Why is China cracking down on crypto mining?

Chinese authorities are ramping up a crackdown on crypto mining, calling it an "extremely harmful" practice that threatens to jeopardise the country's efforts to reduce carbon emissions. The National Development and Reform Commission spokesperson Meng Wei blasted Bitcoin mining during a press conference today in Beijing.

Is bitcoin a threat to China's climate?

The restrictions on decentralized currencies like bitcoin also comes as the government rolls out a digital version of the yuan, which would allow China’s central bank exercise more control over the flow and exchange of money. Beijing is also trying to meet its climate targets to become carbon neutral by 2060, and crypto mining could threaten that.

Is crypto mining 'blind and disorderly'?

She also said that crypto production and trade produce "prominent risks," and blasted the industry as "blind and disorderly". As part of its new push, the NDRC said it would raise electricity prices for any institution found to be abusing its access to subsidised power to participate in crypto mining.