Economy

Chinas economic planning body moving to ban cryptocurrency mining facilities

Chinas economic planning body moving to ban cryptocurrency mining facilities

China's National Development and Reform Commission (NDRC), the top economic planning agency, stated earlier this week that it is seeking the opinion of the public with regards to the companies included in the revised list of industries to ban.

Although the proposal is open to public comment until May 7, the mere fact that it has been proposed will likely see it become law.

Bitcoin first came under heavy scrutiny in China in 2017, when regulators began to ban initial coin offerings and shut local cryptocurrency trading exchanges.

China signaled its intent to ban cryptocurrency mining, dealing a fresh blow to an industry struggling with tumbling virtual currency prices, competition and waning investor interest.

Bitcoin listed among 450 items that NDRC believes should be banned. Cryptocurrency mining was included among sectors to be eliminated immediately.

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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.

China is home to the vast majority of cryptocurrency miners, as the country is privy to extremely low energy costs compared to the rest of the world. If Chinese mining farms control the block production process to validate Bitcoin transactions, they effectively control the network.

"It would also serve to kill the FUD that Bitcoin mining is centralised".

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

Due to China dominating the Bitcoin mining industry, both in terms of the actual mining of BTC, as well as manufacturing the rigs that support the activity elsewhere, the entire crypto industry was up in arms this morning following the breaking news. The intertwined relationships between mining companies and local governments make it hard if not impossible to enforce effectively the ban, according to Zhong. These latest guidelines will serve to accelerate the government's efforts to put a halt to crypto-mining in China.