China declares war on cryptocurrency mining, stirring wider fear

Inner Mongolia plans to shut all such operations by April

bitcoin, cryptocurrency, digital
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Chinese officials first outlined proposals in 2018 to discourage crypto-mining -- the computing process that makes transactions with virtual currencies possible but consumes vast amounts of power.

Alfred Cang | Bloomberg
China’s Inner Mongolia has banned cryptocurrency mining and declared it will shut all such projects by April, spurring fears the world’s No. 2 economy will take more steps to eradicate the power-hungry practice.
 
The autonomous region, a favourite among the industry because of its cheap power, also banned new digital coin projects, according to a draft plan posted on the Inner Mongolia Development and Reform Commission’s website February 25. The aim is to constrain growth in energy consumption to about 1.9 per cent in 2021.
 
Bitcoin extended gains on Monday amid reports of the move, increasing as much

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First Published: Mar 02 2021 | 1:59 AM IST

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