In a bid to reduce energy consumption and emissions, the Chinese province is cracking down on bitcoin mining operations.
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The proportion of renewable energy use is rising and the energy required for mining cryptocurrency is on the rise sequentially in price, which implies that net fossil fuel could still increase with bitcoin’s value.
Inner Mongolia in China, accounts for 8 percent of global bitcoin mining according to data compiled by the Cambridge Bitcoin Electricity Consumption Index.
The ensuing cheap electricity in China, have increasingly attracted Bitcoin miners to an environmentally-friendly alternatives with projections from the International Renewable Energy Agency recently because the renewable energy sources are becoming more cost-efficient than fossils fuels.
In April, the Inner Mongolia Development and Reform Commission will force all new and existing Cryptocurrency mines to close in order to meet its energy saving target.
Market analyst predicts that the profits could continue to rise throughout 2021.
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