18/09/19 11:00 UTC-4

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

MiningChina bans mining
China bans mining

The Chinese government will clean up "illegal miners" in the 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 "clear" the illegal miningMining
– is a type of activity for creating new blocks in the Blockchain to ensure proper system operation. Details
business countrywide. 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 remain after stripping will receive an official "label". 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 mining even for legal companies in the near future.

Interesting in the section: Financial geography: countries where cryptocurrency is banned

  • In April, the National Development and Reform Commission of China announced that there is no place for "mining" in the "plan for future economic development" of the country. After that, the authorities began cleansing in the country. Trade, and simply the storage of cryptocurrencies, is also prohibited in China.
  • Chinese Mongolia is one of the most beloved regions 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  


See also: "Experts have found a miner virus under Linux. It fully controls the PC"

#Mining #China #PRC #Mongolia #Cryptocurrencies #Regulation

Editor: Pereyidenko Ihor


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