The glory days for the miners are over now that they don’t have the government subsidy.
Regulators Inner Mongolia is considering a new electricity policy aimed at preventing miners in cryptocurrency from consuming cheap electricity subsidized by the state.
According to the Inner Mongolia Electric Power Group Co, The region expects to collect 6.732 billion yuan ($ 977 million) in taxes and fees thanks to these new measures. In addition, they expect 4.836 billion yuan ($ 702 million) specifically for the activities of Crypto mining.
It is not known if this rate will be a short term measure or if it continues indefinitely.
One of the largest Bitcoin (BTC) mining facilities managed by Bitmain. It is located in the nearby town of Ordos.
Recently, Asset manager Fidelity and cryptanalyst firm BitOoda released a report claiming China is responsible for around 50% of all bitcoin mining. This is in contradiction to previous figures which showed China’s mining share was around 65%.