China Bans Bitcoin & Cryptocurrency Mining

[Goodcat49]

The People’s Republic of China, the world’s largest market for computer hardware created to mine Bitcoin (BTC), has totally banned crypto mining in the country in order to stop the growing pressure on government from the cryptocurrency industry. No time limit for the ban has been set.

The National Dept. and Reform Commission of China (NDRC) – a body responsible for overseeing the country’s economy – revealed in a document on Monday that it wants cryptocurrency mining stopped with immediate effect since the activity “seriously wastes resources.”

China had for long been known as a haven for crypto miners and giant set-ups, not until it prohibited initial coin offerings (ICOs). Since then, the crypto situation has been continuously deteriorating.   

Crypto Mining Degrades the Environment   

This move comes a few weeks after the country decided to only tolerate high-capital investors who possess more than $1 million taking part in Security Token Offerings (STOs), a verdict which was insulated with stringent rules on fundraising through digital currencies.   

Among of the major effect on the environment is that bitcoin mining consumes too much electricity and poses heavy risks to ozone layer that could in turn result to global warming. Scientists across the globe have been looking for other environmental-friendly sources of power including solar energy, that could be used during the mining activity of crypto.   

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/china-bans-bitcoin/