China announces that it will raise the electricity price of state-owned enterprises involved in crypto asset mining

China is tightening its crackdown on crypto assets (virtual currency), but as of November 16, 2021, spokesman Meng of the National Development and Reform Commission will move to industrial-scale Bitcoin mining and mining activities by state-owned companies. We have banned the involvement of the company and announced that if it violates it, the electricity price will be raised.

China warns state-owned enterprises to shun crypto mining, considering punitive steps | Bankless Times
https://www.banklesstimes.com/2021/11/16/china-warns-state-owned-enterprises-to-shun-crypto-mining-considering-punitive-steps/

Bitcoin (BTC) drops below $ 60,000 as major cryptocurrencies fall
https://www.cnbc.com/2021/11/16/bitcoin-btc-drops-toward-60000-as-major-cryptocurrencies-plunge.html

Bitcoin price drops following comments on 'full-scale' clampdown on cryptocurrency mining in China --Crypto Daily ™
https://cryptodaily.co.uk/2021/11/bitcoin-price-drops-following-comments-full-scale-clampdown-on-cryptocurrency-mining-china

On June 21, 2021, the People's Bank of China, the central bank of China, will almost completely suspend trading and settlement of crypto assets and services related to crypto assets to major settlement companies such as commercial banks and Alipay. I instructed. China has had a large presence in the Bitcoin market so that it is reported that '70% of mining is done in China', but the government's 'carbon neutral' policy is to consume a large amount of electricity by mining. Because it was in conflict with, it is a trend that regulations have been tightened. As a result, Bitcoin prices fell sharply in June.

Bitcoin finally falls below $ 30,000 (about 3.3 million yen) due to tightening regulations in China, and there are voices saying that it will be positive for Bitcoin in the long run-GIGAZINE

And on November 16, spokesman Meng Ming announced that China would ban industrial-scale mining, saying that state-owned enterprises' involvement in mining activities would be severely punished. At a government meeting held in the first half of November 2021, the chief economic planner touched on the issue of crypto assets and power consumption, and asked ministries and municipalities to investigate and wipe out state-owned companies involved in the mining of crypto assets. It is also known that he ordered.

In addition, on November 13, Mr. Xiao Yi of the Chinese Communist Party was dismissed for supporting companies to perform crypto asset mining, and was also removed from the party. The Chinese government explained on its website that Mr. Xiao 'violated the new development concept and did not meet the requirements of the national industry policy by supporting companies mining crypto assets.'

Chinese official punished for supporting cryptocurrency mining companies is expelled from Communist Party | South China Morning Post
https://www.scmp.com/tech/policy/article/3156024/chinese-official-punished-supporting-cryptocurrency-mining-companies

Against this background, the price of Bitcoin fell sharply on November 16th. Bitcoin reached a record high of 7.6 million yen on November 8, but as of 17th it is about 6.8 million yen.