China’s Central Bank Have ‘Closed-Door’ Meeting to Discuss Bitcoin Mining Energy Consumption

China's Central Bank Have 'Closed-Door' Meeting to Discuss Bitcoin Mining Energy Consumption

According to Tencent Finance China’s central bank have had a ‘closed-door’ discussion about how to regulate Bitcoin Mining. It is thought that the Government do not wish to shut Miners down but are considering regulating power usage of the Crypto Mining industry, specifically Bitcoin.

One Bitcoin mining operator claims that his local Government is investigating a list of all data centres in the area:

Governments at all levels were asked to clarify the location and numbers of bitcoin miners and report relative information to the monetary authority.

What the PBOC and the Chinese Government will actually do is still not fully known and most information being leaked in the press is no more than speculation and hearsay. However, it would seem likely that at the very least China will begin to regulate energy consumption of Bitcoin mining farms – likely targeting those not using excess energy reserves. China is renowned for its over energy production, for years now Bitcoin Miners have taken advantage of this forming contracts with energy producers to help relieve over production. It would seem logical for China’s Government to attack those not using these types of contracts.

China hasn’t been shy on Bitcoin regulation over the past year, with a total ban on all cryptocurrency exchanges taking place earlier last year as well as participation in ICO’s China is becoming public enemy number one for the crypto-space.

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2018-01-03T23:57:43+00:00

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