Chinese Crack Down on Crypto Intensifies: Over 10,000 Mining Rigs Confiscated in Inner Mongolia

10.100 cryptocurrency mining equipments were seized by the National Development and Reform Commission of the People’s Republic of China from an Inner Mongolian government-operated tech park. This was the 45th such confiscation in this province.

China opposes Crypto Mining

A few days after reminding the nation that digital assets are prohibited within its borders, the Chinese government (PBoC), seized mining equipment from the northern province Inner Mongolia.

Local media reported that the National Development and Reform Commission, which was responsible for the operation, received information regarding suspicious activity at a warehouse within the Bayannaoer Economic Development Zone’s SME Pioneer Park.

The NDRC seized 10,100 bitcoin mining machines after investigating the site. According to the authorities, the mine used 1,104 kWh of electricity.

The Chinese crypto crackdown has led to 45 mining projects being closed in Inner Mongolia. This province is the only one that theoretically could have saved 6.58 billion Kilowatt-hours per year.

This is 2 million tons of standard-coal. These operations were also conducted in China’s other provinces known as important mining areas. These included Sichuan Yunnan Xinjiang and Qinghai.

Are Chinese Miners Ready to Leave China?

Some local miners moved their operations to other countries because of the hostile cryptocurrency environment in China. That’s what happened in May, when the PBoC reaffirmed its ban on using BTC or other digital assets.

According to CryptoPotato, in 2016, Chinese cryptocurrency miners moved nearly 3 tons worth of mining equipment from Guangzhou, China, to Maryland, USA. According to David Marcus, the co-creator of Facebook’s cryptocurrency project Diem and a board member, the hostile attitude China displays towards digital assets could be a positive development for Bitcoin.

Senator Pat Toomey also had a similar opinion. According to Senator Pat Toomey, the United States could benefit from the crackdown on cryptocurrency in the nation with the highest population.

“China’s authoritarian crackdown against crypto, including Bitcoin is a huge opportunity for the U.S. It’s also an indication of our enormous structural advantage over China.”

He also noted that Beijing is so hostile to economic freedom, they can’t even tolerate their people taking part in what is arguably one of the most exciting innovations in finance in decades.”

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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