October 27, 2020

China will clean miners in Mongolia and may ban mining of cryptocurrencies in the country

China will clean miners in Mongolia and may ban mining of cryptocurrencies in the country
China bans mining

The Chinese government will clean up the "illegal miners" in autonomous region of the PRC of Mongolia. Legal cryptocurrency miners are also at risk.

China will expel miners from the country

According to CoinDesk, the PRC government is going to "clean up" the illegal mining business throughout the country. Authorities will begin to implement this plan from the autonomous region of Mongolia.

In particular, the raid is directed against miners who receive discounts on electricity and taxation, pretending to be large traditional companies like servers for cloud platforms.

Those mining companies that will remain afterstrippers will receive an official “shortcut”. They will be obliged to pay the official price for electricity, and they will not be allowed to bargain for the best conditions directly with power plants.

But even this does not guarantee them a bright future, because the PRC authorities may prohibit miningMining
- type of activity for creating new blocksBitcoin block
Is an element of the blockchain chain, a set of records aboutcompleted transactions in the cryptocurrency network. More details in the blockchain chain to ensure the smooth operation of the system. The etymology of the term: from English “mining”, which means “mining”.
More details even to legal companies in the near future.

  • In April, the National Development andChina said the reform that there is no place for "mining" in the "plan for the future economic development" of the country. After that, the authorities began cleansing the country. Trade, and simply the storage of cryptocurrencies, is also prohibited in China
  • Chinese Mongolia - one of the most belovedregions among miners. They are attracted to them by low prices for electricity, land rental and a cold climate, which saves on equipment cooling
  • The fact that the PRC authorities are against private coins does not prevent the government from developing its own national cryptocurrency. The Central Bank of China should release crypto-yuan in the coming months