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Inner Mongolia to Shut Down Crypto Mining Industry

Inner Mongolia to Shut Down Crypto Mining Industry



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4 Comments

  1. ​

    >Inner Mongolia is known for inexpensive energy supplies and accounts for 8% of the global [bitcoin (BTC, +8.02%)](https://www.coindesk.com/price/bitcoin) mining hash rate, according to the Cambridge Centre for Alternative Finance, per the report.

    WOW, 8% IS NOT A SMALL NUMBER.

    >
    >
    >China’s National Development and Reform Commission previously criticized Inner Mongolia for failing to control energy consumption in 2019.
    >
    >Chinese officials first came up with proposals to discourage cryptocurrency mining in Inner Mongolia as far back as 2018. Back in 2019, “illegal” bitcoin mining businesses faced a clampdown by authorities.

    ahh so it seems like they were forced and I wonder how this will effect the market

    ​

    also to those interested in [why china is doing this](https://www.coindesk.com/inner-mongolia-to-shutdown-illegal-bitcoin-miners-by-october-as-china-phases-out-industry)

  2. tldr; Inner Mongolia, an autonomous region of China, is banning cryptocurrency mining. 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. Inner Mongolia accounts for 8% of the global bitcoin mining hash rate.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

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