Left Menu
Development News Edition

China leaves bitcoin mining out of list of restricted activities

China leaves bitcoin mining out of list of restricted activities
Image Credit: Pixabay

China, which is among the biggest manufacturers of bitcoin mining gear, has decided against eliminating the mining of the cryptocurrency, the state planner has indicated. The National Development and Reform Commission (NDRC) in April sought public opinion on a revised list of industries it wanted to encourage, restrict or eliminate. Bitcoin mining was among the activities on the list at the time.

However, the final list published by the state planner on Wednesday did not mention bitcoin mining. Its exclusion was reported by the industry website CoinDesk. It was not clear what the NDRC's reasons were. The NDRC did not immediately respond to a faxed request for comment.

China is the world's largest market for computer hardware designed to mine bitcoin and other cryptocurrencies, but such activities have fallen in a regulatory grey area. While China has been developing its own digital currency, it has in recent years moved to tightly regulate the wider sector.

In 2017, it started to ban initial coin offerings and shut cryptocurrency trading exchanges and it also began to limit cryptocurrency mining, forcing many firms - among them some of the world's largest - to find bases elsewhere. Nearly half of bitcoin mining pools – groups of miners who team up for economies of scale - are in the Asia-Pacific, a Cambridge University study said last year.

Chinese companies are also among the biggest manufacturers of bitcoin mining gear. Last month, Canaan Creative, one of China's biggest bitcoin mining hardware makers, filed to publicly list on the Nasdaq to raise $400 million, its third attempt to do so after previous failed tries in mainland China and Hong Kong.

Also Read: Afghan rivals to meet in China after U.S. talks stall

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)



What happens to your outstanding loans if the bank falls?

... ...

Time for a change! Innovations to stop the growing plastic pollution

As the planet is drowning in plastic pollution, many new innovative approaches and solutions have emerged to effectively deal with the menace....

How to avoid fake universities and fishing bait like Farmington

As education sharks are roaming around to prey, we present a guide on how to mitigate hunters and reach to a genuine universityinstitute. In this era of commercialization of education, the fake universities and economic frauds in educationa...

How India is being pushed towards commercialization of higher education

The reluctance of the present dispensation in pushing the higher education towards commercialization is not just limited to the fees hike in Jawaharlal Nehru University JNU. It seems the government is gradually implementing a plan which is ...


Latest News

UPDATE 1-Power cuts to continue in South Africa as Eskom units perform at low levels

South Africas struggling state power utility Eskom warned that power cuts would occur again from 9 a.m. 0700 GMT on Friday until 6 a.m. on Saturday, as its generating units continue to perform at low levels of reliability.The utility will c...

"Der aaye durust aaye", says Jaya Bachchan on Telangana police encounter

Samajwadi Party MP Jaya Bachchan, who had earlier advocated public lynching of rapists, commenting on the Telangana police encounter in which the four accused in the rape and murder of a woman veterinarian in Hyderabad were killed, said in ...

We wanted death penalty but through proper judicial channel: NCW chief

Hours after the four accused in the rape-and-murder case of Hyderabad veterinarian were killed in an encounter, NCW chairperson Rekha Sharma on Thursday said though the women rights body wanted death penalty for the accused, it should have ...

Uddhav pays tribute to Ambedkar at Chaityabhoomi

Maharashtra Chief Minister Uddhav Thackeray on Friday paid floral tribute to the chief architect of the ConstitutionB R Ambedkar on his death anniversary at Chaityabhoomi here. He visited Chaityabhoomi, the site where Ambedkar was cremated...

Give Feedback