• The Beijing government has unveiled an updated energy conservation plan.
• Authorities have called for increased oversight of mining companies.
• Cryptocurrencies and Bitcoin mining are still prohibited by law in the country.

Beijing authorities have called for increased monitoring of Bitcoin mining companies, demanding that such activities be “resolutely suppressed” in accordance with applicable laws and regulations.

The government has unveiled an updated plan for energy conservation in the country. The document emphasizes its commitment to reducing energy consumption and emissions. To this end, Beijing authorities intend to regularly monitor and control companies involved in cryptocurrency mining.

"There is a need for strict censorship of virtual currency mining. We will strengthen analysis and monitoring to promptly identify companies engaged in cryptocurrency mining," the document says.

The government has assigned responsibility for implementing these rules to several departments. In particular, the following will be responsible for monitoring mining in the country: the Municipal Development and Reform Commission, the Municipal Network Information Administration, and the Municipal Bureau of Economics and Information Technology.

In addition, Beijing authorities intend to carry out comprehensive supervision of energy conservation, as well as investigate crimes and punish firms for illegal use of electricity.

It should be noted that cryptocurrencies are prohibited by law in China. In addition, the country has restrictions on mining Bitcoin and other digital assets. Earlier, we reported that a Chinese official received a life sentence for supporting cryptocurrency mining.

Despite strict controls, the country became the second largest Bitcoin mining country in May 2022. Censorship and fines have not stopped Chinese mining farms.