Published: Wed, April 10, 2019
Money | By Ralph Mccoy

China wants to destroy ‘wasteful’ Bitcoin mining

China wants to destroy ‘wasteful’ Bitcoin mining

Bitcoin mining requires a great deal of resources which is why China's state planner is considering a ban on the practice according to a recent draft list of industrial activities the agency is trying to eliminate.

Crypto mining was top of the Commission's list of practices that should be eliminated immediately.

Due to its low-priced electricity, China has been the hotspot for 70 percent of all crypto mining-related activities.

Final date for public comments is May 7. When it comes to Bitcoin and digital currencies, however, the industry has grown so indifferent to the latest Beijing crackdown that markets did not even blip at this week's proposed mining ban.

"Bitcoin mining wastes a lot of electricity", said one Chinese bitcoin trader who declined to be named due to the sensitivity of the situation.

When China banned cryptocurrency trading and exchanges in late 2017, markets plunged.

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Bitcoin, which accounts for around half of the cryptocurrency market, was down by around 1.4 percent on Tuesday, while other major coins such as Ethereum and Ripple's XRP also fell by similar amounts.

The country also began to limit cryptocurrency mining due to the high amounts of electricity it requires which forced numerous world's largest firms to set up shop elsewhere.

China is now the dominant force in crypto mining hardware production with companies such as Bitmain controlling a large percentage of the industry.

Almost half of bitcoin mining pools - groups of miners that team up for economies of scale - are located in the Asia-Pacific, a Cambridge University study said in December.

Two of the largest Bitcoin mining equipment makers, Bitmain and Canaan, were initially intending to go public and raise billions of dollars in Hong Kong, but the companies have unexpectedly let their initial public offerings lapse since making their announcements.

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