China' s The National Advancement and Reform Commission (NDRC) offers drafted a list of industries it would like to phase out and cryptocurrency exploration, including bitcoin, is amongst all of them, Reuters creates .
The state planner is seeking public opinion on a revised list of industries that it intends to encourage, restrict or eliminate.
The draft for a revised list added cryptocurrency mining, including that of bitcoin, to more than 450 activities the NDRC said should be phased out as they did not adhere to relevant laws and regulations, were unsafe, wasted resources or polluted the environment.
After banning initial coin offerings and calling on local exchanges to halt virtual currency trading in 2017, Chinese officials previous year outlined proposals to discourage cryptomining - the computing process that makes transactions with virtual currencies possible, but consumes vast amounts of power.
The country also began to limit cryptocurrency mining due to the high amounts of electricity it requires which forced numerous world's largest firms to set up shop elsewhere.
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On the other hand, other bitcoin miners relayed that China's ban on cryptocurrency mining is not surprising because it only wastes a lot of energy. His take is that, while the ban is significant, it doesn't mean the end of Bitcoin, though it could affect coin production costs.
Sirer suggests that previous "China FUD" has resulted in bullish price action in Bitcoin and other cryptocurrencies, but calls the effects of the recent news "pretty weak". Those bitcoin ASIC miners consumer electricity and at large scale, which is what major bitcoin mining companies such as Bitmain Technologies Inc. does, it consumes significantly large amounts of electricity. The NDRC believes that Bitcoin mining belongs to the list that now contains 450 items.
And yet somehow the country has remained the epicenter of global cryptocurrency mining, home to ... The Chinese government has been inspecting and examining these two firms' business models.
This is not the first time authorities have cracked down on cryptocurrency mining. These latest guidelines will serve to accelerate the government's efforts to put a halt to crypto-mining in China.
Alessandro Patti, CTO of US-based enterprise services company AGP Solutions, said some of his clients who operate mining farms in China are looking to diversify their operations.