China’s Tianjin city raises electricity tax to fight miners

The People’s Republic of China has banned virtual coin mining on its territory. Therefore, many people who are engaged in mining in the “Celestial Empire” have gone underground. Of course, except for those who have managed to leave the country.

An insider claims that the Chinese government continues to fight crypto miners. Tianjin was the last city in the “Middle Kingdom” where electricity kept its previous cost. But now everything has changed. The city’s authorities announced a significant increase in differential electricity rates.

In theory, such extreme measures should make life more difficult for underground miners who remained in the locality. With the new electricity prices, cryptocurrency mining could simply become unprofitable.

Tianjin has raised the cost of electricity per kilowatt hour by 0.5 yuan ($0.07).

Recall that the People’s Republic of China decided to ban virtual coin mining in September 2021.