China seizes 10,000 bitcoin mining equipment in Inner Mongolia

Municipal authorities in China’s Inner Mongolia Province reported the seizure of 10,000 unregistered cryptocurrency mining equipment on Monday, September 27. The mining equipment was discovered in a hangar in the small and medium business area of ​​an entrepreneurship park in Bayannur.

Regarding the confiscated mining equipment, a statement by the state-run Xinhua News Agency indicates that the energy consumption of the facilities is increasing by around 1,104 kWh. officials say 45 mining farms already closed in Inner Mongolia province, which represents an annual consumption saving of 6.53 billion kWh, according to the press release.

The seizure came shortly after the People’s Bank of China announced last Friday declaring bitcoin and cryptocurrencies illegal, as Cryptonoticious reported. Details are available on the website of the National Development and Reform Commission (NDRC). On specific measures related to cryptocurrency mining, as part of the central bank’s announcement.

Authorities in northern China’s Inner Mongolia Province have hired a company
Illegal mining tracing source: Wikipedia.

Planned Bitcoin Mining Headquarters

Inner Mongolia was the NDRC an outside company.

NDRC Commission during a press briefing Response to a question on “improving cryptocurrency mining activities“.

The treatment of virtual currency “mining” activities is of great importance to promote the optimization of China’s industrial structure, promote energy conservation and emission reduction, and achieve the extreme carbon goal and neutrality over time. Carbon.

National Development and Reform Commission, China.

However, these are not new or recent measures. Since May of this year, restrictions on cryptocurrency mining activity have increased, causing bitcoin’s hash rate to drop, as reported by this outlet.

also in May an aggressor of the authorities of Inner Mongolia against the mining of bitcoins, a fact reported by Cryptonoticious. According to a report by financial services firm Galaxy Digital, commented on here, the abolition of mining in China is aimed at wiping out bitcoin.

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