China plans to limit power use by some bitcoin miners, people familiar with the matter said.
The People’s Bank of China outlined the plan Wednesday at a closed-door meeting, according to the people, who asked not to be identified because it wasn’t public. They didn’t detail how authorities plan to enact the curbs.
Officials are concerned that bitcoin miners are taking advantage of low power prices in some areas and affecting normal electricity use in some cases, the people said. Local officials have been asked to investigate the high consumption associated with the industry, they said.
The curbs will also ...