China may the crypto mining capital of the world, but mining in the country doesn’t come without risk. As Coinstaker revealed earlier in the year, many mining farms in Sichuan came under government investigation.
It seems that the crackdowns on the mining facilities in Sichuan were not enough and the Chinese autonomous province of Inner Mongolia has had its regulators issue a notice. The notice demands that Chinese authorities aid the province in “cleaning up” its mining enterprises.
Chinese crypto outlet ChainNews reports that 5 departments of Inner Mongolia have decided that there’s an urgent need to rectify the mining industry developing within the province.
Inner Mongolia is apparently all in on taking out crypto mining farms
In the report, it’s noted that The Financial Office, the Big Data Bureau, the Development and Reform Commission, the Office of the Industrial Ministry and the department of Public Security all requested aid from the Chinese authorities.
The report also mentions that the regulators from the organizations have stated:
“The crypto mining industry is related to the pseudo-financial innovation and as such, is unrelated to the real economy. Therefore, the crypto mining industry should not be supported by any means.”
So far, it’s unclear how China will proceed to deal with the situation. The country’s approach to crypto mining has been rather inconsistent and it’s not entirely sure what this recent notice might mean for miners with large operations in Inner Mongolia.
Even if, and that’s a very big if, Chinese authorities decide to take action in Inner Mongolia, China will still be responsible for up to 70% of the world’s crypto mining. The country is also already apparently prepared a counter-cryptocurrency to fight Libra’s eventual release. This is why many experts believe that no matter what course of action the authorities decide to take, the current situation will not change at all.
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