The Chinese region of Inner Mongolia has announced plans to ban new cryptocurrency mining projects and shut down existing activities with the aim of reducing the power-consuming operation.
The site failed to meet central government assessment targets for energy consumption in 2019 and was reprimanded by Beijing. In response, the region’s Development and Reform Commission presented plans to stop existing cryptocurrency mining projects by April 2021 and not approve any new ones. They also involve reassessing other energy-intensive industries like steel and coal.
Bitcoin mining consumes around 128.84 terrawatt hours per year of energy, more that whole countries like Ukraine …
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