China bans crypto mining in the heart of Mongolia

Spread the love

China has been at the forefront of creating the digital yuan or DECP [Digital Currency Electronic Payment], but has stayed at a distance from the cryptocurrency community. The increasing crackdown on Bitcoin mining companies in China has had an impact on sentiment in the region and has now, according to rumours, expanded the ban on mining ventures in Inner Mongolia.

The nation would stop all mining-related cryptocurrency ventures. This decision accompanied China’s attempts to achieve its energy efficiency goals. The huge quantities of energy used by crypto and other industries such as steel, coke and methanol have resulted in the government’s strict decision to ban mining operations in the area.

The Autonomous Zone of Inner Mongolia has become a source of cheap power that has attracted the mining industry to it.

The goal of the region was to reduce emissions per unit of gross domestic product by 3% this year and to steadily control the huge boom in the use of standard coal. Although limited, the area accounted for 8 percent of global hash power mining in Bitcoin.

China owns 65 percent of the overall network hash power assigned to Bitcoin, and the above chart reveals that, among other areas, Xinjiang has been the largest contributor to the hash rate in a month.

RECOMMENDED READ:  Why Bitcoin selling blamed on Chinese New Year

The plentiful supply of coal and the relative remoteness of the area made it more easy and inexpensive for the miners to establish a base here. However, no stringent steps have been taken to put a stop to this issue by the Chinese Government. If the country continues its quest to become more energy efficient, it will not be long before mining firms have to find alternatives to cheap electricity available in different regions of China.

 336 Interactions,  2 today

Is there a ‘revolution’ in Bitcoin mining in the United States?

Bitcoin, the world's first blockchain, was created to address the flaws of the centralised financial structure. PayPal co-founder Peter Thiel, Read more

Bitcoin mining income in the United Kingdom is increasing, but China accounts for 75% of ‘blood coin’ demand.

Argo Blockchain, headquartered in the United Kingdom, recently recorded record sales, but according to a new survey, 75 percent of Read more

RECOMMENDED READ:  Crypto stakeholders forces Treasury's hands to enhance crypto monitoring proposal
Ethereum hashrate is increasing, and a 2,000 Megahash ETH miner is expected to be released this summer, according to reports.

Innosilicon, a mining rig maker, launched a new ethereum miner named the Innosilicon A10 Pro+ in December 2020, which processes Read more

How Abkhazia is expanding existing “temporary ban.” on crypto-mining, 

Abkhazia, a “partially recognised state in the South Caucasus,” has long been common among many in the cryptocurrency community, especially Read more

Why mayor of Miami claims that 90 percent of Bitcoin mining is driven by ‘dirty energy.’

According to Mayor Francis Suarez, the United States should resolve the environmental concerns associated with Bitcoin mining by providing clean Read more

Here’s the impact the Term “Green Bitcoin” is likely to exert on the Crypto Mining Industry

Argo Blockchain, a cryptocurrency company headquartered in London, recently revealed plans to create the world's first renewable energy Bitcoin mining Read more

With an eye on EIP-1559, the Ethereum mining pool introduces the MEV Beta software.

Ethermine, the world's largest Ethereum mining pool, launched the Miner Extracted Value [MEV] technique to compensate miners for the infamous Read more

How Bitcoin miners are assisting towards the next rally.

The first quarter of 2021 is coming to a close, but the world for Bitcoin has been anything but monotonous. Read more

Why analyst says it will be “really stupid” to purchase a high-end mining graphics card

But are people going to listen? We know that one reason it's almost difficult to find a new graphics card Read more

Bitfarms to hire 48,000 miners to improve their hashing efficiency.

Canadian miner Bitfarms is expected to purchase 48,000 new miners from MicroBT in order to raise the hashing power by Read more

Here’s how miners determine your Bitcoin portfolio’s returns.

Miner trading flows signaled shifts in the price rally of Bitcoin in the current market cycle and the recent bull Read more

Leave a Reply

Contact Us