Beijing Intensifies Crackdown on Crypto Mining in Updated Energy Conservation Plan

Beijing Intensifies Crackdown on Crypto Mining in Updated Energy Conservation Plan

Beijing has unveiled a revised energy conservation plan, outlining specific measures to target cryptocurrency mining activities. The updated plan, issued by the Beijing Municipal Development and Reform Commission and 11 other departments, emphasizes a dual control system for energy consumption and carbon emissions. Unlike previous broad anti-cryptocurrency measures in China, this directive focuses on a more rigorous approach to curb crypto mining, aligning with the city’s commitment to ecological civilization and environmental sustainability.

Under item 18 of the plan, authorities will strengthen monitoring, analysis, and classification rectification of mining activities, aiming to “resolutely clean up virtual currency β€˜mining’ activities” in accordance with national directives. This targeted approach reflects China’s broader goals of reducing pollution, promoting green expansion, and fostering technological and energy innovation.

The move against crypto mining in Beijing is part of a global trend toward environmental sustainability. Following China’s initial crypto mining ban in 2021, many Bitcoin mining operations relocated to the U.S. However, the U.S. is also taking proactive measures to address the environmental impact of crypto mining.

The Energy Information Administration (EIA) in the U.S. is set to launch an initiative to scrutinize the power consumption of cryptocurrency mining facilities. The program, endorsed by the White House Office of Management and Budget, aims to collect comprehensive data on the energy use of commercial crypto miners. This initiative reflects growing concerns about the ecological footprint of crypto mining and seeks to keep power planners informed while contributing to the regulatory discourse on energy use transparency.

As the digital currency industry continues to evolve, with operations moving to regions with favorable energy costs and regulatory climates, the comprehensive data collection effort by the U.S. serves as a proactive step to ensure informed decision-making and foster transparency in energy consumption within the crypto sector.

Powered by Crypto Expert BD

Follow us on Twitter: https://x.com/CryptoExpert_BD

Join our Telegram channel: https://t.me/CryptoExpert_BD