Inner Mongolia officials are considering an electricity policy to prevent cryptocurrency miners from consuming cheap, state-subsidized electricity.

According to Inner Mongolia Electric Power Group Co, the region expects approximately 6.732 billion yuan ($ 977 million) in taxes and fees thanks to these new measures. They also expect 4.836 billion yuan ($ 702 million) specifically for cryptocurrency mining activities.

It is not known whether this decision will be a short-term measure or whether it will continue indefinitely.

One of the largest bitcoin mining facilities (BTC) managed by Bitmain is in the nearby town of Ordos.

Recently, asset manager Fidelity and crypto research firm BitOoda released a report claiming that China is responsible for around 50% of all bitcoin mining operations. This contrasts with previous figures, which showed that China’s share of Bitcoin was around 65%.

Source: CoinTelegraph