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Inner Mongolia to Shut Down Crypto Mining Industry: Report
The autonomous region has been under pressure to curb its energy consumption.
Inner Mongolia, an autonomous region of China, is banning cryptocurrency mining, according to a Bloomberg report on Monday.
STORY CONTINUES BELOW
- The region plans to force cryptocurrency mining projects to close by April, according to a draft plan posted online by the Inner Mongolia Development and Reform Commission on Feb. 25.
- Inner Mongolia is known for inexpensive energy supplies and accounts for 8% of the global bitcoin mining hash rate, according to the Cambridge Centre for Alternative Finance, per the report.
- China’s National Development and Reform Commission previously criticized Inner Mongolia for failing to control energy consumption in 2019.
- The region now aims to reduce emissions per unit of gross domestic product by 3% this year, with the goal to constrain growth in energy consumption to about 1.9% in 2021.
- Chinese officials first came up with proposals to discourage cryptocurrency mining in Inner Mongolia as far back as 2018.
- Back in 2019, "illegal" bitcoin mining businesses faced a clampdown by authorities.
Read more: Chinese Companies That Have Nothing to Do With Crypto Are Pivoting to Mining
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
