Chinese authorities intend to ban mining cryptocurrency (4 photos)

The National Development and Reform Commission of China issued a document proposing, among other things, a mining ban.

Mining is now recognized as undesirable.economic activity. Officials believe that mining cryptocurrency is wasting valuable energy resources. Until May 7, Chinese society will be able to openly discuss this proposal.

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According to experts, datacryptocurrencies operate in coal-dependent regions of Inner Mongolia and Xinjiang. The thing is that electricity is very cheap here. It is worth noting that China has almost three-quarters of all crypto-mining capacity. The pollution caused by cryptocurrency mining, according to various estimates, is 3-5 million tons of carbon dioxide.

It is curious that to mine onlyMonero cryptocurrency, it took more than 30 gigawatt-hours. Under the conditions of China, it is as if for the period from April to December last year 19,000 tons of carbon dioxide were emitted into the atmosphere. We also note that for the first time since the end of 2018, the bitcoin rate has gone up, now the cryptomonet is estimated at more than $ 5,000.

Source:, South China Morning Post