[2021-10-09] China proposes adding cryptocurrency mining to ‘negative list’ of i

[Woodie]

China proposes adding cryptocurrency mining to ‘negative list’ of industries

China has added cryptocurrency mining to a draft list of industries in which investment is restricted or prohibited, although it reduced the number of sectors on the list overall, a document released by the state planner showed on Friday.

The “negative list” details sectors and industries that are off-limits to both Chinese and foreign investors.
Regulators in China banned cryptocurrency trading and mining this year, with the country’s central bank vowing to purge “illegal” cryptocurrency activities last month.

The crackdown has prompted cryptocurrency exchanges to cut ties with Chinese users.

Read more https://www.cnbc.com/2021/10/09/china-proposes-adding-cryptocurrency-mining-to-negative-list-of-industries.html

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[sunsilk]

What they want is obvious. They've already imposed a ban to cryptos and I think there's already an early cracking down for these miners and now, they're making a law out of it.

If they don't want their people to do mining and get engaged in cryptocurrencies. Maybe, they're the ones that will do most things that lies in crypto so it's going to be a government owned asset and there's no competition inside their country.

[o_e_l_e_o]

So they banned bitcoin a few weeks ago, for what? The eighth time? But now they are planning to ban it, specifically mining it, yet again?

Honestly, every time China bans bitcoin, it makes me even more bullish than before. You can only ban something once. When you have to ban it again (and again, and again), all you are proving to the world is that your original ban(s) did not work and that bitcoin can continue to operate just fine despite governments doing all they can to stop it. Ban it 100 times if you want China. Bitcoin is censorship resistant, and as the market has shown, people don't care what you do. People will work around it. Miners will move their equipment. Nodes will continue to operate. Bitcoin will continue to grow.

China FUD is getting old. Nobody cares anymore.

[Lucius]

@Woodie, please don't post news like this, it may have been relevant a few years ago, but given everything that has happened in China, why emphasize something that no longer makes sense - you killed something, so how many more times do you need to do the same? The fact that it was proposed in 2019 (although much earlier as a proposal) means that it was only a matter of time before it would happen.

Elimination recommended: On Monday, the National Development and Reform Commission (NDRC)—China's top economic planning agency—published an update to its list of industrial activities it has categorized as encouraged, restricted, or eliminated. According to the South China Morning Post, cryptocurrency mining, the resource-intensive process that most public blockchain networks use to record new transactions, was included among the industries to be eliminated immediately. The government supposedly sees it polluting and energy-wasting.

[Ozero]

This prohibitive measure on investment in cryptocurrency mining in China is almost irrelevant. According to statistics in China, bitcoin is no longer mined at all, probably, the situation with other cryptocurrencies is close to this value. Finally, the Chinese government will not be able to periodically influence the cryptocurrency market with its negative influence. Further, the population of China should join the struggle for their right to use the cryptocurrency. If there are no protests, then every Chinese will look for a way out of this situation on their own.

[o_e_l_e_o]

According to statistics in China, bitcoin is no longer mined at all

I would bet a lot of bitcoin on the fact that there is still significant mining activity going on in China. There is simply no way that every miner and every piece of mining equipment in China either left the country or just stopped mining altogether. The 0% figure comes from simply looking at the IP addresses of miners. Obviously VPNs exist, so this figure does not mean anything. Yes, China lost a lot of hashrate, but no way did it lose it all.