By Shelly Melancon (Switzerland)
The opinion of the public is sought by China’s National Development and Reform Commission about the addition of crypto mining in the list of phase-out industries. This move can be interpreted as a possibility that the Chinese government could change its previous stance on cryptocurrency transactions and mining operations.
NRDC Welcomes Public Comments On Bitcoin Mining
National Development and Reform Commission is China’s macroeconomic planning agency which just requested for public comments regarding cryptocurrency mining operations. NDRC added cryptocurrency mining to its list of outdated industries last month. This followed the crackdown by the Chinese government on cryptocurrency mining operations within the country.
This recent move by the commission is a positive step forward for the crypto enthusiasts, as a definitive position could be adopted after periods of uncertainty from the commission. NDRC is calling for feedback from relevant units of the public and also welcome comments from the general public.
The commission will hence accept public comment for the next one month, starting from today till Nov. 21. People interested in giving feedback to the commission can do so through four different avenues including email, physical mail, and the NDRC website’s comment section. By doing this, the general public can air their opinion on cryptocurrency transactions and mining.
Also read:NDRC also has a post on its website that acknowledged that the US has overtaken China to become the number one Bitcoin mining country in the world. This is due to the recent ban on cryptocurrency mining operations within the country by the Chinese government, hence the United States has taken over as the top Bitcoin mining nation.
United States Tops Bitcoin Mining
The United State is now responsible for over 30% of the Bitcoin mining hash rate distribution in the world. Kazakhstan and Russia are the second and third respectively after the United States. The ban on cryptocurrency mining in China has contributed to the rise of cryptocurrency mining in the United States as many miners move their mining operations to the United States.
Before the ban of cryptocurrency mining in China, the mining operations in the United States has been steadily increasing with miners ordering huge amounts of mining hardware from manufacturers like Bitmain, MicroBT, etc. So despite the fact that the ban contributed to the increase in cryptocurrency mining operations in the United States, it’s not the only factor.
China had been the dominant force in Bitcoin mining for a long time, and at the peak, Chinese miners were responsible for over 75% of Bitcoin hash rate in the world. As a result of the ban on cryptocurrency mining, Chinese miners have been moving their mining operations to other countries including Kazakhstan, and states such as Texas and Florida in the United States. This is a move to escape the ban and continue their operations in more favorable conditions.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.