Thursday, September 29, 2022

Inner Mongolia Introduces Hotline For Reporting Suspected Crypto Mining Activities

Inner Mongolia Autonomous Region of North China has introduced a new platform where the public could directly report about the outlying cryptocurrency mining activities, announced the Development and Reform Commission (DRC).

As per the report, for a long time, Inner Mongolia has been the home of crypto mining activities. From September 2019 to April 2020, the region was alone accountable for 7.71 percent of the global Bitcoin network hashrate.

In order to reduce the carbon emission in the region, the Chinese authorities have been scrutinizing Inner Mongolia because it is a coal-rich area which suitable for generating cheap electricity. 

In March 2021, Greenpeace published a report notifying, “Inner Mongolia approved the highest amount of new capacity for coal-fired power plants between 2016 and 2020 of any DRC in China.”

The recent announcement by the authorities specifies that the country is trying to culminate the energy front in the region. 

According to the notification, the authorities would provide a telephone hotline, email and mail services, to Inner Mongolia people. They could use those services to report suspected crypto mining activities in the region.

Notably, the suspected entities could be anyone in the region. They might present themselves as data centers to enjoy preferential policies in tax, land and electricity prices, but in reality, they would be involved in illegal crypto mining activity.

Hotline’s introduction is the latest approach by the authorities for managing the crypto mining activity. In August 2020, the authorities planned to introduce a policy to limit the usage of electricity by cryptocurrency miners. In March 2021, the authorities drafted a proposal which states to shut the crypto mining projects in the region by the end of April.

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