China plans to ban cryptocurrency mining
A document published by the NDRC assures that it is planned to restrict this activity due to the environmental impact it is generating due to the consumption of energy
China may be considering cryptocurrency mining as an undesirable economic activity, according to a document published this week.
The text published by the National Development and Reform Commission of China (NDRC) included a preliminary proposal for the prohibition of cryptocurrency mining such as bitcoin.
This would be due to the growing opinion that this activity is “a waste of valuable resources”, due in part to the environmental impact that this generates.
The computers that are in charge of extracting bitcoins use a large amount of electrical energy, which causes a very significant damage to the environment.
Statistical data ensure that 74% of global mining is happening in China, where the largest amount of carbon is also burned.
China’s proposal to ban mining is part of a bigger push against cryptocurrencies in the country in recent years.
The People’s Bank of China banned the Initial Offers of Cryptocurrencies (ICO) in September 2017, but enthusiasts say it is easy to circumvent this ban.
K. Tovar
Source: Bancaynegocios
