Economy

China says it wants to eliminate bitcoin mining

China says it wants to eliminate bitcoin mining”

According to Reuters, Jehan Chu, managing partner at blockchain investment firm Kenetic, told state-owned newspaper Securities Times that the Chinese government isn't really trying to eliminate cryptocurrencies in the country for good.

The National Development and Reform Commission (NDRC) is now seeking public opinions on a revised list of industries it wants to either encourage, restrict or eliminate. When it comes to Bitcoin and digital currencies, however, the industry has grown so indifferent to the latest Beijing crackdown that markets did not even blip at this week's proposed mining ban.

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 public have been given until May 7 to comment on the draft directive. Traders in London said it was unclear how much the Chinese move was weighing on the market.

Since 2017, the cryptocurrency sector has faced heavy scrutiny in China when regulators first began to ban initial coin offerings as well as shut down local cryptocurrency trading exchanges. While cryptocurrency mining might require large amounts of electricity, Bitcoiners often argue it's not necessarily wasteful or polluting.

It's estimated Chinese miners account for around 70% of global Bitcoin mining output.

In the latest iteration of the aforementioned draft, the cryptocurrency mining industry, as well as some other crypto related activities, stand out quite blatantly.

Countries with relatively cheap electricity have emerged as major hosts of cryptocurrency mining.

Two of the largest Bitcoin mining equipment makers, Bitmain and Canaan, were initially intending to go public and raise billions of dollars in Hong Kong, but the companies have unexpectedly let their initial public offerings lapse since making their announcements.

Cryptocurrency mining appears on the list among activities the commission believes should be "phased out".



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