Beijing Takes Aim at Crypto Mining in New Energy Conservation Plan
Beijing has released an updated implementation plan to strengthen energy conservation, specifically targeting cryptocurrency mining activities. The plan, issued by the Beijing Municipal Development and Reform Commission and 11 other departments, emphasizes a dual control system for energy consumption and carbon emissions.
A Focused Approach to Halting Mining Operations
This new plan represents a more targeted approach to tackling crypto mining in Beijing. It aligns with the nation’s goals of reducing pollution, promoting green expansion, and encouraging technological and energy innovation. The directive under item 18 of the plan emphasizes the need for enhanced monitoring and analysis of mining activities to effectively eliminate virtual currency mining operations.
Pushing Mining Operations Underground or Offshore
The implementation of this plan is expected to drive mining operations underground or offshore as China aims for greater energy efficiency and carbon neutrality. The measures taken by Beijing are more granular and rigorous compared to the broad anti-crypto measures already in place in the country.
US Takes Proactive Stance on Crypto Mining Energy Consumption
In response to concerns over the environmental impact of crypto mining, the US Energy Information Administration (EIA) is launching an initiative to scrutinize the power consumption of cryptocurrency mining facilities. This data collection effort aims to understand the energy use of commercial crypto miners and inform energy planners and regulators about the sector’s impact on the country’s energy landscape.
Keeping Power Planners Informed
The extensive data collection by the EIA, sanctioned by the White House Office of Management and Budget, is intended to provide valuable insights into the energy usage of crypto mining operations. As the digital currency industry evolves and migrates to regions with favorable energy costs and regulations, this initiative seeks to promote transparency and inform regulatory discussions on energy use.
Hot Take: Beijing Cracks Down on Crypto Mining as US Monitors Energy Consumption
Beijing’s updated implementation plan for energy conservation includes strict measures to crack down on cryptocurrency mining activities. The plan focuses on monitoring and analysis of mining operations to eliminate virtual currency mining in accordance with laws and regulations. This targeted approach aligns with China’s goals of reducing pollution and promoting innovation.
In response to environmental concerns, the US is launching an initiative to collect data on the power consumption of crypto mining facilities. This effort aims to inform energy planners and regulators about the impact of crypto mining on the country’s energy landscape, ensuring transparency and facilitating regulatory discussions.
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