Home News Inner Mongolia seizes more than 10K mining rigs

Inner Mongolia seizes more than 10K mining rigs


The authorities of the Chinese province of Inner Mongolia seized 10,100 devices for mining cryptocurrencies. Local media reported this.

Thus, according to them, the equipment was found on the territory of the state technological park located in the Bayannur urban district. To date, Inner Mongolia has closed 45 mining farms, the report says.

In May, Vice Premier of the State Council of the People’s Republic of China (PRC) Liu He announced the upcoming measures regarding Bitcoin (BTC) mining and trading. In the same month, the state news agency Xinhua criticized the mining of cryptocurrencies.

The negative impact of mining

After that, the authorities of the provinces of Inner Mongolia, Qinghai, Sichuan, Xinjiang and Yunnan took restrictive measures against the digital currency mining industry.

The bans led to a mass exodus of industry participants from China. However, according to the Cambridge Centre for Alternative Finance (CCAF), the country lost its dominance in Bitcoin mining in the spring.

On September 24, it became known about the next Chinese repressions against the cryptocurrency industry. Moreover, the State Committee for Development and Reform of the PRC pointed to the negative impact of mining on the environment. And its “insignificant” contribution to the country’s economy.

A solution for monitoring

Recall that the Inner Mongolia Development and Reform Commission (DRC) has hired a contractor who will provide a solution for monitoring illegal cryptocurrency mining operations.

Earlier, the DRC announced a tender to find an organization that will help the agency create monitoring and response units. This was done in order to identify possible operations related to the production of cryptocurrencies in the region. A week later, the regulator announced the winner. It became a local company Inner Mongolia Mengze Engineering Management Limited. The contract amount was $46,000.

In addition, the DRC tender identified specific areas in which the agency wants to collect more information. Among other things, they include: the process of production and development of cryptocurrency mining operations; expenses, income, taxation, as well as energy consumption associated with mining operations; physical distribution of mining enterprises; methods for determining mining operations among other activities focused on big data and cloud computing; analysis of the main mining equipment; the impact of the ban on mining operations on the achievement of carbon neutrality goals.

Previous articleBinance blocks fiat deposits and spot crypto trading for Singapore users
Next articleHuobi outlines plan for Chinese investors after halting crypto trading