Media: Inner Mongolia authorities propose banning cryptocurrency mining

Authorities in China’s Inner Mongolia Autonomous Region in the north are examining the possibility of banning cryptocurrency mining. Colin Wu reported this.

Breaking: China’s Inner Mongolia is demanding that all cryptocurrency mining projects be cleared by the end of April. Due to China’s commitment to the world’s carbon emission target in 2020, the mining of thermal power in Inner Mongolia and Xinjiang will be greatly affected. pic.twitter.com/iaAR5kWoBY

— Wu Blockchain (@WuBlockchain) March 1, 2021

According to the journalist, the initiative aligns with China’s plan to curb carbon emissions. The move would also affect miners from Xinjiang, Wu added.

It concerns a proposal from the Inner Mongolia Development and Reform Commission (DRC). According to the document, the restrictions will enable the region to meet energy-resource conservation targets in line with China’s 2021-2025 economic plan.

The authorities proposed to ban activity in energy-intensive sectors, including mining. The plan is to close mining farms by the end of April 2021.

The DRC will complete the public consultation on the draft regulation by March 3, after which a decision will be taken.

In September 2019, authorities in Inner Mongolia decided to restrict cryptocurrency mining. Bitcoin’s price fell by $500 in an hour.

Earlier in August 2020, the autonomous region scrapped electricity subsidies for miners. The tariff rose by about 30%.

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