While the National Commission asks for public opinion, the exodus of farms and companies continues. If the measures taken get reversed, it remains to be seen whether the miners will return to the Asian nation.
A Chinese government commission opened a public consultation to find out the opinion of its citizens about its decision to ban the mining of bitcoin (BTC) and other cryptocurrencies.
China and its National Development and Reform Commission are trying to receive input from its residents on mining activities for cryptocurrencies.
The country has reviewed the Catalog of Guidance for the Adjustment of the Industrial Structure (2019 Edition) and is now requesting citizens’ opinions.
The agency enabled the consultation on its official website on October 21, so residents have until November 21 to access and express their opinions. Businesses and individuals from all walks of life can provide feedback, as the statement reads.
In 2019, Bitcoin mining got removed from the list of prohibited activities due to high energy consumption. Before including it again, the Government of China wants to know what the people think on the matter.
It is unclear what the government will do with the responses. It is also very likely that nothing will change. In any case, long before opening the consultation, the Asian country prohibited digital mining to such an extent that there was an exodus of workers from the industry to other parts of the globe after a series of confiscations and closures of mining farms.
Even recent reports suggest that at least 30% of the computational power or hash rate of Bitcoin mining now focuses on the United States of America.
China Seems to Regret Banning Bitcoin Mining
The United States of America now concentrates the best computing power to extract bitcoin, which could be generating concerns in the Chinese government and making them evaluate its moves on the matter.
A day before opening the public consultation, the National Development and Reform Commission published on the official website the news of the advantage that the United States of America now has, showing another sign that it may be regretting the decisions made on bitcoin.
Bitcoin mining is now a banned activity in at least eight provinces of the Asian country or more. These restrictions happened due to the superpower China was in the past regarding this industry.
However, if the government reverses the restrictive measures on bitcoin, it remains to see if the large mining farms that have moved to other regions will return to this territory.
As a result of the crackdown imposed by China on Bitcoin, not only the miners but also the cryptocurrency service providers and the relevant companies in the industry are closing their doors now.
Meanwhile, other countries like the United States of America and Kazakhstan are enjoying many benefits from the massive exodus of Bitcoin miners that China caused.
By: Jenson Nuñez