China Declares War on Crypto Mining; Bitcoin Rises
China declares war on crypto mining and eradicates all the projects by April. Inner Mongolians of China will take further steps to cancel this power-hungry practice.
According to Inner Mongolia Development and Reform Commission's website, banned new digital coin projects. This draft came into the public eye on February 25.
The region now aims to cut emissions per unit of gross domestic product by 3% this year and control incremental growth of energy consumption at about 5 million tons of standard coal, according to the draft plan.
Chinese officials first outlined proposals in 2018 to discourage crypto-mining -- the computing process that makes transactions with virtual currencies possible but consumes vast amounts of power.
Inner Mongolia, which is clustered with ...