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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 order to reduce electricity consumption. Cryptocurrency is massively resource intensive. Globally, mini...

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.