China's Inner Mongolia Declares War on Crypto Mining

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Mongolia Declares War on Mining has outlawed cryptocurrency mining and announced that all such ventures will be shut down by April, raising concerns that the world’s No. Inner Mongolia was singled out by China’s top economic planner as the only province that failed to regulate energy consumption.

Inner Mongolia, China’s second-largest province, has outlawed cryptocurrency mining and announce that all such ventures would be shut down by April, raising concerns that the world’s second-largest economy will take even further measures to eliminate the power-hungry activity.

Plan for the Mongolia Declares War on Mining

According to a draught plan posted on the Mongolia Declares War on Mining. Reform Commission’s website on February 25, the autonomous zone, which is common among the industry. Because of its cheap power, has also banned new digital coin ventures. The aim is to keep energy demand growth to about 1.9 percent in 2021.

Bitcoin continued to rise on Monday as news of the change spread. Rising as much as 6% in the session to $47,970.

The news alarmed an industry that is still using. Subjected to a years-long Chinese crackdown due to concerns about speculative bubbles, fraud, and energy waste.

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Inner Mongolia is sign out by China’s top economic planner. As the only province that failed to regulate energy consumption in 2019.

Aim Of Region

According to the draught plan, the region now aims to reduce. Reduce the emissions per unit of gross domestic product by 3% this year and restrict incremental energy consumption growth. Around to around 5 million tonnes of standard coal.

Chinese officials first proposed measures to prevent crypto-mining in 2018. A computational method that allows for virtual currency transactions but consumes a lot of resources.

The current crackdown in the area is reigniting old fears. Since 2017, Beijing is ban initial coin offerings and restricted virtual currency trading within its borders. Forcing many exchanges to operate outside of the country.

Cryptocurrency mining War

Inner Mongolia, China’s second-largest province. And has cryptocurrency mining and announces that all such ventures would be shut down by April. Raising concerns that the world’s second-largest economy will take even further measures to eliminate the power-hungry activity. According to a draught plan posted on the Inner Mongolia Development Board, the autonomous zone, which is common among the industry because of its cheap power, has also banned new digital coin ventures.

The current crackdown in the area is reigniting old fears. Since 2017, Beijing has banned initial coin offerings and restricted virtual currency trading within its borders, forcing many exchanges to operate outside of the country. The country used to be home to about 90% of trades, but mining has taken over, with big players including Bitmain Technologies Ltd. fleeing to other countries.

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  6. China is coming to their senses and realize this is a waste of resources and electricity adding more to global warming, majority of electricity still comes from fossil fuels, coal and natural gas.. when there is another electricity outage like one in Texas with massive numbers of people suffering without electricity, paying ridiculous prices for electricity. Now you know why. Texas happens to have one the the biggest bitcoin miners in the US. It’s not worth it to exchange other human being suffering to satisfy other groups of human beings greedy needs.

  7. Energy use of bitcoin is calculable, specifically energy used per transaction, which at today's levels imply it would require 14x the current energy output of the planet to conduct as many transactions as currently occur in traditional channels. The flipside of decentralization is inefficiency – consider the democratic process for decision making versus the will of a individual ruler. Which is more efficient?

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