China’s Inner Mongolia to shut down crypto mining farms by April 2021
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....
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Inner Mongolia, an autonomous region in northern China, is planning to shut down all cryptocurrency mining activities in the area by April 2021, as part of efforts to improve energy efficiency. Regulating the Electrical Consumption in Inner Mongolia The government of Inner Mongolia will also stop approving new projects in energy-intensive industries such as steel and coke production, Reuters reported on Mar. 1, citing a draft policy to regulate energy consumption in the region. Chinese journalist “Wu Blockchain” tweeted that the decision might be due to China’s need to....
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....
Anhui has reportedly become China’s latest region planning to end cryptocurrency mining. The province is going to shut down all mining facilities due to power supply shortages, according to local media. Another source revealed that the state-run network operator has issued a closure notice for bitcoin farms across the country. Anhui to Halt Bitcoin Mining Amid Electricity Shortage The Eastern province of Anhui has joined what’s become a long list of Chinese regions where cryptocurrency miners are no longer welcome. According to media reports, provincial authorities want to....
Crypto miners in Ya'an City have reportedly been ordered to temporarily shut down their operations. Chinese authorities continue to crack down on cryptocurrency mining as a city in Sichuan province has reportedly halted local Bitcoin (BTC) mining farms.Authorities in Ya’an City, a prefecture-level city in the western part of Sichuan province, have ordered local Bitcoin mining operations to shut down for examination, Chinese financial publication Sina Finance reported Friday.Citing an anonymous source from Chinese news agency PA News, the report said that it is unclear when or whether....
China’s crackdown on crypto mining could see offenders blacklisted from basic social and financial services if caught. China has ramped up efforts to quash cryptocurrency mining in its Inner Mongolia region by introducing new penalties for those caught engaging in the illegal activity. Officials unveiled new draft rules that would see harsher punishments applied to those caught mining Bitcoin (BTC) and other cryptocurrencies, per a report by the South China Morning Post. These would include placing offenders on a social credit blacklist, which would stop them from getting loans or even....