Published: Fri, April 12, 2019
Markets | By Otis Pena

China wants to destroy ‘wasteful’ Bitcoin mining

China wants to destroy ‘wasteful’ Bitcoin mining

The National Development Reform Commission, China's economic planner, has listed crypto-mining among a range of industries it plans to eliminate due to their tendency to waste resources or pollute the environment. According to the proposal by the National Development and Reform Commission [NDRC], crypto-mining is flagged as an "undesirable industry".

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. Meanwhile, it was not stated when the bitcoin mining in China is set to be banned but the public has until May 7 to agree, challenge or simply comment on the revised draft that will phase out the crypto industry.

It also forced some large cryptocurrency mining companies to move their headquarters elsewhere.

China has signaled its intent to ban cryptocurrency mining, dealing a fresh blow to an industry buffeted by tumbling virtual currency prices, stiff competition and waning investor interest. The NDRC believes that Bitcoin mining belongs to the list that now contains 450 items.

Over the past couple of years, China has been quite hostile towards Bitcoin and cryptocurrencies in general, at one point shutting down all cryptocurrency exchanges in the country, and undertaking or threatening numerous other measures to stifle cryptocurrency-related activities.

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It's estimated Chinese miners account for around 70% of global Bitcoin mining output.

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.

People familiar with the deals said that Hong Kong regulators had many questions about the companies' business models and prospects.

Taiwan Semiconductor Manufacturing Co (台積電) and Nvidia Corp are among listed chipmakers that supply cryptominers in China and around the world.

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