Inner Mongolia announced plans to slap any person or business caught violating a new crypto-mining ban with harsh penalties.
In another sign of how serious China’s crackdown on bitcoin mining is becoming, the government of China’s Inner Mongolia region proposed plans to impose harsh penalties on cryptocurrency miners.
Inner Mongolia had been a leading Chinese crypto mining region, with its highly-polluting coal-burning power plants churning out the power needed to mine about 8% of the global bitcoin supply. On Feb. 25, it published plans to ban all bitcoin mining by April.
Beyond that, the rules target everything from large industrial parks, internet firms and telecom companies down to cybercafes, threatening to ban their access to the region’s power trading scheme and even pulling business licenses, the SCMP reported.
Bitcoin’s Enemies Escalate
The rules, which are set to go into effect on June 1 are a sharp escalation in the region’s battle against mining, which it had until recently encouraged. Last week it called on citizens to report illegal miners.
Cambridge University’s Bitcoin Electricity Consumption Index puts Inner Mongolia in the top three bitcoin mining regions in China, which it says gives China about 65 percent of the global hash rate