Bitcoin mining requires huge amounts of computing power and uses large amounts of energy, but China has pledged to achieve carbon neutrality in 2060.
China’s top energy consuming province plans to suspend all new and existing bitcoin mining projects before the end of April, as Inner Mongolia faces mounting pressure to meet its energy-saving targets. There is growing fears the world’s No. 2 economy will take more steps to eradicate the power-hungry practice.
China’s top energy consuming province plans to suspend all new and existing bitcoin mining projects before the end of April, as Inner Mongolia faces mounting pressure to meet its energy-saving targets. Inner Mongolia is one of China's popular cryptocurrency mining spots due to low electricity prices.
The new regulation is aimed to cut the emissions per unit of gross domestic product by 3% this year and limit incremental growth of energy consumption to about 5 million tons of standard coal, according to the draft plan.
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