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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 ferroalloy projects. Cryptocurrency mining gobbles up vast amounts of power both through the electr...

(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 drawing increasing attention from mainstream financial institutions and Wall Street players, alongside a ...

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

Inner Mongolia Development and Reform Commission recently released a draft to solicit for opinions, planning to shut down all cryptocurrency mining projects by the end of April 2021, and any newly-founded cryptocurrency...