Cryptocurrency

Strong

April

<p><a href="https://ultramining.com/news/en/immersion-cooling-transforms-chinas-crypto-mining-landscape/">China</a> has officially warned its citizens against participating in cryptocurrency mining in Angola, following Angola's stringent ban enforced on April 10. The new law, titled "Law on the Prohibition of Cryptocurrency and Other Virtual Asset Mining," carries severe penalties, including imprisonment for one to twelve years for those caught mining. This legislative action is part of Angola's effort to control the high electricity demand that mining operations demand, which is estimated at 9.6 MW daily. This consumption level impacts Angola's electricity stability, despite its capacity to produce 6,200 MW daily. The new regulation aims to protect the national grid and ensure a stable electricity supply for all residents.&nbsp; according to <a href="https://www.cryptotimes.io/2024/04/21/china-cautions-citizens-on-angola-cryptocurrency-mining-ban/">Cryptotimes</a>.</p> 
<p>Concurrently, China continues to strengthen its economic relationship with Angola, highlighted by a recent tariff-free trade agreement favoring Angolan companies. This development poses significant implications for energy use and international diplomatic relations between China and Angola.</p>

China Issues Strong Warning on Angola’s Cryptocurrency Mining Ban: Legal and Energy Implications Deepen

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