Last Updated on May 2, 2021 by Jason
Beijing is assessing the impact of cryptocurrency mining on energy consumption. The Municipal Bureau of Economy and Information Technology gave an emergency notice to data centers of the city, asking them to highlight any crypto mining. Centers like this are obligated to report the share and amount of power that is used when mining cryptocurrencies, like Bitcoin.
City authorities headed the probe, as crypto mining has gotten a bad rap recently for taking up huge amounts of energy. Mongolia in April said that it would close down crypto mining companies because of the consumption of energy.
However, despite China’s crackdown, the country remains a hub for crypto mining, comprising 65% of global activity.