China will not ban bitcoin mining

Beijing has been concerned for a long time that in some regions miners abuse the low cost of electricity, which sometimes disrupts the normal electricity usage
05 January 2018   2154

Representatives of the People's Bank of China denied the earlier rumors about a possible ban on bitcoin mining, but intend to gradually eliminate the existing preferential terms for this business in the field of electricity, taxes and land use. This is reported by CoinDesk.

Reports on the likelihood of a ban on mining in China appeared on Wednesday, January 3. As it was stated, at the closed meeting of the NBK, the plan for limiting the supply of electricity to the cryptocurrency miners was discussed.

However, as Caixin writes, no meeting was held on that date.

At the same time, the publication confirmed that the Chinese authorities are really considering the possibility of withdrawing the preferences that the mining companies have recently used.

It is alleged that official Beijing has been concerned for a long time that in some regions of the country, miners abuse the low cost of electricity, which sometimes disrupts the normal mode of using electricity.

To date, China has concentrated a number of the world's largest farms for cryptocurrency mining, which use huge computing power. With an increased demand for electricity, the infrastructure is sometimes trivial.

Bitmain to Close Norwegian Office

Main reason for this decision was the cancellation by the local authorities of special preferential conditions for the mining industry
18 March 2019   61

The Chinese manufacturer of mining equipment Bitmain announced the closure of the Norwegian division, according to ICOshock.

The office will be moved to Germany, where, according to representatives of Bitmain, the conditions are more favorable. The Scandinavian office of a Chinese company lasted only a year.

According to Julie Hvideberg, ex-manager of the Norwegian division of Bitmain, the main reason for this decision was the cancellation by the local authorities of special preferential conditions for the mining industry, including lower electricity tariffs. She also expressed the opinion that in the future the largest mining pools will be concentrated in China and Russia, where there is low-cost electricity.

Last year the problem with problems with regulators was faced by the Norwegian mining farm Kryptovault. Authorities and local residents considered the company too noisy.