Source Code: Your daily look at what matters in tech.

chinaprotocol | chinaauthorZeyi YangNoneDavid Wertime and our data-obsessed China team analyze China tech for you. Every Wednesday, with alerts on key stories and research.9338dd5bb5
×

Get access to Protocol

Will be used in accordance with our Privacy Policy

I’m already a subscriber
Bulletins

Chinese state media steps up scrutiny of crypto mining

The article follows a statement last week by China's top level of government cracking down on crypto.

three gold-colored bitcoins on black surface

The article follows a statement last week by China's top level of government cracking down on crypto.

Photo: Dmitry Demidko /Unsplash
On Friday, Xinhua, China's state-run press agency, published an article on cryptocurrency mining's over-the-top energy consumption.

It follows an unprecedented statement last week by China's top level of government signifying a crackdown on crypto mining.

The reporters visited an unnamed crypto mining facility in western China and found out that it consumes an average of 45 million kilowatt-hour each month. That's equals to 15,000 tons of coal, or the total energy demand of a large dairy factory with ten assembly lines, the article notes.

"Electricity should be used where it's needed most to promote economic development," the Xinhua piece says. It also cites unnamed experts' suggestions that market entry restrictions and energy consumption monitoring systems can be established to identify and regulate crypto mines.

Latest Stories