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Homepage / News January 7, 2018 70 views

Chinese Authorities Ask Local Miners to Submit Monthly Status Reports

Chinese Authorities Ask Regional Miners to Submit Monthly Status Reports

Chinese Authorities Ask Local Miners to Submit Monthly Status Reports

Regulation

Xinjiang Province regulators have issued an official document informing nearby bitcoin miners to submit status reports on a certain schedule.

Also Read:&nbspJapanese ‘Virtual Currency Girls’ Spreading Cryptocurrency Knowledge

&nbsp &nbsp An Orderly Exit

Chinese Authorities Ask Local Miners to Submit a Monthly Status Report

Bitcoin mining organizations had been told to create a status report prior to Jan. five, according to a government notice signed by a Xinjiang committee in charge of overseeing web finance dangers (The Committee) that was circulated on-line and verified by individuals familiar with the matter.&nbspThe document reads that:

Xinjiang is property to multiple bitcoin miners, which are both power-intensive and very speculative. To curb financial risks and encourage real economy, approaches need to be taken to&nbspguide miners toward an “orderly” exit from the company.

The document detailed that the Xinjiang Commission of Economy and Data Technology shall update the operation and exit status of mining companies ahead of the 5th of each and every month and submit relative materials to The Committee.

Which Approaches Be Taken?

Chinese Authorities Ask Local Miners to Submit a Monthly Status Report

Many of the world’s biggest miners have set up in remote and mountainous Sichuan and Yunnan provinces for low-cost electrical energy. But Chinese authorities proposed restrictions on power consumption to curb the sector.

Primarily based on one more document signed by the Financial Industry of the PBOC, the authorities plan to limit the industry’s energy use. It says that:

Nearby governments shall coordinate with a number of departments to take actions concerning electrical energy value, land use, tax and environmental protection in an effort to guide miners orderly exit .

Chinese Authorities Ask Local Miners to Submit Monthly Status Reports
a little bitcoin miner emptied

Compared with China’s ICO ban in September, these proposed restrictions on mining failed to result in panic among the Chinese community. A Sichuan miner told news.bitcoin.com that he is confident that Chinese mining organizations will remain in the major position in the mining sector. “It’s as well late for regulators to take moves. I really feel that individuals are immune to regulations now.”

What do you feel of the restrictions? Do you believe the cryptocurrency industry will be reshaped? Leave your comments under.


Pictures via Shutterstock, Wechat channel and Sina Finance.


Want to calculate your bitcoin holdings? Check our&nbsptools&nbspsection.

Published at Sun, 07 Jan 2018 21:30:39 +0000

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