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This article was published on April 9, 2019

China wants to destroy ‘wasteful’ Bitcoin mining

Are the days of China's dominanace numbered?

China wants to destroy ‘wasteful’ Bitcoin mining

China, one of the world’s most prominent blockchain and cryptocurrency forces, wants to put an end to “wasteful” Bitcoin mining.

The National Development and Reform Commission (NDRC) has added cryptocurrency mining to its latest list of industries it wants to restrict, or eliminate, Reuters reports.

The list outlines activities the NDRC believes should be phased out as they lead to legal complications, pose safety risks, or wastefully pollute the environment.

Bitcoin has often been criticized for its high energy use, it was previously reported that the mining network uses more electricity than 20 countries in Europe. That said, Bitcoin mining is actually driving green-energy innovation. While cryptocurrency mining might require large amounts of electricity, Bitcoiners often argue it’s not necessarily wasteful or polluting.

No deadline has been set for when these industries should adhere to the directive. Activities should be phased out immediately, according to the document.

The public have been given until May 7 to comment on the draft directive.

China has had a tumultuous past when it comes to cryptocurrency and blockchain.

Despite banning initial coin offerings (ICO) and security token offerings (STO), it has remained open to blockchain. The Asian country is expected to become a global super power in the technology by 2023, and currently has the most blockchain patents in the world.

Last week, Chinese regulators published a list of the first 197 officially regulated blockchain companies. It included the likes of Alibaba, Tencent, and Baidu.

Today’s news only further demonstrates China’s continued “blockchain, not Bitcoin” stance.

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