In a move to further regulate the digital currency industry, Chinese authorities from the city of Beijing have announced strict measures to monitor and analyze cryptocurrency mining activities in 2024. The city is determined to crack down on cryptocurrency-related mining activities in accordance with laws and regulations.

As part of the new regulations, the city will enforce national requirements and continue to eliminate virtual currency "mining" activities. The focus will be on strengthening the monitoring, analysis and classification of these activities. The ultimate goal is to resolutely clean up the city's virtual currency "mining" activities in accordance with laws and regulations.

The Municipal Development and Reform Commission, the Municipal Network Information Office and the Municipal Bureau of Economics and Information Technology will be responsible for the implementation of these measures according to their respective responsibilities.

Cryptocurrencies are currently banned in China, and therefore cryptocurrency mining is illegal. However, the interest of the Chinese people in cryptocurrencies continues, and the bans continue to buy crypto assets through various methods.