February 20, 2024

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 "illegal miners" VAutonomous Region of the People's Republic of China and Mongolia. Legal cryptocurrency miners are also under threat. 

China will expel miners from the country

According to CoinDesk, the Chinese government is going to "clean up" illegal mining business throughout the country. The 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 afterstripping operations, will receive an official “label”. They will be forced to pay the official price for electricity, and will be prohibited from negotiating better terms 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 for legal companies in the near future.

  • In April, the National Commission for Development andreforms, the PRC said that there is “no place for mining” in the "plan for future economic development" countries. After this, the authorities began a clean-up operation in the country. Trading, and simply storing cryptocurrencies, is also prohibited in China 
  • Chinese Mongolia – one of my favoritesregions among miners. They are attracted here by low prices for electricity, land rental and a cold climate, which allows them to save on cooling equipment 
  • The fact that the Chinese authorities are against private coins does not prevent the government from developing its own national cryptocurrency. The Central Bank of China is due to issue crypto-yuan in the coming months