Beijing has intensified its efforts to curb cryptocurrency mining, citing its excessive energy consumption and potential environmental harm. This move comes as part of a broader plan to achieve “higher level and higher quality” energy conservation, aligning with China’s national goals of pollution reduction and carbon neutrality.
China Targets Cryptocurrency Mining: Stricter Measures
The updated implementation plan, released by the Beijing Municipal Development and Reform Commission alongside 11 other departments, specifically targets “virtual currency ‘mining’ activities” under item 18. Authorities will bolster monitoring and enforce stricter classification and rectification measures to “resolutely clean up” such operations.
This targeted approach differs from China’s blanket ban on cryptocurrency trading and mining implemented in 2021. However, analysts warn that it could still push mining operations underground or offshore, potentially hindering complete eradicat
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