Jump to content

Beijing's Distaste for Bitcoin Mining Spreads to Inner Mongolia, Miners Could Face a 'Social Credit Blacklist' - Piracy News and Crypto Updates - InviteHawk - Your Only Source for Free Torrent Invites

Buy, Sell, Trade or Find Free Torrent Invites for Private Torrent Trackers Such As redacted, blutopia, losslessclub, femdomcult, filelist, Chdbits, Uhdbits, empornium, iptorrents, hdbits, gazellegames, animebytes, privatehd, myspleen, torrentleech, morethantv, bibliotik, alpharatio, blady, passthepopcorn, brokenstones, pornbay, cgpeers, cinemageddon, broadcasthenet, learnbits, torrentseeds, beyondhd, cinemaz, u2.dmhy, Karagarga, PTerclub, Nyaa.si, Polishtracker etc.

Beijing's Distaste for Bitcoin Mining Spreads to Inner Mongolia, Miners Could Face a 'Social Credit Blacklist'


Recommended Posts

Beijing’s recent crackdown on the cryptocurrency industry has found its way into Inner Mongolia according to a recent report. Inner Mongolian officials plan to introduce harsh penalties to bitcoin mining operations using the region’s grid without permission from authorities.

New Rules Aim to ‘Punish Bitcoin Miners’

A regional report published by South China Morning Post’s contributor Coco Feng explains that Inner Mongolia’s top economic planner has revealed new rules against operating bitcoin mining facilities in the region.

The new draft rules are available for public review until June 1 and it recently follows Inner Mongolian authorities asking residents to report illegal bitcoin data centers to the government. Beijing wants mainland China and even the Mongolic autonomous region of the People’s Republic of China to be carbon neutral by 2060.

Feng details that the authorities in Inner Mongolia plan to target “industrial parks, data centres, telecoms companies, internet firms, and even cybercafes.” Bitcoin.com News recently reported on how cybercafes in China have been mining cryptocurrencies for extra income.

The news rules aim to “punish bitcoin miners or those providing resources to miners” by leveraging a number of enforcements. Transgressors could be added to China’s “social credit blacklist” which would stop them from obtaining finance loans in the country and other benefits.

Other punishments include:

Revoking business licenses, and even shutting their businesses down completely.

Following the Path to ‘De-China-isation’

Wang Juan, an associate professor on blockchain at Xi’an Jiaotong University detailed that the crypto market is slowly moving away from mainland China.

“We are seeing the cryptocurrency market follow a path to ‘de-China-isation’ – first on trading and now on computing power, based on a series of stronger steps taken against cryptocurrencies and bitcoin mining last week by Beijing,” Juan explained on Tuesday.

Moreover, cryptocurrency firms have been abandoning China during the last few days. Huobi and Okex stopped offering specific services to mainland customers and Btc.top and Hashcow followed suit the next day. Some have even implied that Chinese miners will be selling “cheap” mining rigs in the near future.

Link to comment
Share on other sites

Avoid unnecessary posts such as 'Thank you', 'Welcome', etc. Such posts will be deleted and user will be warned if it happens again. If caught spamming, the following actions are applicable -

  • First time - Warning
  • Second time - 5000 Points will be deducted
  • Third time - Ban for 7 days
  • Fourth time - Permanent Ban

If the post helped you, reward the user by reacting to the post like this -

1.jpg

Link to comment
Share on other sites

The last post in this topic was made more than 14 days ago. Only post in this topic if you have something valuable to add. Irrelevant posts are not allowed and you will be warned/banned for spamming old topics.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Read this before posting -
  • Only post if you have something valuable to contribute.
  • Avoid unnecessary posts such as 'Thank you', 'Welcome', etc. Such posts will be deleted and you will be warned if it happens again.
  • If the post helped you, reward the user by reacting to the post like this -                      1.jpg
Guest
Unfortunately, your content contains terms that we do not allow. Please edit your content to remove the highlighted words below.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Customer Reviews

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.