Mangolia Bans Cryptocurrency Mining - Official.
2021-03-01 | Mike Hallen
An autonomous region of China, Inner Mongolia, is banning cryptocurrency mining,
consistent with a Bloomberg
report today on Monday.
The region plans to force cryptocurrency mining projects
to shut by April,
consistent with a draft plan posted online by the
Inner Mongolia Development and Reform Commission on 25th Feb.
Inner Mongolia
is well-known for its cheap energy supplies and accounts for 8% of
the worldwide Bitcoin [
BTC, +13.19%] mining hash rate,
consistent with the Cambridge Centre for Alternative Finance, according to the report.
China’s National Development and Reform Commission previously criticized
Inner Mongolia for failing
to regulate energy consumption earlier in 2019.
The region now aims
to scale back emissions per unit of gross domestic product by 3% this year, with the goal to constrain growth in energy consumption to about 1.9% within this year in 2021.
Chinese officials first came up with proposals to discourage cryptocurrency mining in
Inner Mongolia as far back as 2018.
Earlier in 2019, "illicit" bitcoin mining businesses faced a clampdown by authorities.
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