Authorities in Inner Mongolia seize more than 10,000 mining devices
Authorities in China's Inner Mongolia have confiscated 10,100 cryptocurrency mining devices. Local media report this. The equipment was found at the site of a state technology park in Bayan-Nur district. As of now, Inner Mongolia has closed 45 mining farms, the statement says. In May, Liu He, vice-premier of the State Council of China, announced forthcoming measures in relation to mining and the trading of Bitcoin. In the same month, the state information agency Xinhua criticised cryptocurrency mining. Thereafter, restrictive measures against the digital-currency mining industry were taken by the authorities of Inner Mongolia, Qinghai, Sichuan, Xinjiang and Yunnan. The bans led to a mass exodus of industry participants from China. However, according to the Cambridge Centre for Alternative Finance (CCAF), the country lost dominance in Bitcoin mining as early as spring. On 24 September, news emerged of further crackdowns by China against the cryptocurrency industry. The National Development and Reform Commission of China pointed to the negative environmental impact of mining and its 'insignificant' contribution to the country's economy. Earlier, Inner Mongolia's Development and Reform Commission hired a contractor to provide a solution for monitoring operations involved in illegal cryptocurrency mining. Subscribe to ForkLog news on VK!
