The Takeaway: * A draft proposal from China’s economic planning commission labels bitcoin mining as an industry that needs to be “eliminated.” But even if finalized in its current form, this would not automatically amount to an outright mining ban.
* While local governments are supposed to follow the commission’s guidance, to take action against an industry they need a basis in the laws of the state, not industrial policy.
* Further, there are past examples of “undesirable” industries that were eventually recategorized because phasing them out was found to conflict with local interests.
* Seizing on this, miners are arguing that eliminating their industry would also conflict with local interests, in part because they soak up excess electricity that would otherwise go to waste.
https://www.coindesk.com/chinas-new-policy-isnt-an-automatic-bitcoin-mining-ban-heres-why
