While Inner Mongolia, an autonomous Chinese region, is still attractive for tourists because of its big sections of the Great Wall of China, it might cease to be a major Bitcoin mining hub pretty soon.
According to a ChainNews report, local regulators have issued a notice to put the breaks on the region’s thriving industry. They described crypto mining as “pseudo-financial innovation” that has no impact on the economy.
The Development and Reform Commission, the Public Security Department, the Department of Industry and Information Technology, the Financial Office and the Big Data Bureau decided to carry out a clean-up and rectification of such enterprises and have them orderly exit from the region.”
Considering that Inner Mongolia represents one of the largest mining bases in China, it might have broad implications for the crypto market with other provinces following suit.
China holds undue sway over Bitcoin given that it is responsible for more than 70 percent of its hashrate.
Earlier, China mulled over banning Bitcoin mining, but it is yet to move forward with its plan.