Energy consumption in mining cryptocurrencies is a problem for most countries in the world. Countries are looking for energy efficient ways to produce cryptocurrency. However, some of them are doing the opposite and cracking down on miners of digital currencies.
Environmental lobbyists have for a long time been advocating for nature conservation. Their advocacy efforts now reached one of the most controversial industries, the crypto mining industry, which many criticize for consuming too much energy.
The condition of cryptocurrency miners in Iran is continuing to worsen as the government imposes a ban on the mining activity citing high energy consumption of the operation that have been causing power outages in the country. The poor Iranians who have been depending on crypto-mining will suffer more due to the government decision to prohibit mining during hot summer months.
The Inner Mongolia government has launched a platform that will be used by the general public to report any activity or operation related to cryptocurrency mining within the Mongolic autonomous region of the People's Republic of China.
Elon Musk posted a tweet on the high energy consumption of Bitcoin (BTC), which caused a serious downtrend for most major cryptocurrencies including Ethereum (ETH), Binance Coin (BNB), XRP (XRP), Internet Computer (ICP), Polkadot (DOT) and Bitcoin Cash (BCH).
The Chinese crypto community seems to flourish, as judged by the number of billionaires that are the country’s natives. Indeed, half of the top 10 richest crypto owners originate from the Communist Republic.