China wants to eliminate bitcoin mining for wasting energy & polluting environment
The country with the world’s biggest #cryptocurrency mining farms, #China, aims to completely ban their operations, according to a new report issued by its top economic planning body.
FILE PHOTO © Global Look Press / Michael Gruber
The National Development and Reform Commission (NDRC) on Monday released proposed amendments to the list of industries that it wants to support, restrict or eliminate. Bitcoin and other digital currencies mining are listed among a swarm of other activities in the latter section of the updated document, which includes those seen as wasting resources or polluting the environment.
The proposed amendments will be available for public discussion until May 7. The regulator did not elaborate on a specific deadline to get rid of virtual currency mining, which could result in the immediate elimination of the sector, state-affiliated newspaper Global Times reported. http://www.globaltimes.cn/content/1145183.shtml
The move is seen as a new step in Beijing’s crackdown on crypto mining, despite the country dominance in the sphere. China is home to the largest cryptocurrency mining farms on the planet thanks to cheap electricity in some of its regions, such as coal-rich Xinjiang and Inner Mongolia as well as Yunnan and Sichuan provinces.
Thus, Chinese miners will have to move their facilities abroad. Some firms had already done so, like Beijing-based cryptocurrency mining hardware giant Bitmain, which relocated some of its facilities to the US.
Apart from shutting down the mining farms, the ban, if implemented, could be a huge blow to Chinese producers of mining rigs and other equipment for the industry.
The news comes as the price for the world’s most popular digital currency, bitcoin, has been steadily rising since the beginning of the month, setting an upward trend for other major digital currencies. On Monday, Bitcoin broke $5,300 mark before sliding to $5,200.
The news of China’s possible “elimination” of crypto mining had no immediate effect on the prices of tokens. However, its expected the ban may further have a major impact on the global market, analysts told by Global Times.
The People’s Bank of China banned initial coin offerings in 2017, and last year the country’s top internet-finance regulator reportedly issued a notice demanding companies quit the cryptocurrency business, saying that it poses a risk of speculation.
“There have already been some policies about phasing out #bitcoin mining, but they have not been very effective as some local governments, in pursuit of GDP growth, continue to ignore the risks of bitcoin,” researcher at the Institute of Finance and Banking at the Chinese Academy of Social Sciences, Zhao Yao, told the Global Times. “The move by the NDRC, which determines industrial policies, carries much more weight.”
Original: https://www.rt.com/business/456011-china-cryptocurrency-mining-ban/
It's so deeply wrong... There are countless methods how people are wasting energy. Banks are open for no reasons, traffic lights are not synchronised, half of Europe has "siesta" in the middle of the day and so on.
We also need to understand one of the fundamentals in the economy: if it's profitable - it's already too late.
Try to imagine how pointless it was to cut a river in half, build some crazy structure called a dam, put a crazy amount of work into all the machinery. And all of that to bring electricity so people could have light?!
Why, it's so stupid, who needs electricity?! We are doing fine without it. People used to live without that new tech for millennia... That electricity thing should be banned!
You want to live banned Electricity? Move out to Venezuela and Live there.
all March with only 6 day with partial electricity.
You complaint about "how is wrong use of electricity". FINE.. You think that you don't need it?
Why are you posting in here using it?
why have you a phone that needs electricity?
why have you a refrigerator, Tv, wash machice, I think you even use a Electric cocine.
"Oh, I'm living on a normal country and everyones use badly the electricity and overconsume it"
Take a plane, Go to Venezuela an take your dosis of 1 month without electricity. Then you can come in here and complaint about how is youe life better without it.
I remember those days without electricity, we used to have a similar situation as you experiencing today
Oh, you like to do hard work at 40 degrees + sun? Also 3 countries are not half of 30.
North of France came to my mind :D cold, rain and 2 unnecessary traffic jams due to siesta.
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Uh???
Pics or it didn't happen!
France does not do Siesta.
Ok, I guess I've noticed that basically everything is opened from 09-11.5 that there is a break and they continue to work from about 13.5 to 18 (7h work per day, 35h per week). Type any bank or company and the word "horarie" or horaries de travail and you will see. It creates a lot of mess, as you can't finish 2 task in a single day
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That's just having a good, nourishing meal and a short, results enhancing nap. :D
And I don't see why you can't 2 tasks if you make a break between them. I mean, 1 hour or 2 break shouold not make a difference.
I used to live in a 07-15h framework, without that pause (*several seamless pauses, included)
There's one silver lining to this whole thing. With the major mining farms shutting down/relocating, it's going to be much easier for everyday folks to mine on our own computers again. Regular people will be able to take part again!
China is only hurting itself if it bows out of the crypto mining industry.
Seems like bitcoin is way too hard to regulate even for China, where people are watched 24/7
Ha? That is exactly what they are doing: They regulate it. The regulation is: Get rid of the huge waste.
China could choose to embrace crypto mining in their country, and possibly even position themselves as a world leader for crypto development in a time when many nations have turned their back on it. Instead, they've chosen a route that is only going to ultimately harm them, as eliminating an entire sector is going to cause unemployment and a flight of crypto operations to other countries.
The thing the CHinese government wants more than enything else is control.
They may make an own crypto, but the current versions are not easily controlable. Especially something like Steem is incompatible with the censor regime. Not to mention the waste of energy in a country that builds several new plants every month.
The surprise is only that it took so long.
Oh yeah like they have the position to talk... Wasn't all their mining state sponsored?
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