China’s Inner Mongolia banned crypto currency mining and it declared that it will shut all projects by April. It also banned a few other new digital coin projects, as posted on a draft plan on the Inner Mongolia Development and Reform Commission’s website. They want to do so in order to achieve a growth in energy consumption to about 1.9% in 2021.
Bitcoin rose again on Monday, with its price increasing 6%, around $48.000. China discouraged crypto mining back in 2018, because it consumes vast amounts on power. Inner Mongolia is filled with large coal mines and is famous for the cheap energy costs as well it has attracted a number of investors over the few decades.
Back in 2018, Beijing abolished initial coin offerings and clamped down on digital currency trading within the borders, thus forcing exchanges overseas.