China’s Inner Mongolia region will suspend Bitcoin mining before the end of April, according to the government’s new energy-saving plan.
China is currently the most active country for Bitcoin mining, controlling 65% of Bitcoin’s hash rate. Inner Mongolia is a particularly active Bitcoin mining hotspot because of its inexpensive energy.
Market conditions have also promoted mining within China more generally. In recent months, Inner Mongolia and other hotspots have seen heightened enthusiasm for crypto mining following Bitcoin’s upward price trajectory. Mining has become harder but more profitable than ever as a result of the price rise.
However, that growth will be mitigated by the impending ban, which is intended to help China meet its energy-saving targets and reach carbon neutrality by 2060. Bitcoin mining is known for its high energy consumption, and Inner Mongolia and other areas use coal power, which is damaging to the environment.
