The region, Mongolia, has specific energy consumption targets that’s it hasn’t met, and believes crypto mining plays a role in too much energy consumption. It is one of 30 regions aiming to reduce or maintain consumption, so further bans on mining are possible.
Most crypto mining globally happens in China, with China controlling some 60% of bitcoin network’s hashrate. And China is the epicenter for crypto mining hardware manufacturers.
But energy consumption is a hot button topic, as is China’s digital yuan. Could China deepen the ban? Well, the PBOC banned facets of the crypto industry in 2017 and 2019, so it’s not out of the realm of possibility. We’ll need to keep an eye on this.