1 WILL CORONAVIRUS MAKE FLYING MORE EXPENSIVE? WWW.BBC.COM PUBLISHED:2020/05/29      2 4 BOYS DROWN IN WATER-FILLED HOLE IN MONGOLIA WWW.XINHUANET.COM PUBLISHED:2020/05/29      3 CHINA TO LAUNCH DIGITAL YUAN NEXT YEAR TO REPLACE CASH WWW.RT.COM PUBLISHED:2020/05/29      4 MONGOLIA REPORTS 13 NEW COVID-19 CASES WWW.XINHUANET.COM PUBLISHED:2020/05/29      5 ULAANBAATAR ENTERS STARTUPBLINK RANKING FOR THE FIRST TIME WWW.MONTSAME.MN PUBLISHED:2020/05/29      6 RECYCLING CENTERS AND PLANTS MARKED ON MAP WWW.MONTSAME.MN PUBLISHED:2020/05/29      7 MONGOLIA AND KAZAKHSTAN TO SWAP NATIONALS WITH CHARTER FLIGHT WWW.NEWS.MN PUBLISHED:2020/05/29      8 MONGOLIA TIGHTENS CONTROL OVER DIPLOMATIC TRAVEL WWW.NEWS.MN PUBLISHED:2020/05/29      9 "MONGOLIA RANKS 2ND IN PERCENTAGE OF POPULATION REPATRIATED FROM ABROAD" WWW.MONTSAME.MN PUBLISHED:2020/05/28      10 SOCIAL MEDIA AND PUBLIC DISCOURSE IN MONGOLIA WWW.FES-ASIA.ORG PUBLISHED:2020/05/28      МБМҮХ: ЦАР ТАХЛЫН НӨЛӨӨНӨӨС БОЛЖ ИМПОРТЫН БАРИЛГЫН МАТЕРИАЛЫН ТҮҮХИЙ ЭД ЭРС БУУРСАН WWW.BLOOMBERGTV.MN  НИЙТЭЛСЭН:2020/05/28     ББСБ-УУДЫГ ЗЭЭЛИЙН ХЭМЖЭЭ 2020 ОНЫ I УЛИРАЛД 30.9 ХУВИАР ӨСЖЭЭ WWW.BLOOMBERGTV.MN  НИЙТЭЛСЭН:2020/05/28     ПЕТРОВИС ГРУПП КОМПАНИЙН НИК, ПЕТРОСТАР КОМПАНИУД ТОП 100 ААН-Д ДАХИН ШАЛГАРЛАА WWW.IKON.MN НИЙТЭЛСЭН:2020/05/28     ХУВИЙН СУРГУУЛЬ, ЦЭЦЭРЛЭГҮҮДЭД НИЙТ 50.2 ТЭРБУМ ТӨГРӨГИЙН ХУВЬСАХ ЗАРДАЛ ОЛГОХООР БОЛЛОО WWW.IKON.MN  НИЙТЭЛСЭН:2020/05/28     ИРЭХ САРААС ХЭРЭГЖИЖ ЭХЛЭХ ОУВС-ГИЙН ХӨТӨЛБӨРИЙН ХҮРЭЭНД МОНГОЛ УЛСАД 99 САЯ АМ.ДОЛЛАРЫН САНХҮҮЖИЛТ ОРЖ ИРНЭ WWW.IKON.MN НИЙТЭЛСЭН:2020/05/28     ЗЭСИЙН ҮНЭ ӨСӨЖ БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2020/05/28     АЛТАНБУЛАГ БООМТООР 570 ОЮУТАН ЭХ ОРОНДОО ИРЛЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2020/05/28     ИПОТЕКИЙН ЗЭЭЛИЙГ 240 ТЭРБУМАР САНХҮҮЖҮҮЛНЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2020/05/28     ОУВС-ГИЙН АЖЛЫН ХЭСГИЙНХЭНТЭЙ ЦАХИМ УУЛЗАЛТ ХИЙЖЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2020/05/27     НҮБ-ЫН ХӨГЖЛИЙН ХӨТӨЛБӨРӨӨС МОНГОЛ УЛСАД ЦАР ТАХАЛТАЙ ТЭМЦЭХЭД 200 МЯНГАН АМ.ДОЛЛАРЫН ДЭМЖЛЭГ ҮЗҮҮЛНЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2020/05/27    

Authorities order Inner Mongolia to end crypto mining support: report www.technode.com

Authorities in Inner Mongolia have issued a notice banning support for the cryptocurrency mining industry within the autonomous region, Chinese blockchain media ChainNews reported.

Why it matters: Inner Mongolia’s municipal-level governments in recent years have looked to cryptocurrency mining as an opportunity to transform its less-developed economy.

Some mining operations have established partnerships with local governments to gain access to cheap power. However, there are still many small-scale, illicit mining operations in China that are flying under the radar.
Regulators previously proposed phasing out crypto mining, however, the actual process for implementation remains largely ambiguous. Some industry watchers doubt that the move will have a substantial impact.

Details: Five departments of Inner Mongolia’s provincial-level government including the Financial Office, Development and Reform Commission, the Office of the Ministry of Industry, the Big Data Bureau, and the Public Security Department issued a notice stating that the cryptocurrency mining industry is a pseudo-financial innovation irrelevant to the real economy, and therefore should not be supported.

The plan to clear out the mining industry from the province will take place in two phases. The first phase is self-examination and self-reporting, which takes place in September. The second phase will be implemented in October, during which authorities will carry out the supervision and rectification work.
Context: A majority of the world’s cryptocurrency mining activity is concentrated in China because of its abundance of cheap electricity. The coal-rich Inner Mongolia is an area that crypto miners prefer to set up shop. Other provinces including southwestern Sichuan and Yunnan with inexpensive hydroelectric power are also popular destinations.

In April, the National Development and Reform Commission proposed to phase out Bitcoin mining, a move that could have a serious impact since Chinese mining pools account for a majority of Bitcoin’s hash power.
The country has ousted much of cryptocurrency activities including initial coin offerings (ICOs) and exchange services. However, China’s attitude towards mining activities remains ambiguous and no outright ban has yet been entered into law.
Authorities for Ordos, a city in Inner Mongolia, offer Bitmain, a major Chinese cryptocurrency mining rig seller, special pricing on electricity 30% cheaper than rates that other industrial companies in the area pay.



Published Date:2019-09-17