Beijing investigates crypto mining farms to improve energy efficiency
Bitcoin's electricity bill has been attracting the attention of regulators worldwide. Beijing authorities are reportedly conducting inspections of crypto mining data centers to better understand their impact on energy consumption, Reuters reports Thursday.The Beijing Municipal Bureau of Economy and Information Technology on Tuesday sent an emergency notice to the city’s data center operators asking them to report whether they are involved in mining Bitcoin (BTC) and other cryptocurrencies. The notice required data centers to report the amount of power consumed by crypto mining, the report....
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Inner Mongolia drew the ire of Beijing after failing to meet energy efficiency goals. Authorities of the Chinese autonomous region of Inner Mongolia have proposed to close down all local cryptocurrency mining facilities to reduce energy consumption in the region.The Inner Mongolia National Development and Reform Commission, or NDRC, released an official proposal to shut down local crypto mining operations in line with its energy-saving rules.Published on Feb. 25, the draft proposal suggests to “comprehensively clean up and shut down virtual currency mining projects” by the end of April....
Since Iran began recognizing cryptocurrency mining as an industry, it has reportedly shut down 1,620 unauthorized crypto mining farms. Crypto miners initially welcomed the recognition but later said that the electricity tariffs were too high. 1,620 Crypto Mining Farms Shut Down in Iran Iranian authorities have reportedly closed down 1,620 illegal cryptocurrency mining farms since the country started recognizing cryptocurrency mining as a legal industry in July 2019. The Financial Tribune reported Monday that these mining farms were using 250 megawatts of electricity. Many of the....
Farms mining cryptocurrency at oil wells in Russia account for 85 megawatts (MW) of energy capacity, experts have estimated. Investors are considering projects for another 200 MW despite constraints stemming from Western sanctions, a report reveals.
Annual Income From Crypto Mining With Associated Gas in Russia to Exceed One Billion Rubles
Data centers mining cryptocurrencies in Russia’s oil fields have a combined power rating of 85 megawatts, which is 23% of the market, according to analysts at Vygon Consulting, an independent consultancy working on the development of....
Crypto industry experts have formed a working group to draft a standard for energy-efficient and profitable cryptocurrency mining in Russia. The rules will aim to help developers and data center operators offer investors increased hardware uptime.
Russia Prepares to Improve Efficiency of Mining Facilities in 2023
A group of crypto specialists have teamed up to elaborate a standard that should improve the overall efficiency of mining and in particular the use of energy to mint digital currencies. The set of rules and procedures will be designed to increase the time the expensive....
A court in Beijing has ruled that three investment agreements for bitcoin mining operations in Sichuan are “invalid.” A compensation claim has been rejected in the case, viewed as an indication that the Chinese judiciary would not provide protection for crypto-related interests. Beijing Court Invalidates Bitcoin Mining Contracts The Chaoyang District People’s Court in the Chinese capital has recently rejected a lawsuit seeking damages from a crypto company. It was filed by one of its clients who failed to make a return on his investments in bitcoin mining, the Hong....