China plans full ban on crypto mining

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.



Related Posts

British PM voices regret over 1919 India Amritsar massacre
Former British premier David Cameron had described it as "deeply shameful" during a visit in 2013 but had not aplogise for it. A ceremony is due to take place at the site of the massacre on Saturday. 'Three million people, they starved to death.

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.

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.

Airbnb Backtracks on Its Decision to Delist Israeli Settlement West Bank Rentals
Israeli lawyers filed a class action suit, which is when a group of people with similar claims sues the defendant in one action. Airbnb has denied that its West Bank delisting plan targeted Israel in general.

Theresa May Delays Brexit Yet Again, This Time For 6 Months
He said the European Union was giving Britain six more months "to find the best possible solution" to its Brexit impasse. Elections for the European Parliament are scheduled for next month.

With season complete, Anthony Davis ready to see 'what the future holds'
When he did play, it was rarely for much more than 20 minutes a game. "I haven't really sat back and thought about any of that yet".

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.

Samsung Galaxy A70 First Impressions
Earlier reports suggested the certification of the Galaxy A40 smartphone and the same device finally goes official. The other Galaxy device that had been launched by Samsung in the Europen region is the Galaxy A40 smartphone.

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.