Inner Mongolia, China May Limit Mining Companies

Regulators of the Chinese autonomous province of Inner Mongolia issued a notice requiring the restriction of the activities of all cryptocurrency mining companies in the province.

Five government agencies of Inner Mongolia signed up to the document: the Development and Reform Commission, the Department of Public Security, the Ministry of Industry, the Ministry of Finance and the Big Data Bureau.

“The virtual currency mining industry refers to pseudo-financial innovations that are not related to the real economy and should not be supported by the government,” the notification says.

Note that this is not a direct ban on the activities of mining companies in Inner Mongolia, and most likely will not affect the work of such companies. By opinion
Primitive Ventures venture capital firm Dovey Wan, a mining partner, will not respond to the notice.

A recent study by TokenInsight, an analytic company, showed that manufacturers of cryptocurrency mining equipment could not cope with the demand for devices. Against this background, the bitcoin hash is approaching
to 100 exheshes per second.