This can only mean one thing. The Chinese government wants to use that electricity for something else.
Yes, they want to use that electricity for their factories and population.
China is a huge importer of energy, they are buying coal gas oil everything.
They even plan on buying LNG from the US.
It's about trying to be less reliant on imports and when you think about the 2 trillion in exports that feed the Chinese economy the tiny income from mining is not worth the risk.
Especially since because of NK sanctions they have to forfeit a lot of coal imports.
But this is probably the best news I've got in a month time!!!!!
I do not think so. The Chinese has excessive amount of energy.
No they don't
Oil
China imported a record 6.7m barrels a day (b/d) of oil in 2015 and forecasted "to overtake the U.S. as the worlds biggest crude importer in 2016"
https://en.wikipedia.org/wiki/Petroleum_industry_in_ChinaGas
Despite rapidly rising natural gas production, in 2013 China imported 52 billion cubic meters of natural gas, making it the world's fifth largest gas importer.
https://en.wikipedia.org/wiki/Natural_gas_in_ChinaCoal
China became a net importer of coal in 2008.[31] In 2006, its exports exceeded imports by 25.1 million tons, but only by 2 million tons in 2007. This is significantly lower than the 90 million ton net exports in 2001
https://en.wikipedia.org/wiki/Coal_in_ChinaIf it really happens the Chinese miners won't stop mining just like that. They have invested millions in hardware and are not going to let it waste. They will move abroad either to hong kong (if it doesn't follow the rest of China) or to East Asia. The government will lose some taxpayers and will lose the influence over cryptocurrencies it had thanks to Bitmain and other miners.
Good luck moving your miners to Hong Kong
With prices per kw between 12 and 25 cents that's not an option.