The Chinese government has announced its latest implementation plan to strengthen energy conservation and specified measures to crack down on virtual currency mining activities.
The Beijing Municipal Development and Reform Commission, together with 11 other departments, released a detailed notice highlighting the commitment to a dual management system of energy consumption and carbon emissions.
The plan further emphasizes the transition to “higher levels and higher quality” energy conservation, in line with building an ecological civilization and a “beautiful” Beijing.
Notably, this directive is different from the broader anti-cryptocurrency measures that already exist in China.
Cryptocurrency mining has come under fire for excessive energy use, and the city’s latest measures signal a more focused and strict approach to shutting down such activity. The crackdown is in line with the country’s goals to reduce pollution and expand green space, as well as encourage technological and energy innovation.
Under item 18 of the plan, authorities will step up monitoring, analysis, and classification correction of mining activities in order to “resolutely eliminate virtual currency ‘mining’ activities” in accordance with state directives.
The implementation represents more granular and targeted action, likely to push mining operations underground or offshore as China aims for energy efficiency and carbon neutrality goals.
After China initially banned crypto mining in 2021, many Bitcoin mining operations moved to the US
Meanwhile, the United States, through its Energy Information Administration (EIA), has announced a new initiative to scrutinize the power consumption of virtual currency mining facilities in a proactive stance towards environmental conservation.
Under the program, scheduled to begin next week, the EIA will collect detailed data on the energy use of commercial crypto miners to understand the sector’s impact on the country’s energy landscape.
The move, approved by the White House Office of Management and Budget, comes amid concerns over the environmental impact of cryptocurrency mining.
As the digital currency industry matures, marked by a shift to regions with more favorable energy costs and regulatory environments, this large-scale data collection effort will help keep power planners informed and provide transparency into energy usage. It is intended to inform the regulatory discussion regarding.