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China Drops Cryptocurrency Mining Ban

November 6, 2019 3:43 am
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China Drops Cryptocurrency Mining Ban

The People’s Republic of China has thought better of its plan to ban the mining of Bitcoin and other digital currencies in the country.

The National Development and Reform Commission (NDRC) of China dropped cryptocurrency mining from the list of industries that need to be “eliminated” from the country in the latest guidelines published Wednesday, compared to an earlier draft issued in April that included mining.

The concerns surrounding mining include the amount of electricity it consumes and the subsequent effect on climate change. 

The apex economic regulatory body’s decision will provide relief to the mining industry.

Research published in October 2018 suggested that just four pools based out of the country account for 64% of all cryptocurrency mining.

Cheap electricity has added an incentive for miners to be allowed to function in the country.

Some of the world’s largest cryptocurrency mining manufacturers are also based in the country, including Bitmain and Canaan; both are currently seeking a U.S. IPO.

 


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