Page 4 - Inner Mongolia Development News Today

A Chinese Province Could Ban Bitcoin Mining to Cut Down Energy Use Gizmodo 3/3/2021 © Photo: Lam Yik Fei (Getty Images) Inner Mongolia said: Bitcoin is not accepted here anymore! Over the past decade, bitcoin has put increasing stress on the largely coal-powered grid of China’s Inner Mongolia. Now, the province is clamping down. Late last week, province officials announced plans to ban all new bitcoin and other cryptocurrency mining ventures and quickly phase out existing activity in ord...

Inner Mongolia is famous for cheap electricity by virtue of its large coal mines.  The region has investment from several power intensive sectors

(Bloomberg) -- Bitcoin rallied after a volatile weekend session, riding a broad resurgence in risk assets and a bullish report from Citigroup Inc. The world’s largest cryptocurrency jumped as much as 7.2% to trade around $48,500 in early U.S. trading on Monday.

Bitcoin touched the $50,000 level in Asia trading, riding a broad resurgence in risk assets, with Citigroup Inc. and Goldman Sachs Group Inc. warming up to the largest cryptocurrency.

The world’s top cryptocurrency, bitcoin, continued to rally on Tuesday, pushing above $49,000 during early trading. The rally comes as the Chinese government plans to ban crypto mining in the country.

Spread the love ASIA: China’s manufacturing sector grew at a markedly slower pace in February than the month before, surveys released over the weekend suggested, even as similar indicators in the US are signaling rapid growth. Chinese purchasing managers indexes have been trending lower since December when officials mandated new lockdowns in some northern cities to contain a rash of coronavirus outbreaks there. February’s service sector PMI was expected to be weak because officials have bee...

Bitcoin Mining’s Days Are Numbered in One China Province The Inner Mongolia Development and Reform Commission (DRC) released draft measures (link in Chinese) on Thursday to curb the development of high energy-consuming industries in order to meet goals set in China’s 14th Five-Year Plan that runs from 2021 to 2025. Cryptocurrency mining is one of the sectors highlighted in the document which also says that in principle the region will no longer approve new energy-consuming coke, steel and...

(Bloomberg) -- WATCH: Bitcoin touched the $50,000 level in Asia trading, riding a broad resurgence in risk assets, with Citigroup Inc. and Goldman Sachs Group Inc. warming up to the largest cryptocurrency.The digital asset climbed as much as 2.8% Tuesday, and was holding at $49,080 as of 9:05 a.m. in Hong Kong. Prices last week suffered the worst decline since March and dipped as low as $43,000 on Sunday. Bitcoin climbed to a record $58,350 on Feb. 21.Bitcoin and other cryptocurrencies are drawi...

China’s Inner Mongolia has banned cryptocurrency mining and declared it will shut all such projects by April, spurring fears the world’s No. 2 economy will take more steps to eradicate the power-hungry practice.

Read more about China declares war on cryptocurrency mining, stirring wider fear on Business Standard. Inner Mongolia plans to shut all such operations by April