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- Inner Mongolia plans to ban Bitcoin mining by April 2021 in order to reduce carbon emissions.
- China's carbon emissions commitments could trigger an exodus from the BTC s mining project.
A report from Chinese journalist Colin Wu reveals that Mongolia will ban Bitcoin . According to information released by the Mongolian Internal Development and Reform Commission, Ministry of Industry and Information Technology , among others, wrote a draft on energy consumption targets.
The draft is open for public comment until March 3 Wu reported and calledle to "clear up" bitcoin and cryptocurrency mining plans by the end of April 2021. Additionally, if the project is approved, construction of new projects to mine cryptocurrencies could be "Strictly" prohibited. The ban is aimed at achieving the goal of reducing carbon emissions. Wu reported :
The impact on the Bitcoin mining sector
In 2019, the Chinese government issued an "obsolete industry" ban on Bitcoin mining. However, he failed to curtail these activities. According to Wu's report, the current conditions are different and may be more effective in reducing the ongoing BTC mining.
Mongolian province has little sympathy for crypto miners; unlike Xinjiang and Sichuan where minors are recognized as a key elementemerging energy industry and contributors to the local economy. In addition, the Mongolian Ministry of Domestic Industry has already banned the activities of 21 mining companies. Therefore, Wu thinks:
In the immediate future, miners could be moved to Sichuan, Yunnan and other provinces with more miner-friendly policies. hydropower. However, the move already appears to be under criticism, Wu said:
In the United States, companies such as Riot , Marathon and Great American Mining have committed to "bring" the Bitcoin hash rate toUnited States. To this end, they have created innovative ways to mine BTC and have made significant investments to improve their Bitcoin mining capabilities. Although China still dominates in this sector, the landscape could change over the next decade.