- Bitcoin, the world’s most traded cryptocurrency, is now at around US$5,200, its highest level in four months
China’s top economic planning body has proposed new rules that would see the closure of all local cryptocurrency mining facilities if enacted – a move that would potentially end the country’s dominance in the energy-hungry, yet lucrative industry.
The National Development and Reform Commission (NDRC) on Monday
to its guidance for adjustments to the nation’s industrial structure, including categories that are encouraged, restricted and eliminated. Cryptocurrency mining was included among sectors to be eliminated immediately. The new list is under public consultation until May 7.
The NDRC did not immediately respond to a request for comment sent via a message board on its website.
Cryptocurrency mining is the process of validating transactions in digital forms of money like bitcoin and ethereum in exchange for new coins given as a reward. The specialised computers used for the mining activity consume large amounts of electricity.