China Opens Public Consultation on Bitcoin Mining Ban – Regret?

China Opens Public Consultation on Bitcoin Mining Ban - Regret?

Key facts:
  • While the National Commission consults public opinion, the exodus of farms and companies continues.

  • If the measures taken are reversed, it remains to be seen whether the miners will return to the country.

A Chinese government commission opened a public consultation to find out the opinion of its inhabitants about its decision to ban the mining of bitcoin (BTC) and other cryptocurrencies.

China’s National Development and Reform Commission is seeking input from its residents on the “rectification of mining activities” for cryptocurrencies. This is because he has reviewed the «Catalog of Orientation for the Adjustment of the Industrial Structure (Edition 2019)» and now solicit the opinion of the public.

The organism enabled the query on their official website on October 21, so residents have until November 21 to access there and express your opinions. “Businesses and individuals from all walks of life can provide feedback,” as the statement reads.

In 2019, Bitcoin mining was removed from the list of prohibited activities due to high energy consumption, and now, before including it again, the Government of China wants to know the opinion of the public. It is not known what the government will do with the answers. It is also very likely that nothing will change.

China Opens Public Consultation on Bitcoin Mining Ban - Regret?
China may be considering rectifying its measures on Bitcoin now that the United States has gotten the upper hand. Source: Capture YouTube / Wall Street Journal.

In any case, long before opening the consultation, the Asian country banned digital mining to the point that there was an exodus of workers from the industry to other parts of the world after confiscations and closures of farms. Even recent reports suggest that at least 30% of the computational power or hash rate of Bitcoin mining is now concentrated in the United States, as CriptoNoticias has reported.

Does China Regret Banning Bitcoin Mining?

It remains in doubt whether the fact that the United States now concentrates the greatest computing power to mine bitcoin, could be generating concerns in the government of China or if you evaluate rectifying your decisions.

In fact, one day before opening the public consultation, the National Development and Reform Commission public on its website the news of the advantage that the United States now has, leaving another sign that you may be regretting decisions made about bitcoin.

Bitcoin mining is now prohibited in more than eight provinces of the Asian country, restrictions that have been reduced to the superpower that was China in the past in regards to this industry.

However, if for any reason the government reverses the restrictive measures on bitcoin, qIt remains to be seen if the large mining farms will return to this territory. who have moved to other countries.

At the moment, the result of the harsh crackdown imposed by China on Bitcoin is that not only miners, but also cryptocurrency service providers and large companies in the industry, are closing their doors. Meanwhile, other countries, such as The United States and Kazakhstan are benefiting from the exodus.

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