As Bitcoin trades at record highs, China is telling its state-owned enterprises to get out of <a href="https://www.cryptoknowmics.com/news/guide-to-cryptocurrency-mining/">cryptocurrency mining </a>and considering imposing punitive measures in the form of higher power prices on those who continue to defy the official ban.

Meng Wei, a spokeswoman for the nation's leading economic planner, said at a press conference on Tuesday that the National Development and Reform Commission wants to tighten down on industrial-scale bitcoin mining and any engagement by state businesses in the activity. Last week, the NDRC conducted a special conference on the subject, emphasizing the need for provinces and municipalities to investigate and clean up SOEs associated with mining.

As the government attempts to fulfill its carbon-neutral targets, Beijing has slammed<a href="https://www.cryptoknowmics.com/news/bitcoin-miners-are-considering-going-nuclear-to-address-environmental-issues/"> bitcoin miners,</a> blaming them for anything from energy waste to lethal coal mining accidents. Concerns over the country's power supplies for the coming winter season prompted an increased anti-miner campaign in September when officials allegedly went after individuals who sought to pass themselves off as data researchers and storage facilities to continue in business. Since then, coal prices have plummeted, making the impact of punitive tariffs on electricity costs less evident.

The Central Commission for Discipline Inspection said that a former Jiangxi provincial official had been expelled for offenses, including encouraging virtual currency mining. According to the report, Xiao Yi was accused of misusing his influence by introducing and supporting businesses that engaged in virtual currency mining activities in violation of government policies and accepting bribes.

Bitcoin fell over 5 percent to $60,971.56 at 2:17 p.m. in Hong Kong as part of a broader crypto sell-off. Ether dropped by as much as 6.8 percent.

China Warns State-Owned Enterprises and Considers Punitive Measures on Crypto Mining

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China Warns State-Owned Enterprises and Considers Punitive Measures on Crypto Mining

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