China’s Inner Mongolia Cracks Down on Bitcoin Mining

Key Takeaways China’s Inner Mongolia will end Bitcoin mining before April ends. The region aims to reduce energy usage and help China meet its carbon goals by banning the energy-intensive practice. The ban could be detrimental to the region itself, but the decision could also decentralize the mining industry. Share this article China’s Inner Mongolia region will suspend Bitcoin mining before the end of April, according to the government’s new energy saving plan. Inner Mongolia to End Mining China is currently the most active country for Bitcoin mining, controlling 65%…

China’s Inner Mongolia to shut down crypto mining farms by April

Authorities of the Chinese autonomous region of Inner Mongolia have proposed closing down all local cryptocurrency mining facilities to reduce energy consumption in the region. The Inner Mongolia National Development and Reform Commission, or NDRC, released an official proposal to shut down local crypto mining operations in line with its energy-saving rules. Published Thursday of last week, the draft proposal suggests to “comprehensively clean up and shut down virtual currency mining projects” by the end of April. The authority also proposed a strict ban on new cryptocurrency mining projects in the…

Belarus government explores potential move into crypto mining

The Belarus state is studying the cryptocurrency industry for a potential move into mining digital coins like Bitcoin (BTC). The Ministry of Energy of the Republic of Belarus officially announced Friday that it is actively exploring the pros and cons of cryptocurrency mining. Minister Viktor Karankevich said that the crypto mining industry is rapidly growing all over the world in countries like China, the United States, Canada and Russia. The minister went on to say that the government is considering tapping into the mining industry following an investigation of the…

Bitcoin mining operator Northern Data reportedly considering $500M IPO

Major European Bitcoin (BTC) mining company Northern Data is reportedly considering going public in the United States. Germany-based Northern Data is planning to raise up to $500 million in the initial public offering, or IPO, Bloomberg reported on Feb. 22. The company is working with Swiss investment bank Credit Suisse to proceed with the IPO, anonymous people familiar with the matter told the publication. According to the report, the company is considering conducting a sale of new shares later in 2021, intending to boost Northern Data’s shareholder base as well as…

Chinese Retailer Goes From Bubble Tea to Crypto Mining in Unlikely Pivot

A retailer of specialty teas and baked goods based in Hunan, China is expanding its business into cryptocurrency mining. According to a press release on Thursday, Urban Tea Inc. has hired two new executives ahead of its strategic expansion into its new cryptocurrency venture. Fengdan Zhou has been hired as the company’s new chief operating officer (COO), while Yunfei Song has signed on as an independent director. Zhou, who will lead the company’s implementation of its “blockchain and bitcoin business plan,” brings a wealth of experience in building and managing…

Russian crypto mining firm scrambles to meet foreign demand

Global cryptocurrency mining operators are increasingly moving their equipment to Russia and the Commonwealth of Independent States as they chase lower energy prices. Igor Runets, founder and CEO of Russian crypto mining firm BitRiver, told local news agency Kommersant Thursday that the company is actively building up its power capacity to meet increasing demand from American and European investors. According to the executive, BitRiver has run out of spare capacity at its data centers, having fully reserved all of its power for the next 18 months. During this period, the…