Inner Mongolia to Shut Down Crypto Mining Industry: Report


Source: yahoo.com yahoo.com

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Inner Mongolia, an autonomous region of China, is banning cryptocurrency mining, according to a Bloomberg report on Monday. The region plans to force cryptocurrency mining projects to close by April, according to a draft plan posted online by the Inner Mongolia Development and Reform Commission on Feb. 25. Inner Mongolia is known for inexpensive energy supplies and accounts for 8% of the global bitcoin mining hash rate, according to the Cambridge Centre for Alternative Finance, per the report. China’s National Development and Reform Commission previously criticized Inner Mongolia for failing to control energy consumption in 2019. The region now aims...