China plans full ban on crypto mining

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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.

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