China’s National Development and Reform Commission (NDRC) on Nov. 16 announced that it will impose “punitive electricity prices” on some cryptocurrency miners. In a press conference, Meng Wei, spokesperson for NDRC, stated that the measure will be imposed on companies that mine crypto and only pay residential electricity prices. In addition, industrial-scale mines and state-owned firms involved in mining will be key targets of the disciplinary action, Meng said. Some mining activities take place in the computer room of state-owned entities, as electricity rates for these firms are more affordable. NDRC has previously issued a directive to investigate all such activities and strictly punish those involved. “Virtual currency is a specific virtual commodity. It is not a real currency, and it is not issued by monetary authority. Therefore, it should not and cannot be circulated or used as currency in the market,” Meng added. The strong global demand for Bitcoin …