China Bitcoin mining ban could send crypto prices soaring

China wants to destroy ‘wasteful’ Bitcoin mining

Chinese Government Looks to Ban All Bitcoin Mining Activities From Within Its Borders

China started its initial crackdown on cryptocurrency in 2017, when the government began banning initial coin offerings and shut down local cryptocurrency trading exchanges. Since then the People's Republic has relentlessly crushed anything to do with the industry aside from its underlying blockchain technology.

As per a circular issued by the Chinese National Development and Reform Commission (NDRC) on Monday, the government body has made it clear that it is now seeking public opinion on a "revised list of industries" that the masses would like to either see proposer, restricted or eliminated altogether. On the matter, the NDRC also stated that the mining industry was being added to the draft due to its unsafe and non-environmental friendly nature.

Cryptocurrency mining appears on the list among activities the commission believes should be "phased out".

According to Reuters, the NDRC didn't give a date or any details on how, exactly, Bitcoin mining should be eliminated - but that would mean that Bitcoin mining is to cease immediately. That said, Bitcoin mining is actually driving green-energy innovation.

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"Half of the network is probably located in China", said Alex de Vries, a consultant with PwC in Amsterdam who specializes on blockchain and researches cryptocurrency mining. In an all-new draft proposal, the latest industry under the scanner is cryptocurrency mining.

Certainly bitcoin mining does consume a good deal of power, and the new NDRC guidelines only follow a statement by Chinese officials in 2018 to disincentivize mining. Chinese mining farms have had too much control over the process, which has led to centralization issues.

Either way, Bitcoin and crypto markets did not react to the news despite the spread of what crypto loyalists call "FUD" - as in "fear, uncertainty and doubt" - on the part of many crypto sceptics.

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