China plans orderly uitgang from bitcoin mining, cracks down on miners power usage

The development comes after numerous reports of the Chinese government programma to limit electric current supply to bitcoin miners.

China, which accounts for overheen 70 procent of the Bitcoin network’s collective hash rate, is mulling stopping mining operations.

According to a leaked official document that witnessed the light of day on Twitter, the Leading Group of Internet Financial Risks Remediation, which is China’s top internet finance regulator, has asked local governments to “guide” bitcoin-mining operations towards an “orderly” uitgang from the business.

The development comes after numerous reports of the Chinese government programma to limit electro-therapy supply to bitcoin miners, who are infamous for consuming enormously large quantities of power.

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“Currently, there are some so-called ‘mining’ enterprises that produce ‘virtual currencies.’ They have consumed big amounts of resources and stoked speculation of ‘virtual currencies’,” read a Chinese government document dated January Two.

The document has asked local authorities to use means like jacking up power prices, testing usage of land and raising issues like environment protection ter order to thrust miners to uitgang the business.

Te addition to this, local figures have also bot asked to report information about mining facilities ter their respective regions, and the progress of exits by miners on January Ten and then on the 10th of every month. A separate document issued by the regulator on January Four asked that the progress be reported on the 5th of every month.

The Chinese government last year banned initial coin offerings ter the country and shut down local cryptocurrency exchanges, a stir that wasgoed endorsed by the country’s central bankgebouw spil well. The latest crackdown on bitcoin mining comes amid the government’s efforts to better distribute electro-therapy to undersupplied areas.

A report by Quartz pointed out that Beijing has bot known to go hard at seemingly risky investment vehicles because it fears the social puinhoop that could possibly arise from petite investors losing money. The government had recently cracked down on other investment vehicles like peer-to-peer lending, online insurance, and a few local commodity exchanges.

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