Aim harmful crypto mining once again

Marriott rejected Uyghur conference to maintain ‘political neutrality’

Posted on November 22, 2021, in NewsOther NewsUyghur Related NewsWHAT’S NEW

CNN. 19 November 2021

Below is an article published by CNN. Photo:AFP.

The Marriott hotel in Prague refused to host a conference this month aimed at drawing attention to alleged human rights abuses in China, the hotel chain confirmed to CNN on Friday.The Prague Marriott cited “reasons of political neutrality” for its decision to decline to host the World Uyghur Congress, according to an email first reported by Axios.In a statement, Marriott International (MAR), Inc.


By Laura He, CNN Business

Chinese authorities are ramping up a crackdown on crypto mining, calling it an “extremely harmful” practice that threatens to jeopardize the country’s efforts to reduce carbon emissions.

The National Development and Reform Commission spokesperson Meng Wei blasted bitcoin mining during a press conference Tuesday in Beijing. She said that activity “consumes lots of energy” and “produces lots of carbon emissions.”

Meng said that the NDRC — the country’s top economic planner — will launch a “full-scale” clampdown on cryptocurrency mining by focusing on commercial mining and the role of state-owned businesses in the industry.

Aim harmful crypto mining once again

China has intensified its crackdown on crypto mining, calling it “extremely harmful” and a risk to carbon reduction efforts. During a news briefing in Beijing on Tuesday, Meng Wei, a spokesperson for the National Development and Reform Commission, slammed Bitcoin mining. She claimed that the action “consumes a lot of energy” and “emits a lot of carbon dioxide.”

Image Source: Reuters

China has intensified its crackdown on crypto mining

Meng stated that the National Development and Reform Commission (NDRC), the country’s top economic planner, will undertake a “full-scale” crackdown on cryptocurrency mining, focusing on commercial mining and the involvement of state-owned enterprises in the industry.

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Authorities see the currencies as a big financial risk, and as a way that people can evade strict national controls on capital, and want to reign in such practices. The restrictions on decentralized currencies like bitcoin also comes as the government rolls out a digital version of the yuan, which would allow China’s central bank exercise more control over the flow and exchange of money.

Beijing is also trying to meet its climate targets to become carbon neutral by 2060, and crypto mining could threaten that. The practice is energy-intensive and consumes a lot of computer power, as it requires machines to solve complex series of algorithms to verify transactions.

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She also said that crypto production and trade produces “prominent risks,” and blasted the industry as “blind and disorderly.”

As part of its new push, the NDRC said it would raise electricity prices for any institution found to be abusing its access to subsidized power to participate in crypto mining. Authorities have traditionally offered schools, community centers, or other public welfare institutions lower prices for electricity.

The price of bitcoin fell after the remarks, diving more than 7% to $60,889, its lowest value in more than a week. While the reason for the plunge was not immediately clear, it coincided with the NDRC press conference.

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She also said that crypto production and trade produces “prominent risks,” and blasted the industry as “blind and disorderly.”

As part of its new push, the NDRC said it would raise electricity prices for any institution found to be abusing its access to subsidized power to participate in crypto mining. Authorities have traditionally offered schools, community centers, or other public welfare institutions lower prices for electricity.

The price of bitcoin fell after the remarks, diving more than 7% to $60,889, its lowest value in more than a week. While the reason for the plunge was not immediately clear, it coincided with the NDRC press conference.

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Authorities see the currencies as a big financial risk, and as a way that people can evade strict national controls on capital, and want to reign in such practices. The restrictions on decentralized currencies like bitcoin also comes as the government rolls out a digital version of the yuan, which would allow China’s central bank exercise more control over the flow and exchange of money.

Beijing is also trying to meet its climate targets to become carbon neutral by 2060, and crypto mining could threaten that. The practice is energy-intensive and consumes a lot of computer power, as it requires machines to solve complex series of algorithms to verify transactions.

By Laura He, CNN Business

Chinese authorities are ramping up a crackdown on crypto mining, calling it an “extremely harmful” practice that threatens to jeopardize the country’s efforts to reduce carbon emissions.

The National Development and Reform Commission spokesperson Meng Wei blasted bitcoin mining during a press conference Tuesday in Beijing. She said that activity “consumes lots of energy” and “produces lots of carbon emissions.”

Meng said that the NDRC — the country’s top economic planner — will launch a “full-scale” clampdown on cryptocurrency mining by focusing on commercial mining and the role of state-owned businesses in the industry.

The limits on decentralized currencies like Bitcoin come as China’s central bank prepares to launch a digital version of the yuan, which would give the central bank more control over money flow and exchange.

Beijing is also attempting to reach its climate goals of becoming carbon neutral by 2060, which crypto mining may jeopardize. Because it involves machines to solve sophisticated series of algorithms to validate transactions, the process is energy-intensive and uses a lot of computer resources. China is also dealing with a major power crisis, which has resulted in power rationing in millions of homes and factories.

Meng stated at a press conference on Tuesday that the current move to target mining will be “of tremendous relevance” to China’s ambitions to cut carbon emissions and achieve carbon neutrality.

She further stated that crypto production and trade lead to “prominent risks” and called the industry “blind and disorderly.” The NDRC, in its new push, said it would raise the prices of electricity for any institution that abuses its access to subsidized power for mining crypto. Authorities have so far subsidized electricity for schools, community centers, or other public welfare institutions.

Bitcoin price plummeted to more than 7% to $60,889 after the remarks, its lowest value in a week. The reason was not evident, but it aligned with the NDRC press conference.
Bitcoin’s plummet was followed by ether, the second-largest digital token after bitcoin; it fell more than 8% on Tuesday to $4,297, the worst in two weeks.

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