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Chinese authority skeptic of Mongolian crypto-mining

China re-emerges as second-largest bitcoin mining center despite recent ban

The organizations that have been working with the Mongolian crypto-mining projects aren’t shown any mercy and will be scrutinized under the same principals.

This notice on Sep, 14 stated that a total of five departments have decided to amend the mining industry of their province. These were:

  1. The Development and Reform Commission
  2. The Big Data Bureau
  3. The Office of the Ministry of Industry
  4. The Public Security Department
  5. The Financial Office

Regulators have a firm stance against cryptocurrency mining, considering it pseudo-financial. It is believed by them that it has no relation with the real economy what-so-ever.

What will become of the Mongolian crypto-mining projects?

Crypto Miners in Inner Mongolia are still not sure about the plan of action that is going to be implemented for them due to China’s variable outlook towards cryptocurrency mining. Dovey Wan, a crypto commentator, and a Primitive Ventures Partner took it to twitter, tweeting that, this might not even have an impact.

It was speculated at the end of May that 70% of the total BTC mining occurred in China, in the province of Sichuan and there were already investigations going on there for illegal mining operations. The Chinese pools still remain the undisputed leaders among the mining industry but a recent report by Blockchain.com, a cryptocurrency exchange showed that the rest of the world has caught up with the Chinese. Analysts have been tweeting on twitter regarding the matter stating that it doesn’t matter anymore if the Chinese mining pools were to quit on mining.

It was reported in April that a ban on Crypto mining was being considered for the whole country imposed by China’s National Development and Reform Commission. It was considered very illogical and troubling to ban crypto mining as the majority of the world’s hashing power is contained in China. It was thought that this would mean the end of legal crypto mining in the country, but to this date, it has not happened.

 

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

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