Beijing’s Push for Transparency
In a surprising move, Beijing authorities have initiated inspections of crypto mining data centers, diving deeper into understanding their energy consumption. The Beijing Municipal Bureau of Economy and Information Technology recently dispatched an urgent notice to data center operators. These operators are now under the microscope, required to disclose their involvement in cryptocurrency mining, including details on power consumption.
The Notice that Raised Eyebrows
What sparked this sudden inspection? Well, the notice reached data centers and even the top three telecom operators in China. While officials decline to elaborate on the intentions behind this mandate, the question of whether it’s part of a broader national initiative lingers in the air.
Bitcoin Hash Rate: The Roller Coaster Ride
Meanwhile, the Bitcoin hash rate is displaying a dramatic recovery. After hitting a rough patch in mid-April, following a slew of power outages in Xinjiang, the rate took a nosedive to about 106 million terahashes per second. Fast forward to Wednesday, and the hash rate has rebounded to approximately 166 million TH/s, giving miners a reason to celebrate.
Global Tensions on Energy Consumption
Interestingly, this renewed focus on energy usage in crypto mining isn’t limited to China. Reports have surfaced highlighting similar concerns globally. A former government official from Kyrgyzstan posited that crypto mining was a primary factor contributing to their energy crisis, underscoring the international weight of this issue.
Inner Mongolia’s Bold Move
In late February, Inner Mongolia made headlines by proposing the closure of all crypto mining facilities by the end of April, asserting that it’s a necessary step to mitigate excessive energy use. This strong initiative reflects a growing trend among regulators looking to tightly manage the energy drain of cryptocurrency mining.
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