China's Inner Mongolia to end cryptocurrency mining, ban new steel, coke projects

Muyu Xu and Shivani Singh
·2 min read
FILE PHOTO: Representation of the virtual currency Bitcoin is seen on a motherboard in this picture illustration

By Muyu Xu and Shivani Singh

BEIJING (Reuters) - China's Inner Mongolia will end all cryptocurrency mining projects and stop reviewing new projects in industries which consume large amounts of energy, such as steel, coke and methanol production, as it attempts to meet energy efficiency targets.

The region was the only one of 30 mainland areas under Beijing's energy consumption and energy intensity review that failed to meet the targets in 2019, drawing criticism from the central government in September due to its poor achievement.

Now China's No.2 coal mining region, a major energy consumer, aims to cap energy consumption growth at around 5 million tonnes of standard coal equivalent in 2021, according to a draft rule issued by the regional state planner.

It also plans to cut energy intensity, or the amount of energy consumed per unit of economic growth, by 3% from 2020 levels.

All cryptocrurrency mining projects - which require huge amounts of computing power and hence use large amounts of energy - will be shut down by the end of April this year. Inner Mongolia is an attractive "mining" spot alongside Sichuan and Xinjiang due to low electricity prices.

Small firms with outdated technology in the steel, ferroalloy, coke, graphite electrode and coal-fired power sectors have also been given a timetable to close by the end of 2022.

"(Inner Mongolia) will tighten its energy control measures and bear the targets throughout all economic and social aspects," said the draft rule, adding it will strictly curb blind expansion at firms which consume a lot of energy.

Local governments in China are scrambling to control energy consumption and improve energy efficiency after President Xi Jinping pledged to achieve carbon neutrality before 2060.

In 2016-2019, energy intensity in Inner Mongolia rose by 9.5% while overall energy consumption grew by 65.62 million tonnes.

The region has also vowed to increase the share of renewable energy in its power portfolio, aiming to install more than 100 gigawatts of renewable generation capacity by 2025.

China appears to have missed its target for cutting energy intensity set for 2016-2020, according to Reuters calculation based on official data.

(Reporting by Muyu Xu and Shivani Singh Editing by Kirsten Donovan)

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Out research methodology is robust and includes data triangulation based on bottom-up and top-down approaches. We validated the approximate market number with the help of primary research. Secondary research was conducted to find out detailed information about mergers & acquisitions, collaborations, joint ventures, and agreements. At the same time, we have derived significant information about the market dynamics associated with growth drivers, trends, and obstacles. For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/contract-manufacturing-organization-cmo-market-102658 North America Currently Dominates the Market; Presence of Several Large Scale Companies to Aid Growth The report analyzes the ongoing contract management organization market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in North America held the largest market share in 2018. The presence of several large scale companies has had a massive impact on the growth of the regional market. As of 2018, the market in North America was worth USD 32.60 billion and this value is projected to increase further in the coming years. The market in will emerge as the second largest market in the coming years accounting the high prevalence of several forms of cancer in several countries across this region. The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing. The financial parameters which are assessed include the sales, profits and the overall revenue generated by the key players of Market. Furthermore, the report offers a detailed analysis and information as per Contract Manufacturing Organization Market Growth Analysis by manufacturers, market segments helping our readers to get a comprehensive overview of the global market. Several players are planning to focus on developing cost-effective products or services, aiming to maintain a strong foothold in the market. Quick Buy Contract Manufacturing Organization Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/102658 A few of the leading companies that are operating in the global CMO market include: ● Catalent Inc. ● Recipharm AB ● Jubilant Life Science Ltd ● Lonza Group AG ● BoehringerIngelheim International GmbH ● Vetter Pharma-Fertigung GmbH & Co. KG ● FAMAR Health Care Services ● Dr. Reddy’s Laboratories Ltd. ● Almac Group ● Other prominent players Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/contract-manufacturing-organization-cmo-market-102658 Have a Look at Related Reports: Contact Lenses Market Size, Share & Industry Analysis, By Modality (Reusable and Disposable), By Design (Toric, Multi-focal, and Spherical), By Distribution Channel (Retail Stores, Online Stores, and Ophthalmlogists), and Regional Forecast, 2019-2026 Vaccines Market Size, Share & Industry Analysis, By Type (Recombinant/Conjugate/Subunit, Inactivated, Live Attenuated and Toxoid), By Route of Administration (Parenteral and Oral), By Disease Indication (Viral Diseases and Bacterial Diseases), By Age Group (Pediatric and Adults), By Distribution Channel (Hospital & Retail Pharmacies, Government Suppliers and Others) and Region Forecast, 2019-2026 Wheelchair Market Size, Share & Industry Analysis, By Type (Manual & Powered), By Application (Standard Wheelchair, Bariatric Wheelchair, Sports Wheelchair, and Others) End-user (Personal User and Institutional User) and Regional Forecast, 2019-2026 Nasal Drug Delivery Market Size, Share and Industry Analysis, By Type (Dry Powder Inhalers (DPIs), Metered Dose Inhalers (MDIs), and Nebulizers), By Application (Asthma, Chronic Obstructive Pulmonary Disease (COPD), and Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies) and Geography Forecast till 2026 About Us: Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data. At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges. Contact Us: Fortune Business Insights™ Pvt. 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