Stricter supervision of Bitcoin mining in China due to carbon concerns
China’s Government is reportedly concerned about the energy consumption of Bitcoin mining.
Beijing sent an “emergency notice” to conduct checks on data centers involved in Bitcoin and other cryptocurrency mining operations on April 27, which was reportedly met with some panic in China.
China’s 14th “five year plan” outlines a set of targets which include an 18% reduction target for “CO2 intensity” and 13.5% reduction target for “energy intensity” from 2021 to 2025.
Such mining hubs as Xinjiang and Sichuan are most likely to be targeted in the future.
Data from the Cambridge Bitcoin Energy Consumption Index or CBECI, estimates Xinjiang accounted for 35% of China’s Bitcoin hashing power in April, and accounted for roughly 23% of the world’s hash rate.
