08 October 2021 13:37, UTC
Reading time: ~2 m
The China National Development and Reform Commission has added Bitcoin mining to the list of eliminated industries after a period of public consultation, according to 8BTCnews.
Breaking! China’s Development and Reform Commission publicly solicited opinions on the “Negative List of Market Access (2021 Edition)”, and included virtual currency “mining” activities in the elimination category as “Outdated production technology and equipment”.#bitcoin pic.twitter.com/fVjCdXW782
— 8BTCnews (@btcinchina) October 8, 2021
Since there is no target date for phasing out such activities, the ban has come into effect immediately.
As reported by U.Today, the country’s top economic planning agency initially considered putting brakes on mining in April 2019.
However, despite appearing in the draft version, it didn’t make it to the final list of eliminated industries back then.
Two years ago, China remained the dominant force in the Bitcoin mining sector, accounting for the lion’s share of the global hashrate.
This changes when the majority of Chinese provinces cracked down on the industry this summer, causing the great migration of local miners to Kazakhstan, Russia, the U.S and other countries.
#Chinas #State #Planner #Officially #Eliminates #Bitcoin #Mining