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03 Mar Inner Mongolia to Stop Cryptocurrency Mining for Energy Saving
Inner Mongolia announced to completely shut down and clean up all cryptocurrency mining projects before the end of April 2021, and prohibit establishing any new projects at the same time, following the dual energy consumption control targets in the 14th Five-Year Plan (FYP), as reported by Caixin on March 1. According to the notice from Inner Mongolia, the dual control targets for energy consumption in 2021 is to decrease energy consumption per unit of GDP by 3%; the increase in energy consumption is controlled at about 5m tons of standard coal; the total energy consumption growth rate is at 1.9%; and the energy consumption per unit of industrial added value decreases by more than 4%.
During the 13th FYP period, Inner Mongolia achieved significant outcomes in energy conservation and energy consumption reduction in the coal power industry. At the end of 2020, the average coal consumption of coal power plants in this region dropped to 321g/kWh, which was lower than that of 2015 by 16g/kWh. To achieve the dual control targets for energy consumption in 2021, China formulates a series of policies and measures. In September 2020, Chinese President Xi Jinping promised to peak the country’s carbon emission by 2030 and reach carbon neutrality by 2060. Therefore, in the long run, the fossil fuel mining and power industries in China, especially thermal power generation, will experience declines. From 2017 to 2020, the national coal consumption proportion dropped from 60.4% to 57%.