A major Chinese bitcoin mining hub is shutting down its cryptocurrency operations

[superadmin]

• China’s Inner Mongolia region plans to ban new cryptocurrency mining projects and shut down existing activity in a bid to cut down on the energy-consuming operation.
  
• Bitcoin mining consumes an estimated 128.84 terrawatt-hour per year of energy, more than entire countries such as Ukraine and Argentina.
  
• Inner Mongolia alone accounts for around 8% of all bitcoin mining globally, more than the United States which accounts for 7.2%.
  

[*]
GUANGZHOU, China — China’s Inner Mongolia region plans to ban new cryptocurrency mining projects and shut down existing activity in a bid to cut down on energy-consumption.


Bitcoin is based on a decentralized network, which means it’s not issued by a single entity like a central bank. Transactions, recorded on a public ledger called the blockchain, need to be “verified” by miners.

These miners run purpose-built computers to solve complex mathematical puzzles that effectively allow a bitcoin transaction to happen. The miners receive bitcoin as a reward and that is the incentive.


- More -