Chinese citizens in Angola are facing a crypto chill after the Angolan government banned all cryptocurrency mining activities. The Chinese Embassy in Angola issued a strong warning, reminding its nationals of the new law and the harsh penalties for violating it.

Gone are the days of cheap electricity and easy crypto gains for Chinese miners seeking refuge in Angola. The Angolan parliament passed a bill earlier this year, making any form of crypto mining a crime. Possession of mining equipment or even information about it can land you in jail for 1-5 years.

The penalties get steeper for those who try to get cute. Using a power facility license to mine crypto comes with a 3-8 year prison sentence. And forget about connecting your mining rig to the national grid – that's a guaranteed 3-12 year stay behind bars.

This crackdown comes as no surprise. China itself has had a blanket ban on crypto mining since 2018, forcing miners to look for greener pastures – or rather, cheaper electricity. Angola, with its history of low electricity prices (as low as $17.1 per megawatt hour in 2020!), became a prime destination for these exiled miners.

The Embassy's warning highlights the growing concerns around crypto mining's impact on a nation's economic and financial stability. They fear it could disrupt the entire system and open the door to illegal activities like fraud and money laundering.

So, for Chinese citizens in Angola with dreams of striking it rich in the crypto world, the message is clear: obey the law, or face the consequences.