Share this article
Inner Mongolia to Shut Down Crypto Mining Industry: Report
The autonomous region has been under pressure to curb its energy consumption.
Updated Sep 14, 2021, 12:18 p.m. Published Mar 1, 2021, 12:38 p.m.
Make us preferred on Google
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
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Ukraine banned Polymarket and there’s no legal way for it to come back
Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.
What to know:
- Ukraine has no legal framework for Web3 prediction markets, and current legislation provides no recognition for such platforms.
- Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.
- Legal changes are unlikely in the near future, as Parliamentary revisions to gambling definitions are extremely improbable during wartime, leaving prediction markets in a legal deadlock.
Top Stories
