China wants to ban bitcoin mining

China wants to ban bitcoin mining

The National Development and Reform Commission (NDRC) said on Monday it would seek public opinions on a revised list of industries it wants to encourage, restrict or eliminate.

The list outlines activities the NDRC believes should be phased out as they lead to legal complications, pose safety risks, or wastefully pollute the environment.

According to Reuters, the NDRC didn't give a date or any details on how, exactly, Bitcoin mining should be eliminated - but that would mean that Bitcoin mining is to cease immediately. The Chinese public on the other hand has until May 7 to comment on the draft before it's finalized.

It also forced some large cryptocurrency mining companies to move their headquarters elsewhere. A report dating October 2018 said 74% of Bitcoin mining power resided in China, primarily because of cheap electricity and access to specialized mining hardware.

China is the major country where the maximum amount of crypto mining activities take place and are located itis because of reasonable electricity in the nations coal-rich Inner Mongolia and Xinjiang regions. Chinese mining farms have had too much control over the process, which has led to centralization issues.

According to the Securities Times, a state-owned newspaper, noted on April 9, that the draft list noticeably mirrors the outlook of the China's industrial policy concerning the crypto sector. It will be suggesting new laws that reflect crypto mining abilities which is not good capital and which will further add pollution. In October, the principal and vice principal of a high school in the central Chinese province of Hunan were fired for mining cryptocurrency using school resources and putting a hefty RMB 17,158 (around $2,550) on the school's electricity bill.

Two of the giant Bitcoin mining equipment manufacturers, Bitmain and Canaan, were primarily proposing to go public and collect billions of dollars of funds in Hong Kong, but the firms have suddenly let their initial public offerings stagnate since their proclamations.

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