Big news come from China as the regulators of the Chinese autonomous province of Inner Mongolia plan a complete clean up of the province and its crypto mining enterprises. It seems that China plans crackdown on the crypto mining industry in this province.
As the local crypto outlet ChainNews reported a while ago, there have been five departments within the province of Inner Mongolia which determined the need to rectify the mining industry in the province. The organizations named included the Development and Reform Commission, the Public Security Department, the Office of the Ministry of Industry, The Financial Office and the Big Data Bureau.
“The virtual currency ‘mining’ industry belongs to the pseudo-financial innovation unrelated to the real economy, and should not be supported,” the report summed up, indicating that China plans crackdown.
China’s regulatory approach towards crypto mining has been somewhat inconsistent, sources reported. This left it unclear what exactly what the recent notice will mean for miners operating in the province of Inner Mongolia.
In a tweet with a reaction to the ChainNews’ report, a partner at Primitive Ventures and popular crypto commentator (featured on many best cryptocurrency news sites) named Dovey Wan wrote:
“I doubt this will have any impact.”
What’s also interesting is that as of the end of May, China was responsible for 70% of the global BTC mining. At the time, reports showed that China plans crackdown and that regulators were investigating illegal mining operations in Sichuan – a province which is responsible for 70% of the Bitcoin (BTC) mining thanks to the electricity generation of the Dadu River Basin.
In April this year, reports in the altcoin news also showed that the National Development and Reform Commission in the country was considering a ban on crypto mining throughout the country.
This tentative ban led to speculation that mining would be forced to leave the country or go underground – which was clearly a troubling proposition for the Chinese regulators. China currently houses the majority of the world’s hash power and so far, no ban like this has entered into law.
Meanwhile, the recent Bitcoin and coming altcoin news show an increase on the markets.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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