China’s Inner Mongolia has banned cryptocurrency

bitterguy28

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Quote from: synd66 on March 02, 2021, 11:30:15 AM

An interesting one .

China’s Inner Mongolia has banned cryptocurrency mining and declared it will shut all such projects by April, spurring fears that the country will take more steps to eradicate the power-hungry practice. It also banned new digital coin projects. The region — which
http://lifestyle24.site/chinas-inner-mongolia-has-banned-cryptocurrency/

They should have act like this long time ago because China had been taking advantage of their electricity system.

better to banned crypto than them being abused.

Quote from: jrrsparkles on March 02, 2021, 12:23:46 PM

If we look at the reasons why they ban it to avoid electricity wastage and also they claim that 8% of all bitcoin mining operations are happening in that particular region just because they have cheap electricity fee and misused by the people with the domestic consumption charges.

But look at what they banned "Crypto currency mining operations" not the complete cryptos so better edit the title to appropriate one.

Agreed , The title must be edited and point the proper one and not generally .

jrrsparkles

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Quote from: peter0425 on March 03, 2021, 02:22:08 AM

Quote from: jrrsparkles on March 02, 2021, 12:23:46 PM

If we look at the reasons why they ban it to avoid electricity wastage and also they claim that 8% of all bitcoin mining operations are happening in that particular region just because they have cheap electricity fee and misused by the people with the domestic consumption charges.

But look at what they banned "Crypto currency mining operations" not the complete cryptos so better edit the title to appropriate one.

They are just acting what best for their countries interest , as we already knew that Miners are targeting countries with much lower electricity charges to be their bread and butter.

But now that the world is finding this profitable for the miner but danger for their country?

action are being held, we are lucky that our country has so much payable in electricity that's why mining was not advisable here.

Energy source are given in cheap price for everyone in that region to get benefit of it but when some individuals taking advantage of it for their personal benefits then government is going to restrict their activities. Not sure they are paying enough taxes for their gains so government may consider them leaving as it is.

peter0425

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Quote from: jrrsparkles on March 02, 2021, 12:23:46 PM

If we look at the reasons why they ban it to avoid electricity wastage and also they claim that 8% of all bitcoin mining operations are happening in that particular region just because they have cheap electricity fee and misused by the people with the domestic consumption charges.

But look at what they banned "Crypto currency mining operations" not the complete cryptos so better edit the title to appropriate one.

They are just acting what best for their countries interest , as we already knew that Miners are targeting countries with much lower electricity charges to be their bread and butter.

But now that the world is finding this profitable for the miner but danger for their country?

action are being held, we are lucky that our country has so much payable in electricity that's why mining was not advisable here.

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Quote from: jrrsparkles on March 02, 2021, 11:50:30 PM

Quote from: Rruchi man on March 02, 2021, 02:12:48 PM

If they think that the electricity fee there is too cheap, why not raise the fees instead of trying to stop crypto operations.

Maybe they want to people to get the benefit but not used to abuse it. They have fair reasons too, if a mining farm wants to run then they have to pay commercial fee instead of domestic.

That could be where they are going. Big mining farms won't give up like that after all they are paying for the electricity. They will just negotiate for the energy bills and will continue their business soon. Having an agreement for both sides will be beneficial for both parties, there is no question about crypto being banned nor mining being banned.

jrrsparkles

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Quote from: Rruchi man on March 02, 2021, 02:12:48 PM

If they think that the electricity fee there is too cheap, why not raise the fees instead of trying to stop crypto operations.

Maybe they want to people to get the benefit but not used to abuse it. They have fair reasons too, if a mining farm wants to run then they have to pay commercial fee instead of domestic.

Rruchi man

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Judging from what I just read from the article, I am forced to ask, if they are shutting down crypto mining activities in the area in a bid to cut down electricity consumption, Is that really a solution?, should the right thing not be to find a way to improve and sustain electricity in that area considering the importance of mining operations. If they think that the electricity fee there is too cheap, why not raise the fees instead of trying to stop crypto operations.

boyptc

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Isn't it that part was one of the coldest parts of China and mining is very ideal in that place? I thought that this is fake news but it's also in the mainstream media and just recent.

--> https://www.cnbc.com/2021/03/02/china-bitcoin-mining-hub-to-shut-down-cryptocurrency-projects.html

jrrsparkles

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If we look at the reasons why they ban it to avoid electricity wastage and also they claim that 8% of all bitcoin mining operations are happening in that particular region just because they have cheap electricity fee and misused by the people with the domestic consumption charges.

But look at what they banned "Crypto currency mining operations" not the complete cryptos so better edit the title to appropriate one.

synd66

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An interesting one .

China’s Inner Mongolia has banned cryptocurrency mining and declared it will shut all such projects by April, spurring fears that the country will take more steps to eradicate the power-hungry practice. It also banned new digital coin projects. The region — which
http://lifestyle24.site/chinas-inner-mongolia-has-banned-cryptocurrency/

Topic: China’s Inner Mongolia has banned cryptocurrency (Read 70 times)