Chinese National Agency lists Bitcoin mining among industries that should be banned

Jeannie Matthews
April 12, 2019

China's National Development and Reform Commission has just released a revised list of industries it proposes to encourage, restrict or eliminate.

But as Bitcoin price finds new life, lawmakers in the country are considering banning crypto mining among 450 other activities that are deemed to be unsafe, wasteful of natural resources, or pollute the environment.

Crypto mining was top of the Commission's list of practices that should be eliminated immediately.

The public has until May 7 to send their comments on the revised list.

After banning initial coin offerings and calling on local exchanges to halt virtual currency trading in 2017, Chinese officials a year ago outlined proposals to discourage cryptomining - the computing process that makes transactions with virtual currencies possible, but consumes vast amounts of power.

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It also forced some large cryptocurrency mining companies to move their headquarters elsewhere.

What Does the China Mining Ban Mean for Bitcoin Price? This can have a massive effect on the bitcoin market as China has become one of the largest hardware markets for bitcoin mining. In an all-new draft proposal, the latest industry under the scanner is cryptocurrency mining.

China's Xinhua news agency has reported on a study suggesting that emissions due to cryptocurrency mining could cause global warming, and also said that some mining computers had been confiscated by Chinese authorities because they threatened to interrupt energy supplies from local grids, the BBC added. The intertwined relationships between mining companies and local governments make it hard if not impossible to enforce effectively the ban, according to Zhong. A total, immediate ban, would be terrible news for the miners, but it might also destabilize Bitcoin.

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.

China has since 2017 been tramping down on crypto related business.

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