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Breaking news! China Warns Bitcoin Miners in Angola.
Angola's move to ban cryptocurrency mining continues to attract attention in the international arena. The Chinese Embassy reminded crypto miners of this law, which came into force on April 10. According to the law, cryptocurrency mining is considered a crime and carries prison sentences ranging from 1 to 12 years.
This step aims to combat organized cryptocurrency mining networks and protect the national electricity system. Angola's current electricity infrastructure is struggling to meet the demand created by crypto mining. These activities, which consume approximately 9.6 MW of electricity per day, destabilize local electricity supply and deepen the country's energy crisis.
Despite Angola's daily installed electricity generation capacity of 6,200 MW, demand cannot be met. This situation negatively affects the country's economic growth and development.
Angolan MPs voted to approve a proposal to ban and criminalize cryptocurrency mining. The bill targets people caught mining cryptocurrency with computer systems and related equipment and imposes severe penalties, including prison time.
China's economic interest in Angola is remarkable. This relationship, which has strengthened over the last decade, was further consolidated with the investment protection agreement signed in December. However, differences in cryptocurrency mining continue to test this relationship.
Bitcoin's fourth halving event, reaching its 840,000th block, was also an important moment in the cryptocurrency world. While the decrease in mining rewards ensures that Bitcoin's supply is kept under control, it has also become a factor that can affect prices.
At this point, the decisions taken by Angola regarding cryptocurrency mining are important for national security and economic stability. These steps aim to protect the country's energy resources and economic potential. However, the dynamics in international relations and the rapidly changing nature of the cryptocurrency industry require close monitoring of developments in this regard.
