China's Inner Mongolia Province May Ban Mining In Two Months – Bits Media

The authorities of the Chinese province of internal Mongolia continue to complicate the life of mining companies. The local regulator proposed completely banning mining to save electricity.

The Commission for the Development and Reform of Inner Mongolia published document, in which it offers various methods to achieve the necessary energy conservation in accordance with the fourteenth five -year economic plan of China. The regulator offers to limit the industry, consuming a large amount of electricity, as well as “completely close all projects for mining virtual currencies by the end of April 2021 of the year".

Moreover, in the future, it also offers to tightly control the sphere. For this, the authorities of internal Mongolia plan to “properly monitor the scale of the development of data centers and prohibit the construction of any new sites for the extraction of virtual currencies”.

Today inner Mongolia, along with the provinces of Sichuan and Xinjiang, is one of the largest regions of China in terms of cryptocurrency extraction volumes.

To 3 March there will be public discussions of the document, and there is a possibility, that the language of the Provincial Development Commission will be softened somewhat. However, this is not the first time, when the authorities of Inner Mongolia put pressure on miners. Last August, electricity tariffs for mining companies in the province were increased by 30%. And at the end 2019 year, the Inner Mongolia regulator strengthened supervision over industrial miners.