China plans to ban Bitcoin mining, report claims
China plans to put an end to cryptocurrency mining in the country, Reuters reported Tuesday citing a “draft list of industrial activities” China’s state planning agency looks to put a stop on.
The decision doesn’t appear to be final — the National Development and Reform Commission (NDRC) is seeking public opinions on a revised list of industries that will either be encouraged, restricted or eliminated. Bitcoin now falls in that last category.
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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.
Final date for public comments is May 7. CoinDesk points out, however, that the document is only a guide for future development, which may not have a real impact on Bitcoin mining in the country.
Bitcoin mining, which is the process of creating new Bitcoin by employing computational power to solve an increasingly hard math puzzle and power Bitcoin’s payment network at the same time, is primarily done in China. A report dating October 2018 said 74% of Bitcoin mining p
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