Beijing Unveils Policy to Curb Cryptocurrency Mining in Energy Conservation Drive

Beijing is taking decisive action to strengthen energy conservation efforts with a new policy targeting various city operations, emphasizing carbon and pollution reduction.

The plan introduces heightened oversight on Bitcoin mining activities as part of broader measures to promote energy conservation. Beijing categorizes energy conservation as a pivotal area for building an ecological civilization and stresses its importance in resource preservation. Cryptocurrency mining faces specific scrutiny in the pursuit of carbon reduction and green energy expansion, aligning with efforts in construction, transportation, industry, and information technology.

The city vows to intensify monitoring, analysis, and rectification of virtual currency mining activities, adhering to the national ban imposed in 2021. Despite the ban, recent reports indicate ongoing Bitcoin mining in China, contributing 21% of the global network hashrate. Beijing’s comprehensive plan also includes inspections of energy-consuming units to curb illegal energy use, with penalties for non-compliance, reinforcing its commitment to rectify environmental issues in industries and companies.

Clever Robot News Desk 8^th February 2024