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China Set to Regulate Bitcoin Mining over Effects on Carbon Footprint
Last Updated: 30 April 2021
China may be making plans towards increasing regulations in crypto mining. This comes after concerns about the effects of Bitcoin mining on the carbon footprint.
China’s crypto miners may be looking towards strict supervision when mining in the future. This comes after the government is allegedly concerned over the high amounts of energy consumed during Bitcoin mining.
On April 27, Beijing made an announcement in which it issued a directive for investigation on data centers that are involved in Bitcoin mining and other crypto mining activities. This announcement caused uncertainly in China.
Apr 29, 2021
Beijing is reportedly examining the energy of âcryptocurrency minersâ within the region, which may come to impact bitcoin mining operations.
Officials in China’s capital of Beijing are conducting examinations of data centers involved in “cryptocurrency mining” to “better understand their impact on energy consumption,” according to a
Although the report refers to cryptocurrency at large, it is well known that China-based companies contribute the majority of bitcoin mining hash rate, controlling over 70% of the network’s total hash rate and consuming a significant amount of energy, according to this map from the Cambridge Bitcoin Electricity Consumption Index.
Per the report, “The Beijing Municipal Bureau of Economy and Information Technology on Tuesday sent an ‘emergency notice’ to the city’s data centre operators to report if they’re involved in bitcoin and other cryptocurrency mining businesses. If so, they need to report the amount,