China plans to put an end to cryptocurrency mining in the country,A Male Friend Who Spins it Around Reuters reported Tuesday citing a "draft list of industrial activities" China's state planning agency looks to put a stop on.
The decision doesn't appear to be final -- the National Development and Reform Commission (NDRC) is seeking public opinions on a revised list of industries that will either be encouraged, restricted or eliminated. Bitcoin now falls in that last category.
SEE ALSO: Bitcoin surges, hitting $5,000 for the first time this yearAccording to Reuters, the NDRC didn't give a date or any details on how, exactly, Bitcoin mining should be eliminated -- but that would mean that Bitcoin mining is to cease immediately.
Final date for public comments is May 7. CoinDesk points out, however, that the document is only a guide for future development, which may not have a real impact on Bitcoin mining in the country.
Bitcoin mining, which is the process of creating new Bitcoin by employing computational power to solve an increasingly hard math puzzle and power Bitcoin's payment network at the same time, is primarily done in China. A report dating October 2018 said 74% of Bitcoin mining power resided in China, primarily because of cheap electricity and access to specialized mining hardware. A total, immediate ban, would be horrible news for the miners, but it might also destabilize Bitcoin.
Cornell professor and cryptocurrency expert Emin Gün Sirer chimed in on Twitter. His take is that, while the ban is significant, it doesn't mean the end of Bitcoin, though it could affect coin production costs.
This Tweet is currently unavailable. It might be loading or has been removed.
This Tweet is currently unavailable. It might be loading or has been removed.
If China really goes through with the ban, it might have one positive consequence: decentralization. The fact that Bitcoin mining power has been concentrated in China meant that a couple of huge mining pools (operations in which miners join forces to produce new Bitcoins together) could destabilize or even take over the entire network. But if Bitcoin mining power spreads a bit more evenly around the globe, this threat would be diminished.
Over the past couple of years, China has been quite hostile towards Bitcoin and cryptocurrencies in general, at one point shutting down all cryptocurrency exchanges in the country, and undertaking or threatening numerous other measures to stifle cryptocurrency-related activities.
Bitcoin's price has been on the rise, recently surpassing $5,000 for the first time in 2019. Interestingly, the first time Bitcoin's price rose over that mark was in October 2017, and that was despite the negative news from China which abounded at that time.
Disclosure: The author of this text owns, or has recently owned, a number of cryptocurrencies, including BTC and ETH.
Is it 'Thunderbolts*' or *The New Avengers'?
Wallace Stevens’s “Long and Sluggish Lines” by Eliza Griswold
Relatos by Pierre Gonnord
Announcing Issue 200! by Sadie Stein
New MIT report reveals energy costs of AI tools like ChatGPT
Starve a Fever, Feed a Cold by Robin Bellinger
An Interview with Lysley Tenorio
#JonathanFranzenHates, Nabokoving, and Other News
NYT Connections Sports Edition hints and answers for May 19: Tips to solve Connections #238
Dressed for Art by Jean
I'm a college professor. My advice to young people who feel hooked on tech
Satanic Seduction; Dufus Casanovas by Lorin Stein
Ways and Means by Sadie Stein
The Book Club by Jason Diamond
Best portable power station deal: Save 44% on the Jackery Explorer 100 v2
Slanderous Correspondence; Imitations by Lorin Stein
The Spring Issue: Werner Herzog and Jan Simek on Caves
The Tokyo Diary by Dean Wareham
Google Pixel Buds Pro 2: $40 off at Amazon
The Escape Artist by Chris Wallace
How to enable Apple Intelligence on MacApple's new Mac mini has a power button in the most unusual placeBest Garmin deal: Save $53 on Garmin vívoactive 5Shop tablet deals on iPads, Fire tablets, and moreWordle today: The answer and hints for October 30Best 4K smart TV deal: Get $800 off the 48Wordle today: The answer and hints for October 29Shop the newest Kindle: The Kindle Colorsoft is available starting today at AmazonApple's new Mac mini has a power button in the most unusual placeApple's new Mac mini has a power button in the most unusual placeBest Amazon Echo 5 Kids deal: Save $45 at AmazonGet NordVPN subscriptions for 74% off ahead of Black FridayBest pressure cooker deal: Save $95 on Cuckoo Pressure Cooker and WarmerBest robot vacuum deal: Save $394 on the T8S Robot Vacuum and MopDwyane Wade's Miami statue has the internet in tearsPhiladelphia DA sues Musk, calls his $1 million voter payouts 'illegal lottery'Best smartwatch deal: Save over $60 on Samsung Galaxy Watch 7Solawave skincare: 25% off at UltaBest TV deal: Get $700 off the 75Best router deal: Save $43.99 on TP Wordle today: The answer and hints for May 17, 2025 How to unblock xHamster for free Best smartphone deal: Save $250 on the Google Pixel 9 Trend alert: ChatGPT is turning Reddit usernames into images I've been a DJ at legendary clubs for years. Here's the gear I use to create Microsoft Surface: The Good, the Ugly and the Unknown The Doctor's granddaughter Susan returns in 'Doctor Who' Eurovision 2025 livestream: How to watch Eurovision for free Chelsea vs. Manchester United 2025 livestream: Watch Women's FA Cup final for free Xbox One vs. PS4: How They Stack Up Today NYT Strands hints, answers for May 17 You can talk to Darth Vader in 'Fortnite' thanks to generative AI Apple rejects Fortnite for iOS in latest app store drama [updated] Crystal Palace vs. Manchester City 2025 livestream: Watch FA Cup final for free Marvel, Disney VFX artists agree to first union contract The Fear is Gone: My PC is my Next NYT mini crossword answers for May 18, 2025 Wordle today: The answer and hints for May 19, 2025 How a Threads post helped me find community and beat loneliness Hot PC Games for the 2013 Holiday Season
3.358s , 8223.890625 kb
Copyright © 2025 Powered by 【A Male Friend Who Spins it Around】,Fresh Information Network