Chinese Miners May Be Limited in Electricity Consumption

The Central Bank of China was informed that they want to consider the possibility of imposing restrictions on electricity consumption by Bitcoin miners. This issue will be discussed with representatives of local authorities. The government understands that there is no way to directly control the supply and consumption of electricity by mining farms. In this connection, there was an idea to assign this function to the regional self-government bodies.

The PRC government is concerned about the growing demand for cheap electricity. The largest consumer of this resource in the country are Bitcoin farms. The authorities believe that this phenomenon can cause an energy crisis and lead to problems in supplying electricity to the population and other industrial enterprises.

We would like to emphasize that in autumn 2017, the People’s Bank of China banned the ICO, after which the authorities applied to local platforms to return the funds received at the preliminary stage of creating new projects to their investors. This decision caused serious repercussions and adversely affected the prosperous crypto-market of China. As a result, a number of crypto-exchanges closed, or opened offices in other countries.

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