In January 2018, Beijing was said to ask local governments to discourage bitcoin mining enterprises, according to documents obtained by Chinese financial news publication Yicai. This is not the first time China has mulled a clampdown on crypto mining. China was reportedly planning to restrict power supply for some bitcoin miners early last year, according to sources cited by Bloomberg. Meanwhile, environmentalists have protested wasteful energy consumption that bitcoin mining incurs. The crypto sector has drawn close scrutiny from Beijing amid concerns over frauds and speculation, which led to a ban on initial coin offerings in 2017. Bitmain’s mining-optimized hardware is widely acknowledged as the top provider of mining hardware, and as much as 94 percent of the company’s revenues in the first half of 2018 came from “Antminers”, its crypto mining hardware.Ī spokesperson for Bitmain declined to comment on the news when contacted by TechCrunch. In particular, Bitmain - which recently lets its application for a proposed Hong Kong IPO lapse - would be significantly impacted by a ban. The ban, if carried out, would deal a massive blow to a series of Chinese companies that rode the crypto wave by providing mining and production tools to the industry. Items that should be eliminated by end of 2006 are still in the 20 versions /3v0dMvB8Tv
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.
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