Inner Mongolia to Shut Down Crypto Mining Industry: Report

The autonomous region has been under pressure to curb its energy consumption.

By Tanzeel Akhtar

Mar 1, 2021 at 12:38 p.m. UTC

Updated Sep 14, 2021 at 12:18 p.m. UTC

inner-mongolia-5825054_1920 — Inner Mongolia

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Inner Mongolia, an autonomous region of China, is banning cryptocurrency mining, according to a Bloomberg report on Monday.

The region plans to force cryptocurrency mining projects to close by April, according to a draft plan posted online by the Inner Mongolia Development and Reform Commission on Feb. 25.
Inner Mongolia is known for inexpensive energy supplies and accounts for 8% of the global bitcoin mining hash rate, according to the Cambridge Centre for Alternative Finance, per the report.
China’s National Development and Reform Commission previously criticized Inner Mongolia for failing to control energy consumption in 2019.
The region now aims to reduce emissions per unit of gross domestic product by 3% this year, with the goal to constrain growth in energy consumption to about 1.9% in 2021.
Chinese officials first came up with proposals to discourage cryptocurrency mining in Inner Mongolia as far back as 2018.
Back in 2019, "illegal" bitcoin mining businesses faced a clampdown by authorities.

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