China looks to ban Bitcoin mining

A small toy figure is seen on representations of the Bitcoin virtual currency in this illustration

A small toy figure is seen on representations of the Bitcoin virtual currency in this illustration

Due to China dominating the Bitcoin mining industry, both in terms of the actual mining of BTC, as well as manufacturing the rigs that support the activity elsewhere, the entire crypto industry was up in arms this morning following the breaking news.

The National Development and Reform Commission (NDRC) has added cryptocurrency mining to its latest list of industries it wants to restrict, or eliminate, Reuters reports. But as Bitcoin price finds new life, lawmakers in the country are considering banning crypto mining among 450 other activities that are deemed to be unsafe, wasteful of natural resources, or pollute the environment. That said, Bitcoin mining is actually driving green-energy innovation.

BTC has continued to range below resistance at $5,300 after a almost $1,000 rally early last week, that began once Bitcoin broke $4,200. Traders in London said it was unclear how much the Chinese move was weighing on the market.

China has had a tumultuous past when it comes to cryptocurrency and blockchain.

China started its initial crackdown on cryptocurrency in 2017, when the government began banning initial coin offerings and shut down local cryptocurrency trading exchanges.

The country also began to limit cryptocurrency mining due to the high amounts of electricity it requires which forced numerous world's largest firms to set up shop elsewhere.

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Almost half of bitcoin mining pools - groups of miners that team up for economies of scale - are located in the Asia-Pacific, a Cambridge University study said in December.

Countries with relatively cheap electricity have emerged as major hosts of cryptocurrency mining.

Two of the largest Bitcoin mining equipment makers, Bitmain and Canaan, were initially intending to go public and raise billions of dollars in Hong Kong, but the companies have unexpectedly let their initial public offerings lapse since making their announcements.

What Does the China Mining Ban Mean for Bitcoin Price?

According to Canaan's IPO prospectus filed past year, sales of blockchain hardware primarily for cryptocurrency mining in China were worth 8.7 billion yuan ($1.30 billion) in 2017, 45 percent of global sales by value.

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