China’s cryptocurrency regulations have been in the headlines for months now, but it looks like they have not done much to dissuade Chinese miners from making a profit. In China’s Inner Mongolia region, local officials have been trying to get a handle on the industry, and some say that a list of crypto miners could soon be released. (The list would reportedly contain the names of miners and their addresses, and could be used to make it easier to find crypto miners who were violating laws related to electricity use or other regulations.) This has miners worried, as they could be facing a “social credit blacklist” that effectively stops them from doing business or traveling within the country.
The Chinese government has been cracking down on its cryptocurrency trading and mining activities for some time. In September 2017, the government shut down all of the country’s cryptocurrency exchanges, and in February 2018, it banned all initial coin offerings (ICOs). Now, the Chinese central government is expanding its anti-cryptocurrency campaign to the western part of the country, targeting bitcoin miners.
As Beijing cracks down on crypto more and more, China is creating a social credit blacklist that will include Bitcoin miners. This is a result of the miners using too much electricity and slowing down the Bitcoin network, something that Chinese officials are not happy about. Currently, 17% of the Bitcoin network’s total power is located in China, and Beijing has expressed interest in limiting miners.. Read more about chinese bitcoin mining companies and let us know what you think.According to a recent report, Beijing’s latest crackdown on the cryptocurrency sector has now reached Inner Mongolia. Authorities in Inner Mongolia plan to impose heavy penalties on bitcoin miners who use the region’s network without permission from authorities.
New rules seek to punish bitcoin miners
According to a regional report by South China Morning Post correspondent Koko Feng, Inner Mongolia’s top economic planner has announced new rules to ban Bitcoin mining companies from operating in the region. The new draft rules will be available by January 1. Authorities in Inner Mongolia recently urged residents to report illegal bitcoin processing centers to the government. Beijing wants mainland China and even the Mongolian Autonomous Region of the People’s Republic of China to be carbon neutral by 2060. According to Feng, Inner Mongolia authorities plan to target industrial parks, data centers, telecommunications companies, Internet companies and even Internet cafes. Bitcoin.com News recently reported how cybercafes in China are mining cryptocurrencies for extra revenue. The new rules are designed to punish bitcoin miners, or those who provide resources to miners, through a series of enforcement actions. Violators can be blacklisted from financial loans and other benefits in China. Other sanctions are planned: They revoke business licenses and even close their stores completely.
Setting out on the path of recycling
Wang Huang, associate professor of blockchain at Xi’an Jiaotong University, said the cryptocurrency market is gradually leaving mainland China. We see the cryptocurrency market going through a de-cycle, first in trading and now in computing capacity, based on a series of stricter measures Beijing took last week against cryptocurrencies and bitcoin mining, Huang said Tuesday. Moreover, cryptocurrency companies have left China in recent days. Huobi and Okex stopped providing some services to mainland customers, while Btc.top and Hashcow did the same the next day. Some have even speculated that Chinese miners will sell cheap mining platforms in the near future. What do you think of Inner Mongolia after Beijing’s recent crackdown on the crypto industry and bitcoin mining? Let us know what you think in the comments below.
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2060, Beijing, bitcoin, bitcoin (BTC), bitcoin mining, blacklist, carbon neutrality, china, koko feng, de-kitatization, domestic mongolia, sanctions, SCMP, social credit blacklist, wan huan Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.China’s ongoing crack down on bitcoin mining is continuing to spread into new territories. This time it is Inner Mongolia’s turn. As the Chinese government focuses more and more on the ways bitcoin mining has impacted the environment, they are cracking down on mining operations before they even begin.. Read more about china cryptocurrency and let us know what you think.
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