China plans Bitcoin mine ban, market unfazed

China plans Bitcoin mine ban, market unfazed

According to Reuters, Jehan Chu, managing partner at blockchain investment firm Kenetic, told state-owned newspaper Securities Times that the Chinese government isn't really trying to eliminate cryptocurrencies in the country for good.

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. The National Department and Reform Commission of China, which has a lot of sway over the economic direction of the nation, has stated in a document that it would like to see cryptocurrency mining abolished as it "seriously wastes resources". The Chinese public on the other hand has until May 7 to comment on the draft before it's finalized. China has always been the world's top destination for Bitcoin mining farms due to favorable energy prices from coal -rich regions and easily accessible hydro power. Bitcoin now falls in that last category.

"I believe China simply wants to "reboot" the crypto industry into one that they have oversight on, the same approach they took with the Internet".

When China banned cryptocurrency trading and exchanges in late 2017, markets plunged. While cryptocurrency mining might require large amounts of electricity, Bitcoiners often argue it's not necessarily wasteful or polluting.

China is moving towards discouraging cryptocurrency mining in the region.

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A ban on cryptocurrency mining in China would likely cut off a key supply of cheap electricity for the industry and raise the average cost required to mine Bitcoin.

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

Chinese companies are also among the biggest manufacturers of bitcoin mining gear, and a year ago three filed for initial public offerings in Hong Kong, looking to raise billions of dollars.

The prospectus forecasts that sales in China would rise to 35.6 billion yuan by 2020.

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