Chinese authorities wasted no time and immediately carried out operations after the government announced that it would intensify its crackdown efforts against crypto-related activities.
After the announcement, Inner Mongolia became the first area to taste the government’s wrath as the National Development and Reform Commission deployed its personnel to confiscate 10,100 crypto machines. The machines were discovered in a warehouse located in a retail park.
The authorities vowed that aside from intensified crackdowns, it would also increase its surveillance to better “hunt down” hidden crypto mining operations in the country. The Commission said that it would monitor energy consumption levels across the country to spot mining operations and destabilize them.
Power consumption
The authorities said that the mining site it discovered in Inner Mongolia had a power consumption of 1,104 kw/h. The specific crypto that the facility is mining hasn’t been confirmed yet, but based on its energy consumption, analysts say that it is most likely mining Ethereum.
Even before the intensified crackdown was announced, Inner Mongolia became one of the first provinces to align itself with the government’s energy-saving plan by eradicating crypto mining operations in its jurisdiction.
Crackdowns against crypto mining have never stopped since then, and even mining facilities that use renewable energy were not spared from this campaign.
Red carpet for CBDC
The Chinese government has always used the “environmental impact” as a major reason for their operations against crypto mining.
But many analysts believe that the government is doing this mega campaign to make way for its central bank digital currency called “e-CNY”.
The Chinese government wants to eradicate every fiber of cryptocurrencies around the country and eliminate any possible competition with its CBDC.
China is aiming for nationwide adoption of its e-CNY, and the presence of cryptos would certainly not make this grand plan possible.
Image courtesy of Cointelegraph News/YouTube
- 000
- 100
- activities
- Adoption
- Aiming
- announced
- Announcement
- AREA
- around
- Bank
- Campaign
- CBDC
- Central Bank
- central bank digital currency
- chinese
- commission
- competition
- consumption
- crypto
- crypto mining
- cryptocurrencies
- Currency
- Development
- digital
- digital currency
- discovered
- energy
- ethereum
- Facility
- First
- Government
- HTTPS
- Increase
- IT
- Machines
- major
- Mining
- Operations
- Personnel
- power
- renewable energy
- retail
- Spot
- surveillance
- time
- youtube
