The Chinese government wants to wipe out bitcoin mining activities away from their country. This is according to a draft list of industrial activities that will be terminated in China. With cryptocurrency being listed in the list, we can guess that the Chinese Government does not have much interest in this industry.

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No more cryptocurrency in China

China is currently the world’s biggest market of computer hardware specialized for mining bitcoin and other types of cryptocurrencies. However, The National Development and Reform Commission of China (NDRC) has just publicly announced a few days ago that this governmental organization has published a draft list to collect opinions of the people on the list. This list will contain industries will receive the support from the government, industries will be restricted and those will be banned.

The first version of the list was published in 2011. And now, the Chinese Government is seeking the second version of it to adapt to the new era of technology. This draft list added cryptocurrency mining, including but not limited to bitcoin. Besides cryptocurrency mining, there are more than other 450 activities will be banned in China if the list is passed. According to the NDRC, those activities are not following the laws and regulations of China, or are dangerous, using too many resources, or harmful for the environment.

Bitcoin Mining Server Farm 2 5a859061a85232860a4df
Bitcoin Mining Server Farms take too much electric to operate

The bitcoin traders all said that they all have foreseen this move from the Chinese government.

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cryptocurrencies are losing value, so they become burden