The China National Development and Reform Commission has added Bitcoin mining to the draft list of eliminated industries, according to 8BTCnews.
Breaking! China's Development and Reform Commission publicly solicited opinions on the "Negative List of Market Access (2021 Edition)", and included virtual currency "mining" activities in the elimination category as "Outdated production technology and equipment".#bitcoin pic.twitter.com/fVjCdXW782
— 8BTCnews (@btcinchina) October 8, 2021
A period of public consultation will last from Oct. 8 to Oct. 14.
Since there is no target date for phasing out such activities, the ban will come into effect immediately.
The NDRC, which was established back in 1998, is a macroeconomic management agency that is responsible for formulating strategies of economic development throughout mainland China.
As reported by U.Today, the country's top economic planning agency initially considered putting the brakes on mining in April 2019.
Alex DovbnyaTwo years ago, China remained the dominant force in the Bitcoin mining sector, accounting for the lion's share of the global hashrate.
This changes when the majority of Chinese provinces cracked down on the industry this summer, causing the great migration of local miners to Kazakhstan, Russia, the U.S and other countries.
Dan Burgin
U.Today Editorial Team
Vladislav Sopov