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Beijing investigates crypto mining farms to improve energy efficiency

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Beijing authorities are reportedly conducting inspections of crypto mining knowledge facilities to higher perceive their influence on energy consumption, Reuters reviews Thursday.

The Beijing Municipal Bureau of Financial system and Data Know-how on Tuesday despatched an emergency discover to town’s knowledge middle operators asking them to report whether or not they’re concerned in mining Bitcoin (BTC) and different cryptocurrencies. The discover required knowledge facilities to report the quantity of energy consumed by crypto mining, the report notes.

A bureau official stated that discover recipients embrace China’s top-three telecom operators. He famous that he was not conscious of the explanation behind the initiative, or whether or not it’s a part of a nationwide marketing campaign.

The information comes amid a recovering Bitcoin hash charge, which skilled a significant drop in mid-April due to huge energy outages within the Chinese language mining hub of Xinjiang. After tumbling to as little as 106 million terahashes per second on April 17, BTC hash charge rebounded to round 166 million TH/s on April 28.

Bitcoin hash charge over the previous three months. Supply: Ycharts

Cryptocurrency mining’s energy consumption has been getting extra consideration from regulators in latest months. Yesterday, a former authorities official argued that crypto mining was a significant driver of the energy disaster in Kyrgyzstan. In late February, authorities of the Chinese language autonomous area of Inside Mongolia proposed to shut down all crypto mining services by the tip of April to scale back energy consumption.

Title: Beijing investigates crypto mining farms to improve energy efficiency
Sourced From: cointelegraph.com/information/beijing-investigates-crypto-mining-farms-to-improve-energy-efficiency
Revealed Date: Thu, 29 Apr 2021 08:43:59 +0100

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