April 23, 2024

The Chinese authorities have changed their attitude towards mining. How Bitcoin will react

The government of the country excluded cryptocurrency mining from the list of undesirable activities.

National Development and Reform CommissionChina (NDRC) introduced a new list of industries recommended for development, limitation or suppression. Mining was excluded from it, which until then was considered an undesirable type of activity, since it “inhibits the further development of the country," CoinDesk writes.

In April, the agency proposed to ban mining,and if this proposal was approved, any activity in the country related to the extraction of digital money would be immediately terminated. China is the largest mining market, with companies such as Bitmain, Canaan and Ebang working on it.

The final version of the NDRC list isa positive development for the digital money mining industry, reports The Block. The cost of Bitcoin is slowly growing in the last day, at the moment the first cryptocurrency is trading at $ 9,393. Over the past 24 hours, it has risen in price by 0.73%. At the same time, trading volumes decreased by 7% and now amount to $ 26 billion.