Media: China abandoned plans to ban mining

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Mining farms in China should no longer be afraid of government repressions. Chinese authorities excluded mining from the list of undesirable types of economic activity.

According to the new version of the Industrial Structure Adjustment Guidance Catalog, issued by China’s National Development and Reform Commission (NDRC), which will enter into force in 2020, cryptocurrencies mining is no longer considered prohibited economic activities.

“China’s National Development and Reform Commission has removed #cryptocurrrency mining from the list of industries they want to eliminate. Bullish for #Bitcoin,” wrote Samson Mow, the former head of the cryptocurrency exchange, and currently CSO in Blockstream.

In the previous version of the catalog, which entered into force in early 2019, bitcoin mining was included in the list of unwanted types of economic activities.

China is the center of bitcoin mining. Due to available and cheap electricity from hydropower plants, mining enterprises in China remained profitable even during various periods of recession on the crypto market.

Information about plans of the Chinese authorities to ban crypto mining and disconnect enterprises from cheap electricity repeatedly leaked to the market, provoking collapses in the bitcoin price.

Crypto Telegraph Team

Crypto Telegraph Team

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