News Snapshot:
Chinese Province Could Ban Bitcoin Mining to Cut Energy Use By Inner Mongolia said: Bitcoin is not accepted here anymore! Photo: Lam Yik Fei (Getty Images) Over the past decade, bitcoin has put increasing stress on the largely coal-powered grid of China’s Inner Mongolia. Now, the province is clamping down. Late last week, province officials announced plans to ban all new bitcoin and other cryptocurrency mining ventures and quickly phase out existing activity in order to reduce electricity consumption. Cryptocurrency is massively resource intensive. Globally, mining for bitcoin—which is not literally mining, but rather creating new bitcoin by solving complex,...
