Vera

Bitcoin

Angola

Angola's government is considering a law to ban <a href="https://ultramining.com/news/en/terawulf-reveals-impact-of-location-on-energy-costs-for-bitcoin-mining/">Bitcoin mining</a>. Finance Minister Vera Sousa cites high energy consumption as the main reason. Despite its oil wealth, Angola gets 70% of its power from renewable sources. The draft bill aims to protect the national grid from the strain of <a href="https://ultramining.com/news/en/terawulf-reveals-impact-of-location-on-energy-costs-for-bitcoin-mining/">Bitcoin mining</a>. 
The ban isn't just about energy. Angola wants to preserve the central bank's exclusive right to issue currency. Sousa mentioned other concerns like money laundering and terrorist financing. The bill has cleared the Cabinet and now waits for parliamentary approval. If passed, President João Lourenço will sign it into law. 
Critics argue the move is a setback for Angola's burgeoning crypto industry. Manuel Euclides, founder of local digital asset exchange Yetubit, urges regulation instead of a ban. He highlights the lost tax revenue and the missed opportunity for collaboration between the government and industry players. 
Angola ranks high in <a href="https://ultramining.com/news/en/terawulf-reveals-impact-of-location-on-energy-costs-for-bitcoin-mining/">Bitcoin mining</a> in Africa, only behind Egypt and Libya. Cambridge University data shows it costs an average of $7,300 to mine one Bitcoin in Angola, making it one of the cheapest places in Africa for this activity. However, Euclides notes that most of the mining is done by foreigners, mainly from <a href="https://ultramining.com/news/en/immersion-cooling-transforms-chinas-crypto-mining-landscape/">China</a>, Vietnam, and Israel. 
Recent crackdowns saw dozens of illegal crypto mining operations closed and multiple arrests. Last month, an undercover operation inside a brick factory led to the arrest of several Chinese nationals. 
As the world scrutinizes the energy usage of <a href="https://ultramining.com/news/en/terawulf-reveals-impact-of-location-on-energy-costs-for-bitcoin-mining/">Bitcoin mining</a>, Angola's decision could set a precedent. The <a href="https://ultramining.com/news/en/senator-lummis-pushes-for-crypto-regulation-amid-sec-lawsuits/">U.S.</a> and <a href="https://ultramining.com/news/en/global-bitcoin-mining-activity-soars-hashrate-hits-record-high/">Kazakhstan</a>, once havens for <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/">Bitcoin miners</a>, are also rethinking their policies. With governments worldwide reconsidering crypto regulation, Angola's next move could indicate a broader trend.

Angola Mulls Over Banning Bitcoin Mining Amid Energy Concerns and Regulatory Scrutiny

Ultramining_Eng

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