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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.
Updated Sep 14, 2021, 12:18 p.m. Published Mar 1, 2021, 12:38 p.m.
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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
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