China Plans Crackdown On Crypto Mining

Regulators in the Chinese autonomous province of Inner Mongolia have issued a notice demanding a clean-up of the province’s crypto mining enterprises, reports Cointelegragh.

Terms of notice

As local crypto outlet ChainNews reported on Sept. 14, five departments within Inner Mongolia have determined the need to rectify the mining industry within the province. The organizations named were the Development and Reform Commission, the Public Security Department, the Office of the Ministry of Industry, The Financial Office and the Big Data Bureau.

According to the report, the regulators’ position is that

“The virtual currency ‘mining’ industry belongs to the pseudo-financial innovation unrelated to the real economy, and should not be supported.”

Impact?

China’s regulatory approach to cryptocurrency mining has been somewhat inconsistent, leaving it unclear exactly what this recent notice will mean for miners operating in Inner Mongolia.

In a tweet reacting to ChainNews’ report, partner at Primitive Ventures and crypto commentator Dovey Wan wrote “I doubt this will have any impact.”

Chinese arithmetic

As of the end of May, China was reportedly responsible for 70% of global BTC mining. At the time, reports emerged that Chinese regulators were investigating illegal mining operations in Sichuan — a province responsible for 70% of China’s Bitcoin (BTC) mining thanks to the electricity generation of the Dadu River Basin.

 

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