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China wages war on Bitcoin, crypto mining

Bitcoin

Inner Mongolia, a region in the People’s Republic of China, is banning the mining of Bitcoin and other cryptocurrencies, both old and new alike.

Per a Bloomberg report, the Inner Mongolia Development and Reform Commission has published online a draft plan that prohibits crypto mining operations in the autonomous region in an effort to reduce energy consumption.

Many miners have set up their operations in Inner Mongolia due to its cheap power rates. Globally, the region accounts for eight percent of the entire power consumption from mining Bitcoin. The entirety of China itself accounts for 65-percent total consumption.

In a study by Cambridge University researchers, Bitcoin mining alone surpasses the power consumption of the entire country of Argentina, whose population as of 2019 reached 44 million.

Beijing started restricting Bitcoin operations and transactions in 2017, when it banned initial coin offerings as well as cryptocurrency transactions.

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