Regulators in China's province Sichuan will hold a meeting on June 2 with local energy companies to discuss the challenges of crypto mining. According to some analysts, the cryptocurrency business could prevent China from achieving carbon neutrality.
China's central government last week pledged to stop mining and trading bitcoin. This week, Inner Mongolia, a major cryptocurrency mining hub, has proposed measures to eradicate mining. Such measures will speed up the transfer of mining business to North America and Central Asia.
According to a recent study published in the scientific journal Nature Communications, the annual energy consumption in China's bitcoin industry is expected to peak in 2024 at approximately 297 terawatt-hours. This will exceed the total energy consumption of Italy and Saudi Arabia in 2016.