China Is Considering Banning The Mining Of Bitcoin – Because Of The Environment. The Chinese government is planning to consider banning exploration for cryptocurrency such as bitcoin. As a reason against the Crptomining China calls arguments such as energy waste and pollution.
What is the Chinese government planning?
According to a document from China’s state planning authority, a ban on the search for cryptocurrencies is to be examined.
What is Bitcoin currently worth? At the moment, the cryptocurrency is recovering at about $ 5,000 per Bitcoin. The highest value has been around $ 20,000 in 2017.
A ban on pollution
Why should this ban come? The reason given is energy waste and significant pollution.
For digging cryptocurrencies like Bitcoin or Ethereum, fast graphics cards with good GPUs are used for the arithmetic operations. China now fears that heavy wear is taking place here.
In addition, crypto-mining consumes a lot of power, which, according to China, could be a waste of resources. Especially with Bitcoin, the mining takes a long time, which consumes a lot of power and the hardware burdened by intensive computing processes.
According to the Digiconomist.net website, mining Bitcoin in one year equivalent to the annual energy consumption of a country like Isreal.
For China, the Bitcoin is a red cloth
Are these the real reasons? Cryptocurrencies have long been a thorn in China’s eyes. The anonymity of the payment process and the lack of control are probably a problem for the authorities.
Should mining be classified as a waste of resources and pollution, then a ban could follow.
What would be a ban for impact? China currently considered a “hotspot” for the mining of crypto currencies. If it comes to a ban, this status would probably fall to other countries. Countries where electricity is relatively cheap.
Bitcoin and other cryptocurrencies do not currently play a major role in online games, even if they experimenting with them for years in MMORPGs or hidden Bitcoin in No Man’s Sky .
Whether it comes to a ban, not fixed yet. In addition, rules and regulations must first establish, which must followed by the authorities in China in order to be able to enforce a ban.