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Chinese Authorities Might Be Rethinking Their Negative Stance on Crypto Mining

Bitcoin Mining Out of Chinese

China might be backpedaling on their negative stance towards cryptocurrency mining.

Back in September 24, the National Development and Reform Commission added digital asset mining into its list of outdated industries — which followed after severe crackdown on crypto miners. Just recently, the agency started seeking public opinion regarding the inclusion of crypto mining in the list.

After appearing to have gone back and forth on the issue in the past two years, this move seems to offer a conclusive stance by the commission. The announcement calls for feedback from those of “relevant units”, as well as people from all walks of life.

The period of public feedback collection is expected to go on for a month — from October 21 to November 21. Interested participants may submit their feedback via emails, physical mail and the comment section on the agency’s website.

The commissioner has also acknowledged that the US replaced China’s position as the world’s most dominant mining hub. The US accounts for 35.40% of the world’s monthly hashrate share, at least in accordance to the latest data in August 2021, while China’s share has already plummeted down to zero in July 2021. When China was at its peak, the country’s miners controlled over 70% of the global Bitcoin hashrate.

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SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

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