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.
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. that effectively allow a bitcoin transaction to happen. The miners receive bitcoin as a reward and that is the incentive.Bitcoin mining consumes an estimated 128.84 terrawatt-hour per year of energy — more than entire countries such as Ukraine and Argentina, according to the Cambridge Bitcoin Electricity Consumption Index, a project of the University of Cambridge.
Is $btbt going to crash on this news?
This is the ultimate downfall of BTC and other proof of work crypto. Ethereum 2.0 and other POS crypto will soon overtake BTC.
All of mining hubs should be shutted down. Energy shouldn't be used to do those meaningless things
More for the US / Rest of World...
Is it just me or has the crypto mining energy binge not caught the eye of environmentalists yet?
More good news please(((
Good
Good news for the others?
When is the ban?
nic__carter guess that’s the end of bitcoin...
Goodbye Bitcoin, cashing out again 😆
Buy signal
Its overrr 🖖
$RIOT
spread fud will earn more money right?! bring back old story in 2019
TimeForPlanN Good it is an absolutely shocking waste of energy. Especially since we have environmentally friendly options such as $nano $nano is what bitcoin was meant to be
You can send Bitcoin to the whole world 24/7, they do not have to go through an intermediary: the bank.
Less miners = less supply. FUD may curb demand though.....for about 13 seconds. hahahah
Hodl!!1
Bitcoin is ingenious, you can divide it into micro pieces, and buy a fraction of a Bitcoin, and while not creating more than a certain number - all in all, - as opposed to dollar (printing), and your money (bitcoin) is at the same time an investment.
And btc mining cost will dump! Be ready for bitcoin price dump!
BakkupBradley jungleincxrp thebearablebull xrpchiz Neloangelo314 BabaCugs xrpartisan XRPcryptowolf xrp
...so, supply shortages might come?
OK I’m selling everything
BWAHAHAHA AT CNBC PROMOTING CHINA FUD, HAHAHAHA, BITCOIN DGAF 🖕, LOLOLOL
Bullish
mangolia mining com,s new !!! 🤣🤣😜
Okay so where are they moving nw...?
Recently my friend's baby was diagnosed with acute lymphocytic leukemia & needs a stem cell transplant. Jason & his wife are first-time parents caring for a sick baby & could use some help. If you are in a place to donate or share, it would be appreciated.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.