{"id":191336,"date":"2021-03-01T15:36:18","date_gmt":"2021-03-01T12:36:18","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/chinas-inner-mongolia-to-shut-down-crypto-mining-farms-by-april-2021\/"},"modified":"2021-03-01T15:36:18","modified_gmt":"2021-03-01T12:36:18","slug":"chinas-inner-mongolia-to-shut-down-crypto-mining-farms-by-april-2021","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/chinas-inner-mongolia-to-shut-down-crypto-mining-farms-by-april-2021\/","title":{"rendered":"# China\u2019s Inner Mongolia to shut down crypto mining farms by April 2021"},"content":{"rendered":"

“# China\u2019s Inner Mongolia to shut down crypto mining farms by April 2021 <\/strong>”
\n<\/p>\n

Authorities of the Chinese autonomous region of Inner Mongolia have proposed to close down all local cryptocurrency mining facilities to reduce energy consumption in the region.<\/p>\n

The Inner Mongolia National Development and Reform Commission, or NDRC, released an official proposal to shut down local crypto mining operations in line with its energy-saving rules.<\/p>\n

Published<\/a> on Feb. 25, the draft proposal suggests to \u201ccomprehensively clean up and shut down virtual currency mining projects\u201d by the end of April 2021. The authority also proposed a strict ban on new cryptocurrency mining projects in the region. The NDRC will collect public feedback on the draft proposal until March 3, 2021.<\/p>\n

According to a Reuters report<\/a>, Inner Mongolia was the only one of 30 mainland areas under Beijing\u2019s energy consumption and energy intensity review that failed to meet energy-saving targets in 2019.<\/p>\n

As part of the new energy control proposal, Inner Mongolia aims to cap its energy consumption growth at about 5 million tons of standard coal equivalent in 2021. The authority also plans to cut energy intensity \u2014 the amount of energy consumed per unit of economic growth \u2014 by 3% from 2020 levels. Between 2016 and 2019, energy intensity in the region reportedly spiked 9.5% whereas the overall energy consumption rose by nearly 65 million tonns.<\/p>\n

Inner Mongolia became a popular destination for cryptocurrency miners due to low electricity prices. Local authorities, however, have app<\/a>arently been planning a crackdown on crypto mining operations in the region in recent years, issuing multiple statements scrutinizing local mining businesses. In August 2020, Inner Mongolia officials considered a new policy preventing crypto miners from using state-subsidized electricity.<\/p>\n