‘Bullish for Bitcoin’ — China Scraps Plans to Ban Cryptocurrency Mining




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Bitcoin (BTC) mining will not face a state crackdown in China, authorities have confirmed in new official documents. As noted by Blockstream CSO Samson Mow and others on Nov. 6, mining no longer features on a list of industries Beijing considers undesirable. The change came via a new edition of China’s Industrial Structure Adjustment Guidance Catalog, which will take effect from the start of 2020.“China’s National Development and Reform Commission has removed #cryptocurrency mining from the list of industries they want to eliminate. Bullish for #Bitcoin,” Mow commented. A previous incarnation of the document earlier this year had conversely included Bitcoin mining as one of the government’s targets. The news marks a rare boon for Bitcoin-related activities in China, a country where cryptocurrency outside the control of the central bank remains all but banned. The recent endorsement of blockchain technology from president Xi Jinping coincided with a dramatic rise in BTC/USD, after which local media cautioned on misinterpreting the remarks as supportive of crypto. Following the most recent announcement, however, little appeared to change on Bitcoin markets. Mining has long formed a profitable industry in China, with cheap electricity meaning major participants still reside there. Canaan Creative, one of the biggest Bitcoin mining rig manufacturers, will reportedly undergo a $400 million initial public offering, or IPO, later this month.

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‘Bullish for Bitcoin’ — China Scraps Plans to Ban Cryptocurrency Mining: https://www.youtube.com/watch?v=Pb06Dfeghzg

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Bitcoin BTC mining will not face a statecrackdown in China authorities haveconfirmed in new official documents asnoted by block stream CSO Sampson Moeand others on November 6 mining nolonger features on a list of industriesBeijing considers undesirable the changecame via a new edition of China’sindustrial structure adjustment guidancecatalog which will take effect from thestart of 2020 China’s NationalDevelopment and Reform Commission hasremoved hash cryptocurrency mining fromthe list of industries they want toeliminate bullish for hashtag Bitcoinmoe commented a previous incarnation ofthe document earlier this year hadconversely included Bitcoin mining asone of the government’s targets the newsmarks a rare boon for Bitcoin relatedactivities in China a country wherecrypto currency outside the control ofthe central bank remains all but bannedthe recent endorsement of blockchaintechnology from president xi jinpingcoincided with a dramatic rise in BTCUSD after which local media cautioned onmisinterpreting the remarks assupportive of crypto following the mostrecent announcement however littleappeared to change on Bitcoin marketsmining has long formed a profitableindustry in China with cheap electricitymeaning major participants still residethere cane and creative one of thebiggest Bitcoin mining rig manufacturerswill reportedly undergo a four hundredmillion dollars initial public offeringor IPO later this month

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    ‘Bullish for Bitcoin’ — China Scraps Plans to Ban Cryptocurrency Mining