“Regulating cryptocurrency mining activities has significant meaning in optimizing our industrial structure, saving energy and cutting emission, achieving carbon emission and neutrality goals.”
The country is aiming to reach carbon neutrality by 2060, according to President Xi Jinping.
The NRDC will shift its focus to state-owned companies involved in crypto-mining. Additionally, it will impose “punitive electricity prices” against participators in cryptocurrency mining while allowing them to pay a residential electricity price. China’s efforts to eradicate cryptocurrency mining started earlier this year and is continuing to increase.
Several times, the Chinese authorities were throwing negative crypto-related comments. The critics caused a major sell-off in cryptos, leading to a price plummet of several digital tokens.
Price plummets after record highs
In November, several cryptocurrencies reached their all-time high records. For instance, Bitcoin went as high as $68,990.90 on Nov. 10 with Ether breaking its all-time price one day later.
