Africa’s oil giant Angola has banned all cryptocurrency mining activities starting April 10, 2024, to protect national energy security and address environmental concerns. This development has alarmed Chinese miners operating in the country, which has become a popular destination for cryptocurrency mining in Africa. The ban makes possession of Bitcoin and cryptocurrency mining equipment subject to a prison sentence of one to five years and confiscation of the equipment, making Chinese miners nervous. Those directly involved in mining activity can be sentenced to up to 12 years in prison, while those who abuse the licenses of electrical utilities can be sentenced to up to 8 years in prison.
Warning to Bitcoin miners in Angola
Angola has banned all cryptocurrency mining activities starting April 10, 2024, to protect national energy security and address environmental concerns. This development has alarmed Chinese miners operating in the country, which has become a popular destination for cryptocurrency mining in Africa. The ban makes possession of cryptocurrency mining equipment subject to a prison sentence of one to five years and confiscation of the equipment. Those directly involved in mining activity can be sentenced to up to 12 years in prison, while those who abuse the licenses of electrical utilities can be sentenced to up to 8 years in prison.
The Chinese Embassy warned its citizens in Angola to comply with this new law and reminded that cryptocurrency mining is considered an illegal activity. China has banned all cryptocurrency transactions since 2021 and has also banned cryptocurrency mining due to environmental and financial risks.
A new blow after the halving
Angola’s ban represents a significant development in the global Bitcoin mining industry. While the recent halving event and increasing operational costs are already straining miners’ profitability, new bans create an even more challenging environment for cryptocurrency mining. However, some industry stakeholders still believe in the long-term potential of Bitcoin mining. There are hopes that, with improved environmental, social and governance (ESG) practices, mining can be done sustainably and responsibly.
Angola’s cryptocurrency mining ban signals significant changes in global regulations and the future of cryptocurrencies. It is important to follow this development closely and observe how the industry will adapt. Angola is Africa’s third-largest oil producer and was once China’s largest supplier of crude oil. Moreover cryptokoin.com As we reported, the last halving event reduced Bitcoin mining rewards by 50%. Cryptocurrency mining is associated with significant electricity consumption and carbon emissions. Also sounding the alarm, China is one of the first major economies to ban cryptocurrency mining.
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