Inner Mongolia, China’s most northern region, has taken its cryptocurrency ban even further, and has called on the public to report any illegal crypto mining activity in an effort to stem the energy-intensive activity.
According to the South China Morning Post (SCMP), the government of the Inner Mongolia Autonomous Region has decided to further crack down on illegal crypto mining in the region, by setting up an email, hotline, and mail address for the general public to report any remaining crypto mining operations that may still be active.
The Inner Mongolia Autonomous Region Development and Reform Commission, which is in charge of overseeing the latest cryptocurrency regulations, has also decided to target mining companies that may be identifying as data centers and taking advantage of preferred rates on tax, land, and electricity prices. The latest regulations follows the commission’s announcement back in March, that intends to fully eradicate and shut down all digital currency mining projects in the region by the end of April 2021.
Inner Mongolia was once an attractive location for crypto mining, and accounted for nearly 8% of the world’s total bitcoin hash rate between September 2019 and April 2020. Now, however, Chins has decided to cut back its carbon emissions, forcing the country’s authorities to target digital currency mining operations. Back in 2020, the communist country promised to reach peak carbon emissions before 2030, and reach carbon neutrality by 2060.
The commission’s latest announcement comes as the crypto market suffers a massive plunge, with the price of bitcoin falling to the lowest in months.
Information for this briefing was found via the SCMP. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.