Chinese bitcoin mining ban

chinese bitcoin mining ban

that would otherwise go to waste. Seizing on this, miners are arguing that eliminating their industry would also conflict with local interests, in part because they soak up excess electricity that would otherwise go to waste. Furthermore, the list was first published in 2011, yet most of the industries marked for elimination then are still around. The proposed revision, still pending public consultation, classifies virtual currency mining, such as the production process of bitcoin as an industry category thats undesirable and to be eliminated, together with hundreds of other sectors. Canaan did not respond to requests for comment.

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Images via Shutterstock, the Rundown. Half of the network is probably located in China, said Alex de Vries, a consultant with PwC in Amsterdam who specializes on blockchain and researches cryptocurrency mining. 4, 2017, the Peoples Bank of China (PBoC together with six other central government agencies bitcoins koers historie and financial regulators, banned initial coin offerings (ICOs). China continues to deliver blows to the cryptocurrency industry, but it is unlikely to kill it for good. Chinas state planner wants to eliminate bitcoin mining in the country, according to a draft list of industrial activities the agency is seeking to stop in a sign of growing government pressure on the cryptocurrency sector. It states: The relevant governments and departments shall, when implementing the Interim Provisions, correctly deal with the relationship between government guidance and market regulation, give full play to the fundamental role of the market in allocating resources, correctly deal with the relationship between development and. China is the worlds largest market for computer hardware designed to mine bitcoin and other cryptocurrencies, even though such activities previously fell under a regulatory grey area. Traders in London said it was unclear how much the Chinese move was weighing on the market.

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