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China declares war on cryptocurrency mining, stirring wider fear
China’s Inner Mongolia has banned cryptocurrency mining and declared it will shut all such projects by April, spurring fears the world’s No. 2 economy will take more steps to eradicate the power-hungry practice.
The autonomous region, a favourite among the industry because of its cheap power, also banned new digital coin projects, according to a draft plan posted on the Inner Mongolia Development and Reform Commission’s website February 25. The aim is to constrain growth in energy consumption to about 1.9 per cent in 2021.
Bitcoin extended gains on Monday amid reports of the move, increasing as much as 6 per cent in the session to $47,970.
The announcement unnerved an industry that’s already been through a years-long Chinese campaign to clamp down amid concerns over speculative bubbles, fraud and energy waste. The draft policy was released weeks after China’s top economic planner blasted Inner Mongolia for being the only province to fail to control energy consumption in 2019.
The region now aims to cut emissions per unit of gross domestic product by 3 per cent this year and limit incremental growth of energy consumption to about 5 million tons of standard coal, according to the draft plan.
Chinese officials first outlined proposals in 2018 to discourage crypto-mining -- the computing process that makes transactions with virtual currencies possible but consumes vast amounts of power.
Inner Mongolia, which is clustered with large coal mines, is famous for inexpensive energy and has attracted investment from a plethora of power-intensive sectors such as aluminum and ferro-alloy smelting over past decades. The region accounted for 8% of global Bitcoin mining computing power, according to the Bitcoin Electricity Consumption Index compiled by Cambridge University. China overall had over 65 per cent of the network’s total, with its appealing combination of inexpensive electricity, local chipmaking factories and cheap labour.
The local crackdown is reviving old fears. Beijing since 2017 has abolished initial coin offerings and clamped down on virtual currency trading within its borders, forcing many exchanges overseas. The country was once home to about 90 per cent of trades but the lion’s share of mining and major players like Bitmain Technologies Ltd. have since fled abroad.
Taiwan Semiconductor Manufacturing Co. and Nvidia Corp. are among listed chipmakers that supply crypto miners in China and around the world.
New York attorney general warns cryptocurrency industry: 'Play by the rules or we will shut you down'
New York Attorney General Letitia James sent a blistering warning to investors and industry members on Monday about cryptocurrencies.
“We’re sending a clear message to the entire industry that you either play by the rules or we will shut you down,” she said in a press release.
The warning from James, which addressed individual investors and crypto industry members, comes amid a major start to 2021 for digital assets like bitcoin.
The cryptocurrency surged to a new all-time high above $58,000 earlier this month, after garnering attention from Wall Street banks, companies like Tesla and even the U.S. government.
"Cryptocurrencies are high-risk, unstable investments that could result in devastating losses just as quickly as they can provide gains,” James said.
Bitcoin, which was created in 2009, has evolved from a protest against the banking system to something of a “digital gold” that is beginning to catch on with mainstream investors.
Investment banks like JPMorgan and Goldman Sachs have shown interest in the asset class. Plus, companies like Mastercard have made significant moves to support cryptocurrencies. Tesla invested $1.5 billion into bitcoin in February.
The price of bitcoin rose more than 10 percent over the last 24 hours to hit $48,528, as of approximately 1:51 p.m. ET, according to CoinDesk. Other popular digital currencies include Ethereum and Litecoin.
James told members of the crypto industry in New York they must be registered with the Office of the Attorney General’s investor protection bureau. Parties that are obligated to register but fail to do so are subject to civil and criminal enforcement, James’ office said in a statement.
Monday’s alert comes two weeks after the attorney general filed a lawsuit against Coinseed, a trading platform for digital currency.
James alleged that Coinseed was operating a virtual currency trading business in New York, functioning as an unregistered broker-dealer for more than three years while collecting over $1 million in investors’ assets.
“We will not hesitate to take action against anyone who violates the law,” James said.
“Too often, greedy industry players take unnecessary risks with investors’ money, but, today, we’re leveling the playing field and issuing alerts to both investors and industry members across the nation,” she added.
James also told investors to be cautious about investing in cryptocurrencies.
“All investors should proceed with extreme caution when investing in virtual currencies. Cryptocurrencies are high-risk, unstable investments that could result in devastating losses just as quickly as they can provide gains,” James said
Cryptocurrencies
- Inner Mongolia plans to shut all such operations by April
- Nation is home to some of the world’s biggest crypto miners
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TODAY BITCOIN IS AT $48,000 AND YESTERDAY IT WAS $46,000
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