The Chinese government does not plan to prohibit mining bitcoins

The Chinese authorities do not plan to limit mining of bitcoins, but intend to gradually eliminate the policy of preferential conditions for this business in the electricity sector, taxes and land use. It is reported Caixin.

Therefore, the business news Agency of China in fact, yesterday refuted reports of plans by the people’s Bank of China to limit the mining of bitcoin in the country. It was alleged that they were announced by the regulator in a closed meeting at the end of December.

According to the portal the meeting of China’s Central Bank and regulator of Internet Finance discussed issues of standardisation of the electricity consumption of the bitcoin miners.

The sources explained that the growth of electricity consumption of bitcoin mining farms is constantly growing. The main power for the extraction of the first cryptocurrency focused in Sichuan and the Autonomous regions of Inner Mongolia and Tibet. In these regions there is a huge number of hydroelectric power plants, generating cheap energy and the cool climate helps save on cooling mining rigs. According to the newspaper, China is home to 80% of global mining capacity.

Informed sources told the newspaper that in some areas the presence of a large number of farms mining of cryptocurrency has caused a shortage of electricity in residential houses, which caused the interest of the authorities. They are going to pay attention to the preferences in electricity tariffs for mining business.

“For example, some mines there are 10 of thousands of mining rigs, of which 5 thousand used average national electricity tariff, and for industry it is about 1 yuan. In addition, 5 thousands of installations may have specific protocols, and the price may be approximately 3 the NPT by [0.3 yuan], so the total cost will be lower”, — quotes the words of one of the miners with reference to the Economic Observer Online.

Also will be studied the practice of granting miners the local authorities of the benefits in the spheres of taxation and land use.

We will remind, earlier it was reported that many Chinese miners began to consider the possibility of transferring business to other countries.


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