The Chinese Embassy has reminded that the law banning cryptocurrency mining and other virtual asset activities in Angola took legal force on April 10.
This law makes it illegal to mine cryptocurrencies, with penalties including prison terms between 1 and 12 years. The intent behind this legislation is twofold: first, to suppress unlawful cryptocurrency mining syndicates; and second, to shield our national power grid from the heavy electricity consumption of such mining activities.
On February 28, Angolan legislators passed a law making it illegal and punishable to mine cryptocurrencies. This regulation applies to individuals using computers and related devices for this purpose, bringing about strict consequences such as incarceration.
Energy crisis
The law raises awareness of the significant electrical demand from cryptocurrency mining, estimated at 9.6 MW per day or enough for approximately 3,000 households. This usage may affect residential electricity supply reliability.
Although Angola has the ability to produce 6,200 MW of electricity every day, effectively delivering that power to consumers is difficult due to the current demand of 5,500 MW per day.
For the last 10 years, China has shown great enthusiasm towards Angola’s economic development. To further strengthen their business ties, in December, China and Angola officially agreed on an investment protection pact. This accord grants tariff exemptions for Angolan businesses aiming to sell their products in China’s vast consumer market.
Most important halving in history
On April 19, Bitcoin underwent its fourth halving. Reaching the 840,000th block was the trigger for this event. Consequently, mining rewards were reduced by half, from 6.25 Bitcoins to 3.125 Bitcoins per mined block.
Every four years, or around every 210,000 blocks, Bitcoin undergoes an automated process called halving, as part of its underlying protocol.
The system regulates the production of new Bitcoins, progressively reducing the number released over time to preserve scarcity and accommodate the expanding user base and mining power of the network.
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2024-04-20 19:26