‘Bullish for Bitcoin’ — China Scraps Plans to Ban Cryptocurrency Mining
William Suberg's original article for cointelegraph.com reduced by 54%
Bitcoin mining will not face a state crackdown in China, authorities have confirmed in new official documents. As noted by Blockstream CSO Samson Mow and others on Nov. 6, mining no longer features on a list of industries Beijing considers undesirable.
"China's National Development and Reform Commission has removed #cryptocurrency mining from the list of industries they want to eliminate. Bullish for #Bitcoin," Mow commented. A previous incarnation of the document earlier this year had conversely included Bitcoin mining as one of the government's targets.
The news marks a rare boon for Bitcoin-related activities in China, a country where cryptocurrency outside the control of the central bank remains all but banned. Mining has long formed a profitable industry in China, with cheap electricity meaning major participants still reside there. Canaan Creative, one of the biggest Bitcoin mining rig manufacturers, will reportedly undergo a $400 million initial public offering, or IPO, later this month.
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