The People's Bank of China will regulate mining with the help of local authoriti

[quhert]

The People's Bank of China will regulate mining with the help of local authorities

The People's Bank of China said it could put pressure on local authorities in the country to regulate the use of energy by the miners

Reuters reports that the central bank of China informed the members of the leading group on the restoration of financial Internet risks in Beijing that it can "tell" local authorities in Chinese provinces about the regulation of energy consumption of Bitcoin miners. Referring to the source, the People's Bank plans to take such a step against the miners in order to "gradually reduce the scale of their production."

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[Nebell]

Good thing I don't live in China
Instead I live in Sweden where I pay a shit load of money for electricity. Still, I use solar power from my provider. So I don't pollute as much, but it does cost a pretty penny.

[RNGfight]

The People's Bank of China will regulate mining with the help of local authorities

The People's Bank of China said it could put pressure on local authorities in the country to regulate the use of energy by the miners

Reuters reports that the central bank of China informed the members of the leading group on the restoration of financial Internet risks in Beijing that it can "tell" local authorities in Chinese provinces about the regulation of energy consumption of Bitcoin miners. Referring to the source, the People's Bank plans to take such a step against the miners in order to "gradually reduce the scale of their production."

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To be sure, the profiteering industry of the mine would mean that the state would come in and collect taxes, and the state would crack down on cheap electricity.

[13abyknight]

Still don't get the point of trying to regulate mining while their attempts to regulate Bitcoin itself was a big flop. Probably going to force miners to switch to BCH with pressure mounting from Jihan Wu and the BCH backers. This might actually take a toll on the already existing network congestion initially, but as always, Bitcoin will hold its own no matter what.

[JeBro]

If China prohibits mining of bitcoins and other crypto currency, the capacity will flow to other countries with cheap electricity.
I think this will take advantage of Russia, where there is a certain surplus of electricity.
In addition, the tokens of mining projects such as Envion will take off.