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Official Report States Low Rate Electricity to Stop for Inner Mongolian Bitcoin Miners

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Local News stories reported that Inner Mongolia officials described 21 BTC mines, as the region intends to hold supported electrical rates for private data companies. Except for the BTC, mining facilities collect and transfer; mining farms might notice an electrical value rise by one third.

The Chinese newsdesk Weixin reported that BTC mining farms present in Inner Mongolia would not be capable of accessing future subsidized electricity. A blockchain reporter found in China, Colin Wu, states that the Inner Mongolia Department of Industry and Information Technology announced an electrical policy note.

A strict interpretation of the note states it is termed the “Notice on Matters Related to Bitcoin Mining Enterprises Participation in Inner Mongolia Electric Power Multilateral Trading Market.” The Weixin story writes that at 2019 end, several on-site inquiries into over 30 data and computing firms had got 21 mining operations.

A significant number of Chinese miners work within Inner Mongolia’s boundaries, including a massive bitcoin mine found in the city of the Ordos managed by Bitmain. China Inner Mongolia Officials independent area superficially required operation in September 2019 to exact “illegal” BTC mining facilities profiting on subsidized electricity.

Weixin’s latest findings also told the companies did not suit or meet the standards of Inner Mongolia’s Electric Power Multilateral Trading Market. Mr Wu told his Twitter followers that officials “will grow the total electricity cost by nearly one third.”

In Sichuan, Xinjiang, Inner Mongolia, and additional regions in China, information from the Cambridge Bitcoin Electricity Consumption Index confers the state catches over 60% of international hashrate of Bitcoin.

Reacting to Wu’s twitter post, several users were happy and believed BTC miners elect to transfer outside. “A better hashrate will move to other areas. You will be so embraced,” the person responded to Wu’s post.

The Inner Mongolia Electric Power Multilateral Trading Market was launched in 2010, and it was the primary countrified power store in China. After launching the power trading market, advocates consider the way is a practical method to sustain the foundation extension of Inner Mongolia.

Besides, state officials hold the power trading market to bolster electric power tradings to all over China. Once the Inner Mongolian review team resulted in on-site inquiries of the data stations. The analysts acknowledged that related departments could regain 6.732 billion yuan of worth $960 million after eliminating specific items from subsidization.

Previous November, the Department of Industry and Information Technology of the Inner Mongolia Autonomous Region announced a notice regarding the reviews. Also, about the “rectification of virtual currency (Bitcoin) mining enterprises.”

The report stated that BTC mining didn’t combine anything to the “physical economy” and mining users a tremendous quantity of power.

Chinese miners may need to discover an approach to bypass higher electricity costs, and few may need to grow in countries like Malaysia, Kazakhstan, and Iran. Chinese BTC miners have been cultivating healthy relations in the oil-rich region and Bitcoin mining facilities in Iran.

Weixin’s notice infers that at this time, Inner Mongolia’s electrical load value for crypto miners is still cheaper than Xinjiang and Sichuan.

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