Nearly 49 miming farms related to cryptocurrency have been closed in Inner Mongolia. Since last September, around four such crypto farms have been closed. The Inner Mongolia Daily revealed that the process of closure has found success. The drive to shutdown crypto-mining farms, which was initiated by Beijing, is now seen to be slowing down.
Since September of last year, Inner Mongolia shut down at least 45 such farms. This news was reported by a science based newspaper, Science and Technology Daily.
Closing Down Crypto Mining in Inner Mongolia
The region of Inner Mongolia is autonomous. It lies near China’s northern border. This area is one that is rich when it comes to coal. Electricity is also available for cheap in this region. Crypto Mining farms that were based locally amounted to nearly 8% when it came to the hashrate of mining Bitcoin globally. This was revealed by the CCAF last year in May.
Since March, China has started being strict when it comes to Crypto Mining. As a result, there are mining farms that have shifted to operating from overseas locations. The hashrate related to cryptomining in China has seen an increase since last year. In January alone, China became the second highest hub of mining, contributing nearly 21% to the hashrate that is global. There are crypto miners that continue to operate in a hidden fashion, within China. They can be located in rural areas. Or they could also be leveraging the relationship they have with their local government, to continue to mine there.