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The People's Republic of China's National Development and Reform Commission seized 10,000 Bitcoin mining equipment from a government-run innovation park in Inner Mongolia. The surgery was the 45th of its kind in that province.
China’s NDRC Seized 10,000 Mining Equipment In Inner Mongolia
The Chinese government (PBoC) seized mining equipment in the northern region of Inner Mongolia only a few days after reminding everyone that trading with digital assets is illegal within the country's boundaries.
The National Development and Reform Commission (NDRC), which was in charge of the operation, got information regarding suspicious behavior in a warehouse in the SME Pioneer Park in the Bayannaoer Economic Development Zone, according to local media.
The NDRC identified and seized 10,100 cryptocurrency mining equipment after inspecting the site. The mine's power use was found to be 1,104 kWh by the authorities.
To date, the Chinese crypto crackdown has resulted in the closure of 45 mining sites in the region of Inner Mongolia, saving 6.58 billion kilowatt-hours of power per year.
Surprisingly, this amounts to 2 million tonnes of ordinary coal. The government has also carried out such operations in other Chinese provinces, known as significant mining areas.
These were the provinces of Sichuan, Yunnan, Xinjiang, and Qinghai.
Would Chinese Miners Leave The Country?
Instead of ceasing operations, the unfavorable cryptocurrency environment in China prompted several local miners to relocate their operations to other nations.
At least, that is what happened when the PBoC reaffirmed its prohibition on trading BTC and other digital currencies in May.
Chinese cryptocurrency miners transported over 3 tonnes of Bitcoin mining equipment from Guangzhou to Maryland in the United States.
Interestingly, according to David Marcus, co-creator and board member of Facebook's crypto project Diem, China's negative posture toward digital assets might be a positive development for BTC.
Senator Pat Toomey had a similar viewpoint on the subject. According to the lawmaker, the Bitcoin crackdown in the world's most populous country may be advantageous to the US:
“China’s authoritarian crackdown on crypto, including Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage of China.”
He also stated that Beijing is “so opposed to economic freedom that they cannot even accept their citizens engaging in what is perhaps the most exciting financial innovation in decades.”