DooKey
[H]F Junkie
- Joined
- Apr 25, 2001
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- 13,500
China has already banned bitcoin and ICO's so now they are going for the kill shot on bitcoin miners. According to a leaked document to the internet-finance regulator, they are requiring local authorities to guide bitcoin miners to exit from the business of mining. Supposedly, this action is being taken because of the use of resources mining requires. China loses miners and other countries will be glad to take them in considering how much they spend on electricity and taxes. Check out the leaked document here.
The latest crackdown on bitcoin mining comes amid China’s efforts to better distribute electricity to places where power is undersupplied. Bitcoin miners have taken advantage of cheap power in coal-abundant areas like Xinjiang and Inner Mongolia in recent years to expand their operations.
The latest crackdown on bitcoin mining comes amid China’s efforts to better distribute electricity to places where power is undersupplied. Bitcoin miners have taken advantage of cheap power in coal-abundant areas like Xinjiang and Inner Mongolia in recent years to expand their operations.