On Thursday, the National Development and Reform Commission of China (NDRC) published a draft resolution on the inclusion of cryptocurrency mining and processing of other digital tokens in the list of industries subject to liquidation. Within a month, the NDRC will wait for public responses to this initiative, after which the changes will either be canceled or they will take the force of the law for implementation. It looks like mining in China is everything.
The PRC authorities have been consistently moving towards this decision throughout the year. Earlier, the People's Bank of China banned any cryptocurrency transactions. But the thirst for easy money is stronger than any law. Mining in China became illegal and, worst of all, the main energy capacities for this began to be stolen from the national power grid. Outright crime has begun, with which no central government will put up.
In September of this year, mining in China was blacklisted for foreign and domestic investment. The new solution makes cryptocurrency mining an area subject to mandatory liquidation. According to CBECI, the share of Chinese miners in the global hashrate is zero, but in practice, mining in China is still possible and, apparently, has not been completely eliminated.
Back in June, China ranked first in the world in terms of hash rate with a share of 34.3%. Production peaked in April 2020 (65%). But already in August, according to the Cambridge Bitcoin Electricity Consumption Index (CBECI), the United States was in first place (35.4%), Kazakhstan was in second (18.1%), and Russia was in third (11.2%).
In addition to mining, the new list of industries for liquidation in China includes the production of disposable plastic utensils and plastic disposable cotton swabs, as well as coal mining in reserves, tourist sites or protected areas with sources of drinking water. All of this and much more is aimed at ensuring that China reaches carbon neutrality in its economy by 2060.
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