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How China’s Plan To Ban Bitcoin Mining Could Favor the Crypto-Industry?

China has decided to clamp down on the crypto-mining scene in the country. The National Development Reforms Commission (NDRC) in China has stated that crypto-mining is a “waste of resources” and it pollutes the Environment.

The decision to eliminate or ban the mining business in China is open for consultation and public opinion till May 7, 2019, post which the Government will continue on the clamp down.

China: World’s Most Dominant Crypto-Miner

Reportedly, China controls more than 60% of the total Bitcoin mining hash rate. China hosts four of the largest The reasons for the development of the mining scene in China are:

  1. A plethora of chip manufacturers who can build and design miners.
  2. Cheap Electricity: China and India due to its population and economic condition have levied very low charges on Electricity costs.
  3. An abundance of Coal: China apparently has a huge reserve of coal that can be used to power the miners.
  4. Technological Innovation: China is one of the largest manufacturers…

Read Full Story : Coingape

2019-04-09 12:56:26

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