Chinese Province Proposes to Blacklist Illegal Bitcoin Miners
- The ruling punishes internet cafes and providers who are engaged in crypto-related mining activities.
The Chinese provincial government of Inner Mongolia has issued a proposal to blacklist the national social credit system of everyone who violates new rulings on Bitcoin mining. Following China’s crackdown on crypto mining, the province wants to punish illegal miners with limited access to financial products and even restrictions on foreign travel, reported local media outlet Weixin.
According to the announcement made during the 51st meeting of the Financial Stability Development Committee of the State Council in Inner Mongolia, the blacklist seeks to punish internet providers and internet cafes who favor illegal Bitcoin mining within the province. The proposal is named “Inner Mongolia Autonomous Region Development and Reform Commission on Resolutely Cracking Down on and Punishment of Virtual Currency.”
“For entities such as virtual currency ‘mining’ projects that privately access power sources without approval, under the Criminal Law of the People’s Republic of China and other relevant regulations, their illegal electricity theft shall be transferred to the judicial organs for handling per the law,” an excerpt of the proposal says.
Additionally, the measure aims to crack down on what the government named 'illegal fundraising' on mining projects and banning public officials in Inner Mongolia from participating directly or indirectly in cryptocurrency mining-related activities.
China Harsh Tone on Crypto Mining
As Finance Magnates has been reporting over the last few days, Chinese miners have been struggling to figure out how to keep their operations alive in the long term. Beijing’s latest major crackdown on Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term occurred in 2017 when the government banned exchanges from running their operations within the country and prohibited initial coin offerings (ICOs).
However, the latest reports suggest a stricter stance from the Chinese government towards crypto mining amid alleged concerns on energy supply issues due to such activities. Such a harsh tone has led mining firms such as Huobi Mall and BTC.TOP to halt their operations in China.
Globally, China accounts for almost 70% of the global Hash Rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term, becoming a heavyweight in the crypto mining sphere.
The Chinese provincial government of Inner Mongolia has issued a proposal to blacklist the national social credit system of everyone who violates new rulings on Bitcoin mining. Following China’s crackdown on crypto mining, the province wants to punish illegal miners with limited access to financial products and even restrictions on foreign travel, reported local media outlet Weixin.
According to the announcement made during the 51st meeting of the Financial Stability Development Committee of the State Council in Inner Mongolia, the blacklist seeks to punish internet providers and internet cafes who favor illegal Bitcoin mining within the province. The proposal is named “Inner Mongolia Autonomous Region Development and Reform Commission on Resolutely Cracking Down on and Punishment of Virtual Currency.”
“For entities such as virtual currency ‘mining’ projects that privately access power sources without approval, under the Criminal Law of the People’s Republic of China and other relevant regulations, their illegal electricity theft shall be transferred to the judicial organs for handling per the law,” an excerpt of the proposal says.
Additionally, the measure aims to crack down on what the government named 'illegal fundraising' on mining projects and banning public officials in Inner Mongolia from participating directly or indirectly in cryptocurrency mining-related activities.
China Harsh Tone on Crypto Mining
As Finance Magnates has been reporting over the last few days, Chinese miners have been struggling to figure out how to keep their operations alive in the long term. Beijing’s latest major crackdown on Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term occurred in 2017 when the government banned exchanges from running their operations within the country and prohibited initial coin offerings (ICOs).
However, the latest reports suggest a stricter stance from the Chinese government towards crypto mining amid alleged concerns on energy supply issues due to such activities. Such a harsh tone has led mining firms such as Huobi Mall and BTC.TOP to halt their operations in China.
Globally, China accounts for almost 70% of the global Hash Rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term, becoming a heavyweight in the crypto mining sphere.