China Doubles Down on Crypto Mining Restrictions

Beijing, China recently released an updated energy conservation implementation plan with explicit measures to crack down on cryptocurrency mining operations. 

Beijing, China, requires strengthening the monitoring and analysis of cryptocurrency mining activities in 2024 and resolutely cracking down on cryptocurrency-related mining activities in Beijing in accordance with laws and regulations.

— Wu Blockchain (@WuBlockchain) February 4, 2024

The plan underscores a commitment to reducing energy consumption and emissions through monitoring, analyzing, and “resolutely” eliminating virtual currency mining activities. 

This represents a more focused approach to halting mining compared to China’s broader anti-crypto stance. With many operations having moved overseas following the 2021 mining ban, the new directive aligns with national carbon neutrality goals. 

Meanwhile, the U.S. Energy Information Administration has unveiled an initiative to collect comprehensive data on commercial crypto mining energy use. This move aims to inform regulators on the industry’s environmental impact as digital currencies mature.

While China doubles down on mining restrictions, the U.S. takes proactive steps toward energy use transparency.

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2024-02-05 01:24