Beijing’s New Plan to Curb Cryptocurrency Mining for Energy Conservation
The city of Beijing has announced a series of policies aimed at prioritizing energy conservation and reducing carbon emissions in various sectors. The plan specifically targets cryptocurrency mining activities as part of the city’s efforts to promote green energy and combat pollution.
Beijing intends to intensify its supervision and control over virtual currency mining, with a focus on monitoring, analyzing, and rectifying mining activities. The goal is to eliminate all virtual currency-related operations within the city.
This initiative aligns with the national policy that banned cryptocurrency mining and trading, implemented by the People’s Bank of China in 2021. Despite the ban, reports indicate that Bitcoin mining is still taking place in China, with Chinese miners contributing 21% of the global network hashrate.
In addition to cracking down on cryptocurrency mining, Beijing’s plan includes inspections of energy-consuming units to monitor the usage of outdated equipment. Violators may face penalties and be compelled to rectify energy-related issues.
Hot Take: Beijing’s Deterrent Measures to Combat Cryptocurrency Mining for a Greener Future
Beijing’s comprehensive plan to tackle cryptocurrency mining activities demonstrates its commitment to energy conservation and pollution reduction. By implementing stricter oversight and surveillance, the city aims to eliminate virtual currency mining entirely, aligning with national policies. However, the lingering presence of Bitcoin mining in China suggests the need for continued vigilance and enforcement. Inspections of energy-consuming units further emphasize Beijing’s determination to enforce energy efficiency standards. These aggressive measures signal a significant step towards a greener future, highlighting the importance of sustainability and eco-consciousness in the cryptocurrency industry.
Source: Beijing Government
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