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Chinese authorities want to tighten control over mining companies

Mining: Chinese authorities want to tighten control over mining companies

Beijing authorities have called for heightened surveillance of bitcoin mining companies, stating their determination to crack down on such activities in accordance with existing laws and #regulations.

The government has recently unveiled an updated plan to organize energy conservation in the country, emphasizing its commitment to reducing #energy consumption and emissions. In order to achieve this goal, authorities in Beijing intend to regularly monitor and control companies engaged in crypto-asset mining.

The document emphasizes the necessity of strict regulation of virtual currency mining, stating:

"We will strengthen analysis and monitoring to identify cryptocurrency mining companies in a timely manner."

Responsibility for implementing these rules has been assigned to several agencies, including the Municipal Development and Reform Commission, the Municipal Network Information Office, and the Municipal Bureau of Economics and Information Technology, which will oversee mining activities in the country.

Furthermore, Beijing authorities plan to carry out comprehensive supervision of energy conservation and investigate any violations, punishing firms found guilty of illegal electricity usage.

It should be noted that cryptocurrencies are prohibited in China by law, and there are restrictions on the mining of bitcoin and other digital assets. In a previous report, we highlighted that an official from the People's Republic of China received a life sentence for supporting cryptocurrency mining.

Despite these strict controls, China ranked second in #bitcoin mining in May 2022. Censorship and fines have not been sufficient to deter Chinese #mining farms.

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