Authorities seize over 10,000 crypto mining machines in Inner Mongolia, China

black white vehicles yellow caution tape near car parking lot daytime crime scene 2 scaled

China’s series of crackdowns on Bitcoin mining keeps making headlines within the crypto community. Parts of the country like Anhui and the Yunan Province announced their intention to crackdown on Bitcoin mining earlier this year. Earlier, Sichuan province also announced crackdowns in the city of Ya’an. The area is known for its hydropower abundance, and the cheap energy made it a hub for miners.

Following the pattern 

According to reports, the region of Inner Mongolia is the latest region to suffer a similar fate. Government authorities confiscated over 10,000 crypto mining machines from a retail park. The bust was carried out by China’s National Development and Reform Commission. The official press release stated,

“The Development and Reform Commission of Bayannur City, Inner Mongolia Autonomous Region and other relevant departments received reports from the masses that a warehouse piled up in virtual currency ‘mining’ equipment was found in the Small and Medium-sized Enterprise Entrepreneurship Park of Bayannur Economic Development Zone.”

After investigating the site, authorities found 10,100 crypto mining machines, which the Commission confiscated. “The power consumption for on-site inspection is 1104 kilowatt-hours,” it added.

Just recently, Chinese authorities reiterated restrictions on crypto-related activities while outlining enhanced surveillance for catching crypto mining operations. Ergo, the aforementioned development marks its first bust after the latest announcement.

That said, this wasn’t the first time  such a crack down happened. As covered before, the said region became one of the first provinces in China to face crack down on crypto mining as part of the Chinese government’s energy-saving plan.

Zooming out a bit, Inner Mongolia has cleaned up and closed 45 virtual currency “mining” projects. Putting it into further context- theoretically, it could save 6.58 billion kilowatt-hours of electricity a year and convert 2 million tons of standard coal.

Since then, crypto mining has faced bans across much of the country including regions where renewables were the primary energy source, such as Sichuan.

Thanks, China?

Bitcoin’s mining difficulty is adjusted automatically after 2,016 blocks have been mined. An adjustment of difficulty upwards or downwards depends on the number of participants in the mining network and their combined hashpower. Now with this crackdown, different miners relocated themselves to “friendlier” regions such as North America, Canada and Kazakhstan. Ergo, resulting in a huge exodus. Moreso, as Chinese miners re-located and resumed operations, hashpower was expected to pick up. It surely did.

Consider the plot below, this perfectly showcases the (Hash rate) recovery from July till now. Network difficulty too portrayed a positive picture.

Source: Blockchain Explorer

Ronnie Huss

Ronnie Huss

Leave a Reply

Your email address will not be published. Required fields are marked *

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 62,910.86
ethereum
Ethereum (ETH) $ 3,063.00
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 546.94
solana
Solana (SOL) $ 134.57
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 3,056.71
xrp
XRP (XRP) $ 0.490352
dogecoin
Dogecoin (DOGE) $ 0.154567
the-open-network
Toncoin (TON) $ 6.34
cardano
Cardano (ADA) $ 0.459582
avalanche-2
Avalanche (AVAX) $ 34.84
shiba-inu
Shiba Inu (SHIB) $ 0.000021
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 62,890.85
tron
TRON (TRX) $ 0.110932
bitcoin-cash
Bitcoin Cash (BCH) $ 483.38
polkadot
Polkadot (DOT) $ 6.63
chainlink
Chainlink (LINK) $ 13.39
matic-network
Polygon (MATIC) $ 0.699889
litecoin
Litecoin (LTC) $ 77.53
internet-computer
Internet Computer (ICP) $ 12.20
leo-token
LEO Token (LEO) $ 5.86
near
NEAR Protocol (NEAR) $ 5.09
uniswap
Uniswap (UNI) $ 7.10
dai
Dai (DAI) $ 0.999706
first-digital-usd
First Digital USD (FDUSD) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 26.17
aptos
Aptos (APT) $ 8.84
mantle
Mantle (MNT) $ 1.13
blockstack
Stacks (STX) $ 2.49
okb
OKB (OKB) $ 58.44
bittensor
Bittensor (TAO) $ 511.50
crypto-com-chain
Cronos (CRO) $ 0.126017
filecoin
Filecoin (FIL) $ 5.96
render-token
Render (RNDR) $ 8.31
cosmos
Cosmos Hub (ATOM) $ 8.05
stellar
Stellar (XLM) $ 0.106866
arbitrum
Arbitrum (ARB) $ 1.13
vechain
VeChain (VET) $ 0.039826
maker
Maker (MKR) $ 3,077.72
hedera-hashgraph
Hedera (HBAR) $ 0.078823
immutable-x
Immutable (IMX) $ 1.93
kaspa
Kaspa (KAS) $ 0.118491
dogwifcoin
dogwifhat (WIF) $ 2.60
the-graph
The Graph (GRT) $ 0.252181
ethena-usde
Ethena USDe (USDE) $ 1.00
optimism
Optimism (OP) $ 2.19
wrapped-eeth
Wrapped eETH (WEETH) $ 3,171.63
injective-protocol
Injective (INJ) $ 24.36
monero
Monero (XMR) $ 120.65