The Chinese government suggests a ban on bitcoin mining



Mining operations outside China, like this one in Russia, could benefit from the Chinese Government's breakdown of cryptocurrency minerals.
Enlarge / Mining operations outside China, like this one in Russia, could benefit from the Chinese Government's breakdown of cryptocurrency minerals.

OLGA MALTSEVA / AFP / Getty Images

The Chinese government is considering banning the country in discovering biscuits and other cryptocurrencies. Every few years, the Chinese Commission for Improvement and Reform publishes a list of businesses which the organization wishes to encourage, restrict or eliminate because they are dangerous, illegal, or bad for their use t the environment. The latest list, released this week, includes cryptocurrency mining on the business list to stop it from happening.

China's ban on cryptocurrency mining would be a huge promise to the global bitcoin community. In recent years, China has become increasingly important in producing mining mining and mining industries of small quantities.

China's banking of bitcrow mining could transform the bitcoin mining industry, creating openings for the bioenergy mining industry in other parts of the world to get a market share. And that would be important because bitcoin miners are having a big impact on the evolution of the Bitcoin microwave.

But it is not clear how bad the government is about the proposed ban. The new list of banned industries is only a recommendation – the Chinese government is inviting public comments on the draft before it takes place.

Even if the list is treated as government policy, it is not clear how it would be implemented. T

Technology tech will appear followed by Dovey Wan campaign capitalists: "NDRC is renewing a new version of this recommendation every 3-5 years from the beginning of 2000," she wrote. “Items that should be put off by the end of 2006 are still in version 2011 and 2019. '

But there are still, more recently, that the Chinese government is getting into a cryptocurrency division. At the end of 2017, in the middle of that cryptocurrency success of that year, China banned trade cryptocurrency trade. In January 2018, a Chinese ruler said it wanted a "systematic departure" from the cryptocurrency mining industry.

Another possible explanation for recent trends in China: the government is hopeful that the Chinese party will move to bed platforms based on state control.

"The NDRC motion is almost exclusively with China's desire to control various forms of the rapidly growing crypto industry," said museum Jehan Chu to Reuters. "I think China is just about restarting the crypto industry to see they're looking on the internet."


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