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China's Inner Mongolia to shut down crypto mining farms from April

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China's Inner Mongolia to shut down crypto mining farms from April

Inner Mongolia drew the ire of Beijing after failing to meet energy efficiency goals.

Authorities of the Chinese autonomous region of Inner Mongolia have proposed closing down all local cryptocurrency mining centers to reduce energy consumption in the region.

The Inner Mongolia National Development and Reform Commission, or NDRC, released an official proposal to close down local crypto mining operations in line with its energy-saving rules.

Released Thursday of last week, the draft proposal suggests to"Gradually clean up and shut down virtual currency mining jobs" by the end of April. The authority also proposed a stringent ban on fresh cryptocurrency mining jobs in the region. The NDRC will collect public opinions on the draft proposal until Wednesday.

According to a Reuters report, Inner Mongolia was the only one of 30 southern areas beneath Beijing's energy intake and energy intensity review that failed to meet energy-saving targets in 2019.

Included in the energy management proposal, Inner Mongolia intends to limit its energy consumption growth at about 5 million tons of standard coal equivalent in 2021. The authority also plans to reduce back energy intensity -- the amount of energy consumed per unit of economic expansion -- by 3 percent from 2020 levels. Between 2016 and 2019, energy intensity in the region reportedly spiked 9.5 percent, whereas the overall energy consumption rose by almost 65 million tons.

Inner Mongolia became a favorite destination for cryptocurrency miners due to low electricity rates. Local governments, however, have been planning a crackdown on crypto mining operations in the region in the past few decades, issuing multiple statements scrutinizing local mining companies . In August 2020, Inner Mongolia officials considered a new policy preventing crypto miners from using state-subsidized electricity.

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