China Considers Ban On Cryptocurrency Mining Because It's A Stupid Waste Of Energy
China’s National Development and Reform Commission (NDRC) published a new paper that includes a proposal to ban the mining of cryptocurrencies like Bitcoin over concerns that crypto mining is a waste of valuable resources — a fact that’s hard to disagree with when you examine the horrific environmental impact. The proposal is available for public comment until May 7.
It’s estimated that as much as 74 per cent of global crypto mining is occurring in China, a place where it’s also the most carbon-intensive. According to a recent report in Nature Sustainability, crypto mining emits anywhere between 3 million and 15 million tons of carbon dioxide globally.
China’s proposal to ban mining is part of a larger push against cryptocurrencies in the country over recent years. The People’s Bank of China banned initial coin offerings (ICOs) in September 2017 but crypto fanatics claim it’s easy to get around that ban.