Anhui becomes latest Chinese province to root out cryptocurrency mining

Anhui, in eastern China, has become the latest province to announce a sweeping ban on cryptocurrency mining, saying the move will help ease an acute power shortage over the next three years.

Anhui will shut down all cryptomining projects in a cleanup aimed at reducing power consumption, as the province faces a “grave” supply shortage of electricity, according a news portal operated by state-owned Hefei Media Group.

China’s state council, or cabinet, vowed to crack down on bitcoin mining and trading in late May, citing underlying financial risks.

Major Chinese mining hubs including Sichuan, Inner Mongolia and Xinjiang have all issued detailed measures since to root out the business. Before the clamp-down, China accounted for roughly 70% of global bitcoin production.