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Regulators in China are weighing a ban on Bitcoin mining

Cryptocurrency mining has become the latest target for the Chinese government seeking to phase out industries considered a drag on the country’s economy.
The National Development and Reform Commission (NDRC), the top economic planning agency in the world’s largest market for bitcoin mining, released on Monday a list of sectors it plans to promote, restrict or eliminate. Crypto mining, the process of creating Bitcoin and other digital currencies through the use of computing power, was namechecked alongside a swarm of other sectors the agency wanted to “eliminate” because they “lacked safe production conditions, seriously wasted resources, polluted the environment,” among other issues.
Bitcoin’s valuation famously slumped in 2018, falling from a record $20,000 in December 2017 to below $4,000, but this piece of news from China comes amid a period of renewed optimism. Last week, Bitcoin’s value rocketed above $5,000 for the first time since November 2018.
The official announcement, which comes in the form of a revised list awaiting public comment, does not exert regulatory power. The agency did not put a proposed deadline for when crypto mining should be banned. While such guidelines normally hint at Beijing’s attitude towards an industrial activity, some points out that the NDRC’s guiding list, which renews every few years, has had limited impact on industries it has wanted to cut.
“Items that should be eliminated by end of 2006 are still in the 2011 and 2019 versions,” noted Dovey Wan, founding partner at blockchain-focused Primitive Ventures, in a tweet.


for more context (??regulatory landscape is fuzzy so hard to explain everything in tweet's length) – NDRC updates a new version of such proposal every other 3-5 years since early 2000. Items that should be eliminated by end of 2006 are still in the 2011 and 2019 versions pic.twitter.com/3v0dMvB8Tv
— Dovey Wan ? (@DoveyWan) April 9, 2019
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