China continues with its mallet and puts the stamp of obsolete to bitcoin mining

Key facts:
  • Since May 2021, China has started a manhunt against bitcoin mining.

  • Some studies have determined that banking pollutes more than bitcoin.

China continues to move forward in its desire to ban more and more bitcoin in its country. On this occasion, it has made it official to fix the “obsolete” label on cryptocurrency mining.

The application of the label was made official by the National Development and Reform Commission, this January 11, making the amendment on the status published in 2019 that set policies for environmental improvements and the use of clean energy.

The application of the “obsolete” label has legal implications within the country since the purpose is to continue advancing in the process of dismantling and dismantling the whole industry within the Asian country in a certain period of time.

In this sense, China makes official the exit of everything concerning the mining of cryptocurrencies within its territory. The time period in which the output should be executed is not yet defined.

The persecution of miners in China

In May 2021, CriptoNoticias reported the beginning of what would be a persecution circle for bitcoin mining in cryptocurrencies, starting in the province of Inner Mongolia and spreading to 8 of the 25 provinces that make up the Asian country.

The arguments for such moves were based on the environmental policies that China has been promoting. But nevertheless, it seems that the background of the plan is to get the means of payment out of the way that could compete against the CBDC of the Chinese Central Bank, the Digital Yuan.

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Is bitcoin a cause of Global pollution?

Under the allegation of the use of clean energies, several entities have branded bitcoin as a polluting source due to its mining process. Elon Musk, for example, said he would not agree to sell his Tesla cars for bitcoin, due to the carbon footprint they carry.

Elon Musk for sale btc vehicles
After having eliminated bitcoin as a form of payment to buy the Tesla, Elon Musk declared that he could accept BTC again as long as pollution levels improve. Source: Composition CriptoNoticias. opengridscheduler / flickr.com; bitcointere / pxhere.com

However, some studies that CriptoNoticias has covered, have shown that Bitcoin does not pose a threat to the environment. One of these, interestingly enough, points out that banks and gold production consume twice as much energy as the Bitcoin infrastructure consumes.

Another study, related to current energy consumption levels, showed that the returns generated by bitcoin mining do not make it a threat to the environment. Even after the expulsion of the miners from China, carbon emissions in this country only saw a reduction in CO2 of around 10%.

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