China plans full ban on crypto mining

Share
China plans full ban on crypto mining

With the National Development and Reform Commission (NDRC) China is soon planning to stop the crypto mining activities.

The agency did not say how it plans to eliminate bitcoin mining but said it should be phased out immediately.

The public have been given until May 7 to comment on the draft directive. While cryptocurrency mining might require large amounts of electricity, Bitcoiners often argue it's not necessarily wasteful or polluting. His take is that, while the ban is significant, it doesn't mean the end of Bitcoin, though it could affect coin production costs.

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.

And yet somehow the country has remained the epicenter of global cryptocurrency mining, home to ... The NDRC believes that Bitcoin mining belongs to the list that now contains 450 items.

"Bitcoin mining wastes a lot of electricity", said one Chinese bitcoin trader who declined to be named due to the sensitivity of the situation. Over the past two years, Chinese authorities have managed to clamp down on BITCOIN mining over concerns about speculative trading, possible fraud and excessive energy consumption. The intertwined relationships between mining companies and local governments make it hard if not impossible to enforce effectively the ban, according to Zhong.

Over the past couple of years, China has been quite hostile towards Bitcoin and cryptocurrencies in general, at one point shutting down all cryptocurrency exchanges in the country, and undertaking or threatening numerous other measures to stifle cryptocurrency-related activities.

China has always been a hub for cryptocurrency miners and large set-ups, though in recent times - since from when the ICO ban was instituted - it has clamped down on all such activity. The price has remained mostly stable despite the largest source of BTC mining potentially being barred from the activity.

Share

Advertisement

Related Posts

Fans arrive for rapper Nipsey Hussle's Los Angeles memorial
Hussle, whose real name was Ermias Asghedom, was Grammy-nominated earlier this year for his debut studio album " Victory Lap ". The man suspected of killing him, Eric Holder, has been charged with murder and two counts of attempted murder.

Pence confronts Venezuelan ambassador at UN: ‘You shouldn’t be here’
Since January, the US has issued a series of sweeping economic sanctions against the Venezuelan government and state-affiliated companies.

Wendy Williams divorce: Show host to leave marriage after 22 years
However, their marriage has been the center of many rumors lately and Williams has pushed back on them. Only a couple of the audience members asked me [about it]", she said before adding, "I felt awful ".

Michael Avenatti Faces Up To 333 Years In Prison After Indictment
Department of Justice and the IRS will reportedly plan to announce the "filing of a 36-count indictment". But Avenatti denied to the client that the total settlement had already been paid, the indictment reads.

Herrera to join PSG despite late Manchester United contract offer
Manchester United are planning to bring in multiple faces to strengthen their squad and challenge for the Premier League title. He is quick, powerful, helps at the defensive end, he can go one-on-one, he provides assists and scores.

More trouble for Tesla as Panasonic freezes Gigafactory investments
Of course, we will have same-day coverage of Tesla's 1Q 2019 results right here! Tesla has stated that 2019's goal is to produce 360,000 electric vehicles.

Madonna to perform at Eurovision Song Contest in Israel
The cost of bringing the global superstar to Israel will be covered by Israeli-Canadian billionaire Sylvan Adams. However Eurovision organisers told the BBC : "No final decisions have been made, or agreements signed".

Sacramento Kings fire head coach Dave Joerger after 3 seasons
The Kings lost to 136-131 to the Trail Blazers on Wednesday when Joerger made a decision to sit his starters in the second half. The trade was meant to help bolster Sacramento's chances of making the playoffs, but the Kings fell short.

First black hole picture released
That isn't a single instrument but rather a collection of seven radio telescopes from around the world. The one in our galaxy is closer but much smaller, so they both look the same size in the sky.

In IPO, Uber reveals 91 million users but slowing growth
Uber a year ago had revenue of $11.3 billion, while gross bookings from rides was $50 billion. Uber declined to comment for the report which cited unnamed people familiar with the matter.

© 2015 ExpressNewsline. All Rights reserved.