China to socially blacklist Bitcoin miners in Inner Mongolia region

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The Chinese government will be implementing a new policy to socially black-list local Bitcoin miners in the Inner Mongolia region, according to the announcement made by the local Legal Network journal, on January 12, 2019. (Full disclosure: I own some cryptocurrency.) The government will be punishing miners guilty of purchasing equipment or electricity from black-listed suppliers, who have been deemed to be “in breach of contract” or “in violation of laws or regulations”.

As of this month, China has started to socially blacklist Bitcoin miners in Inner Mongolia region. This is due to concerns that Bitcoin mining is using up too much electricity in the region that is already suffering from severe shortages. (International Business Times)

China has given the green light on a plan to publicly shame the country’s bitcoin miners, and force them to move to other regions, with the world’s largest nation following a trend to try and cool the growth of its cryptocurrency market. Bloomberg reported on Wednesday that Beijing is drafting rules that would require mining operations to obtain a license from the government if they use either cheap electricity or government land.

China to socially blacklist Bitcoin miners in Inner Mongolia region China has stepped up efforts to crack down on cryptocurrency mining in the Inner Mongolia region, introducing new penalties for those who engage in illegal activities. Officials have unveiled new draft rules that would impose harsher penalties on those caught mining bitcoin (BTC) and other cryptocurrencies, reports the South China Morning Post. This could include putting offenders on a social credit blacklist, which would prevent them from getting credit or even using the transport system. The new rules specifically mention data centers, industrial parks, telecommunications companies, internet companies and even internet cafes. They point out that anyone found to be operating mining facilities will see their operating permit revoked, may be excluded from the local power exchange system and may even have to cease operations. The draft rules were finalized for public review on June 1, but the Inner Mongolia region has already taken strict measures against cryptocurrency mining. Moving away from energy-intensive mining is part of China’s goal of becoming carbon neutral by 2060. The Inner Mongolia region already has a hotline asking citizens to notify authorities of any cryptocurrency mining in the area. China’s determination to get rid of bitcoin miners has already had an effect. Three mining companies – BTC.TOP, Huobi and HashCow – announced the closure of their operations in mainland China earlier this week. While China is prosecuting cryptocurrency miners as part of its stated goals to combat carbon emissions, other countries are engaging in the same activity, but for different reasons. Iranian President Hassan Rouhani delivered a televised speech on Wednesday announcing an immediate ban on all bitcoin mining by September. The power shortage in Iran is reportedly due to the excessive energy consumption of bitcoin miners and has already led to power outages and poor street lighting. Iranian authorities are offering a reward of 200 million rials ($873) to anyone who reports the whereabouts of illegal bitcoin miners, an amount that represents more than four times the average monthly salary in Iran.China’s internet watchdog has announced that it will launch a social credit system for cryptocurrency miners operating in its Inner Mongolia region. The new system will be pitched as a way for the government to track cryptocurrency mining “disorder” and improve “stability” in the region, according to an announcement on the agency’s website on Wednesday. The announcement came after the Communist Party of China’s (CPC) central committee and the State Council, China’s cabinet, called in January 2018 for a “speedy” rollout of a social credit system. The system will initially be used to rank miners on their electricity consumption and power usage efficiency, according to the announcement.. Read more about inner mongolia bitcoin mining and let us know what you think.

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Emilia James
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