China’s Inner Mongolia seizes 10,000 mining rigs from gov’t-owned tech park
The closure marks the 45th operation for Inner Mongolia, which has been ramping up its anti-mining stance in line with the central government’s crackdown on the sector.
Latest Inner Mongolia News
Inner Mongolia proposes harsh rules for BTC miners, including social credit blacklisting
The region has proposed tough measures for those caught mining digital currencies, including social blacklisting that would deny them basic services like access to credit and even public transportation.
China’s Inner Mongolia sets up hotline to report block reward miners
The Inner Mongolia Development and Reform Commission has set up a dedicated hotline and email address for locals to report any suspected block reward miner.
The CoinGeek Pulse Episode 34: Nevada Blockchain City, Bitcoin mining shutdown, 2048 now on BSV
This week on CoinGeek Pulse, we head to the United States where the governor of the State of Nevada unveiled details of a proposed bill to create a Blockchain City.
Officials in China’s Inner Mongolia eye shutting down block reward mining farms
As part of the scope to reign in energy-intensive industries, the government wants to "properly control the development scale of data centers and strictly prohibit new virtual currency mining projects."
Recent reports from CoinDesk indicated that industry titans Bitmain and Ebang were among those listed that felt the new policy initiative's sting.
In a document reportedly given to the news outlet, officials suspended the industry giants from participating in energy trading in the region. They can no longer enjoy generous electricity discounts that come from the liquid energy marketplace provided by the Inner Mongolia Power Group, a state-owned energy trading firm.
Also allegedly on the list is the Inner Mongolia Branch of China Telecom, suggesting the telecom giant may also be involved in digital currency mining activities in Inner Mongolia.
Kevin Pan, Founder/CEO of PoolIn, said the policy would have some impact on the industry, likely raising the electricity rate by $0.014 per kilowatt-hour (kWh). While this might seem negligible, it means a significant increase in operational costs for energy-intensive BTC mining activities.
The recent policy change came after region-wide on-site inspections in late 2019. Official discovered that some purported big data and cloud computing companies in the region were just digital currency mining farms in disguise. These firms attempt to qualify for electricity perks by disguising themselves as eligible entities.
Is this another indicator that the block reward mining sector is in the midst of a death spiral?
The BTC mining industry has been in a gradual collapse since this year’s Bitcoin halving. Block reward miners can no longer kick the can down the road when it comes to their future. They must decide if they will embrace and advance enterprise adoption or continue operating based on the house of cards that is the BTC financial markets.
" title="BTC heavyweights lose access to Inner Mongolia’s cheap power: report" />BTC heavyweights lose access to Inner Mongolia’s cheap power: report
Industry titans Bitmain and Ebang were among those listed that felt the new policy initiative's sting, according to recent reports.
Inner Mongolia cheap power ending for some block reward miners
Block reward miners from Chinese region of Inner Mongolia can no longer access state-subsidized power to run their operations.