According to the Inner Mongolia Daily, Inner Mongolia has closed a total of 49 cryptocurrency mining farms, with only four left in operation since September, suggesting that the process has been successful or the shutdown drive mandated by Beijing is slowing.
State-backed newspaper Science & Technology Daily reported at the time, as of last September, Inner Mongolia had shut down 45 farms.
An autonomous region on the northern border of China, Inner Mongolia is rich in coal and has affordable electricity. The Cambridge Centre for Alternative Finance (CCAF) said last May that local crypto mining farms accounted for 8% of the global Bitcoin mining hashrate.
China started clamping down crypto mining last March, and some mining farms have relocated overseas.
According to CCAF, in late last year, China’s mining hashrate started to increase again and by January it has become the second-largest Bitcoin mining hub with 21% of the global hashrate.
Miners in China are still operating secretly, either in scattered rural areas or improving relationships with local governments in order to conceal their mining sites.
According to CoinGecko on Monday, Bitcoin’s price has been floating around $30,000 for a month and just hit a 16-month low of $25,000.
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