Beijing Aims to Restrict Cryptocurrency Mining in New Energy Conservation Strategy

Beijing Aims to Restrict Cryptocurrency Mining in New Energy Conservation Strategy

Beijing is set to implement a fresh policy aimed at reinforcing efforts to conserve energy across various aspects of the city's operations, with a focus on reducing carbon emissions and pollution. The strategy intends to heighten scrutiny on Bitcoin mining activities to curtail its impact.

Beijing to Counter Cryptocurrency Mining in Energy Conservation Strategy

The city of Beijing has unveiled a series of new policies designed to bolster energy conservation, addressing various activities through targeted measures. The document underscores the city's recognition of energy conservation as a "vital area" for preserving energy resources and an essential element in establishing an eco-friendly civilization.

Cryptocurrency mining is singled out among the activities subject to specific oversight, with the goal of promoting carbon reduction, pollution reduction, and the advancement of green energy. This focus extends to construction, transportation, industry, and information technology.

Regarding cryptocurrency mining, Beijing outlines its commitment to "continuing efforts to rectify virtual currency mining activities," emphasizing the need to enhance monitoring, analysis, and targeted rectification of mining operations to eradicate virtual currency-related activities within the city.

These measures align with the national policy that implemented a comprehensive ban on cryptocurrency mining and trading in 2021, prompting China's banks, under the guidance of the People's Bank of China, to immediately prohibit crypto-related activities.

Despite the ban, recent reports indicate ongoing Bitcoin mining activities in China, with Chinese miners contributing 21% of the global network hashrate, trailing behind the U.S. at 38%.

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