For a long time, China has been the promised land for bitcoin miners and much of the network's hashing power has been on Chinese soil. However, this year the Chinese government has launched a manhunt for bitcoin miners and the industry has almost completely disappeared from the country. In recent days, the story suddenly came out that China is considering revising and possibly lifting the ban on bitcoin mining. However, if we look at the source in question, none of that seems to be true. The National Commission for Reform and Development (NCHO) has published a notice that does not say anything about lifting the ban on bitcoin mining. The only thing in the notice regarding bitcoin mining is that the NCHO plans to add “crypto mining” to the list of undesirable industries.
List should help entrepreneurs in the country The idea of the list of undesirable industries is to give entrepreneurs insight into the policies of the Chinese government. So, “Crypto mining” is now likely to be on this list as an industry that the government intends to eliminate. That at least gives entrepreneurs the information they need to determine whether it's a good idea to invest in the industry in question. Contrary to what we heard in the media, China does not seem to be considering lifting the ban on bitcoin mining at all. It is purely about adding “crypto mining” to the list of undesirable industries. The NCHO has given the public until November 21 to respond to the plans. Interestingly, the NCHO has already tried the same with regard to “crypto mining” in 2019 and that it failed to get the industry on the list at the time due to the reluctant mining sector. Now that it has almost completely disappeared from China, it seems unlikely that there will be much opposition to the NCHO's plans. The public consultation on this idea therefore appears to be a formality. Biggest geopolitical blunder of the 21st century Contrary to what we have been able to read in the media in recent days, the ban on bitcoin mining in China does not seem to be up for discussion at all. With which the country can easily write the biggest political blunder of the 21st century. Bitcoin continues to grow and the mining industry is more profitable than ever. If bitcoin is indeed the money of the future, then having a large part of the mining industry in your country is a huge advantage. That has been the case for years, but after the ban earlier this year, all companies with the northern sun have left and a large part has settled in the United States. If bitcoin continues to grow in the same way it has over the past twelve years, China has given the United States a huge gift. Even if China does decide to lift the ban on bitcoin mining, it remains to be seen to what extent miners will come back. Doing business in a climate where those in power can change their point of view at any time is also not attractive. It seems that China has shot itself in the foot with this.
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