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China wants to ban Bitcoin mining because it "seriously wasted resources"



In a typical Bitcoin mining operation, powerful banks of computers are dedicated to crushing blockchain numbers that earn absolutely no purpose but have value because people think they do. Nearly three-quarters of cryptographic curves are being extracted in China, generating up to 10 million tons of carbon dioxide, according to a recent study by Nature Sustainability .

China has considered a Bitcoin mining ban since last year. It asked local authorities to encourage companies to close down business by hunting up power prices and issuing stronger environmental regulations. The government is not only concerned about pollution, but the devastation that can be triggered by investors who lose money speculating in cryptocurrency.

If the new rules come into force, Chinese miners will be forced to leave their business ̵

1; often located close to cheap coal mines – and move to foreign bases, according to South China Morning Post . Many have already come to Quebec, where hydropower is cheap, plentiful and not polluting, but others have set up shop on dirty coal plants in Australia and elsewhere.

In 2017, China banned crypto exchange services serving local people, causing a plunge in prices. The new rules also pose a risk to producers of mining equipment that dominate the Bitcoin industry. The NDRC published the paper for public comment, and the consulting period ends May 7.


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