ban. This latest warning comes amid the ongoing crypto ban in the East Asian country. Some months ago, the government of China declared all crypto trading activity illegal. Subsequently, crypto miners and exchanges like Huobi and Binance began to relocate to countries with crypto-friendly regulations. Related Reading | Is This The Reason China Banned Bitcoin Mining? Carvalho’s Mind Blowing Theory However, despite the crackdown on crypto, Chinese residents continue to trade Bitcoin. And Beijing authorities are not relenting in their efforts to find ways to prevent crypto use. The Chinese government has also blamed miners for the country’s high energy consumption. In May, during the heat of the crackdown, many large crypto mining farms relocated or stopped operating. Still, some small mining rigs continued to operate. Last month, Beijing authorities started tracking the IP address of citizens to check for crypto mining activities. Additionally, authorities in Zhejiang province also reportedly began investigating government employees who were illegally mining Bitcoin. Related Reading | Amid China’s Crypto Crackdown, These Three Places Offer Refuge to Displaced Miners Despite all these measures, there has not been a significant reduc...