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China's State Planner Moves to Eliminate Bitcoin Mining

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Fri, 10/08/2021 - 13:24
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Alex Dovbnya
China's top economic planning agency has added Bitcoin mining to the draft list of eliminated industries, seeking public comment
China's State Planner Moves to Eliminate Bitcoin Mining
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The China National Development and Reform Commission has added Bitcoin mining to the draft list of eliminated industries, according to 8BTCnews.

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.

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However, despite appearing in draft version, it did not make it to the final list of eliminated industries back then.

Two 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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.