Dan Bergin
Chinese Embassy in Angola warns Chinese citizens to stop crypto mining
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The Chinese embassy is issued We remind you that Angola's “Law on the Prohibition of Cryptocurrency and Other Virtual Assets Mining” officially entered into force on April 10th.
The law criminalizes cryptocurrency mining, punishable by one to 12 years in prison. The law aims to combat organized cryptocurrency mining networks and protect the country's electricity system from the heavy electricity demands of mining operations.
Angolan lawmakers on February 28 approved a proposal to ban and criminalize cryptocurrency mining. The bill targets those caught using computer systems and related equipment to mine virtual currencies, and imposes harsh penalties, including imprisonment.
energy crisis
The law highlights concerns about the strain on the country's power system caused by cryptocurrency mining activities. According to reports, mining operations consume approximately 9.6 MW of electricity every day, equivalent to the demand of her 3,000 households, impacting the stability of the country's electricity supply.
Although Angola has an installed generation capacity of 6,200 MW per day, efficient energy distribution remains a challenge, especially considering the current daily demand of 5,500 MW.
China's interest in Angola's economic transformation has been strong for the past decade. In December, China and Angola signed an investment protection agreement, giving Angolan companies tariff-free access to China's consumer market across a wide range of products.
The most important half-life in history
On April 19th, Bitcoin reached 840,000 blocks, marking the fourth halving in history. This milestone triggers a reduction in mining rewards, which will now be halved from 6.25 BTC to 3.125 BTC per mined block.
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Bitcoin halving is a programmed process built into the Bitcoin protocol that occurs approximately every 210,000 blocks. That is, it occurs approximately every four years.
This mechanism is designed to control the issuance of new Bitcoins, maintaining scarcity and gradually reducing the rate of supply to match the growing network's adoption and mining capacity.
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Dan Bergin
