Saturday, May 21, 2022

China’s Capital City Beijing To Verify Cryptocurrency Mining Centers

Beijing, the capital city of China, has recently started going through crypto-mining data to understand their impact on energy consumption.

On April 28, the Beijing Municipal Bureau of Economy and Information Technology released an emergency notice asking the data center operators about their involvement in crypto mining businesses.

As per the notification if any of the operators is found to be involved in the business then he/ she would have to report the amount of power being used during the crypto mining.

One of the bureau officials has recently said that the city authorities started this probe, he does not know the reason behind it. He further said that the circular issued by the authorities includes the name of China’s three biggest telecom operators.

In March 2021, the Chinese region of Inner Mongolia announced that by the end of April it would shut all the crypto mining projects. The main aim behind this is to improve energy efficiency in the region.

In order to mint a new digital currency, the miners require specially-designed servers to verify the crypto transaction. This whole process requires a huge amount of computing power and electricity which the miners found in Inner Mongolia, Sichuan, Yunnan and Xinjiang because these Chinese regions have low electricity prices. However, Beijing is not considered a major mining center.

According to the reports, China has banned the crypto exchanges and initial coin offerings in the country, which give rise to mining, and today the country has become a hub of crypto mining.

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