Takes aim extremely harmful crypto mining

takes aim extremely harmful crypto mining

By Laura He, CNN Business

Chinese authorities are ramping up a crackdown on crypto mining, calling it an “extremely harmful” practice that threatens to jeopardize the country’s efforts to reduce carbon emissions.

The National Development and Reform Commission spokesperson Meng Wei blasted bitcoin mining during a press conference Tuesday in Beijing. She said that activity “consumes lots of energy” and “produces lots of carbon emissions.”

Meng said that the NDRC — the country’s top economic planner — will launch a “full-scale” clampdown on cryptocurrency mining by focusing on commercial mining and the role of state-owned businesses in the industry.


China has also denied human rights abuses in Xinjiang and Tibet and has called the allegations of genocide “preposterous.”Zumretay Arkin, a program and advocacy manager for the World Uyghur Congress, confirmed that Marriott did reach out to the group’s representative in Prague. “But I’m still waiting for an official apology,” Arkin said on Twitter.

Bitcoin falls as China takes aim once again at ‘extremely harmful’ crypto mining. In an interview with Axios, Arkin said Marriott’s response was “shocking.””We organize international events all the time and this is the first time we were given this excuse,” Arkin told Axios.

Takes aim extremely harmful crypto mining

Authorities see the currencies as a big financial risk, and as a way that people can evade strict national controls on capital, and want to reign in such practices. The restrictions on decentralized currencies like bitcoin also comes as the government rolls out a digital version of the yuan, which would allow China’s central bank exercise more control over the flow and exchange of money.

Beijing is also trying to meet its climate targets to become carbon neutral by 2060, and crypto mining could threaten that. The practice is energy-intensive and consumes a lot of computer power, as it requires machines to solve complex series of algorithms to verify transactions.

Takes aim extremely harmful crypto mining simulator

By Laura He, CNN Business

Chinese authorities are ramping up a crackdown on crypto mining, calling it an “extremely harmful” practice that threatens to jeopardize the country’s efforts to reduce carbon emissions.

The National Development and Reform Commission spokesperson Meng Wei blasted bitcoin mining during a press conference Tuesday in Beijing. She said that activity “consumes lots of energy” and “produces lots of carbon emissions.”

Meng said that the NDRC — the country’s top economic planner — will launch a “full-scale” clampdown on cryptocurrency mining by focusing on commercial mining and the role of state-owned businesses in the industry.

Takes aim extremely harmful crypto mining24

She also said that crypto production and trade produces “prominent risks,” and blasted the industry as “blind and disorderly.”

As part of its new push, the NDRC said it would raise electricity prices for any institution found to be abusing its access to subsidized power to participate in crypto mining. Authorities have traditionally offered schools, community centers, or other public welfare institutions lower prices for electricity.

The price of bitcoin fell after the remarks, diving more than 7% to $60,889, its lowest value in more than a week. While the reason for the plunge was not immediately clear, it coincided with the NDRC press conference.

Takes aim extremely harmful crypto miningworld

Authorities see the currencies as a big financial risk, and as a way that people can evade strict national controls on capital, and want to reign in such practices. The restrictions on decentralized currencies like bitcoin also comes as the government rolls out a digital version of the yuan, which would allow China’s central bank exercise more control over the flow and exchange of money.

Beijing is also trying to meet its climate targets to become carbon neutral by 2060, and crypto mining could threaten that. The practice is energy-intensive and consumes a lot of computer power, as it requires machines to solve complex series of algorithms to verify transactions.

Authorities see the currencies as a big financial risk, and as a way that people can evade strict national controls on capital, and want to reign in such practices. The restrictions on decentralized currencies like bitcoin also comes as the government rolls out a digital version of the yuan, which would allow China’s central bank exercise more control over the flow and exchange of money.

Beijing is also trying to meet its climate targets to become carbon neutral by 2060, and crypto mining could threaten that. The practice is energy-intensive and consumes a lot of computer power, as it requires machines to solve complex series of algorithms to verify transactions.

She also said that crypto production and trade produces “prominent risks,” and blasted the industry as “blind and disorderly.”

As part of its new push, the NDRC said it would raise electricity prices for any institution found to be abusing its access to subsidized power to participate in crypto mining. Authorities have traditionally offered schools, community centers, or other public welfare institutions lower prices for electricity.

The price of bitcoin fell after the remarks, diving more than 7% to $60,889, its lowest value in more than a week. While the reason for the plunge was not immediately clear, it coincided with the NDRC press conference.

For reasons of political neutrality, we cannot offer events of this type with a political theme,” the email said.

Marriott International told CNN this was a “hotel-level decision” and the reference to “corporate management” refers to the management of the Prague hotel.

Activists find Marriott’s response “chilling.”

Based in Germany, the World Uyghur Congress is made up of exiled Uyghurs and those seeking to draw attention to allegations of genocide in the Xinjiang region of China. An independent report by more than 50 global experts released in March found the Chinese government “bears state responsibility for an ongoing genocide against the Uyghur” in violation of the United Nations’ Genocide Convention.Chinese state media has called the World Uyghur Congress a terrorist group.

By Laura He, CNN Business

Updated: Tue, 16 Nov 2021 08:46:21 GMT

Source: CNN Business

Chinese authorities are ramping up a crackdown on crypto mining, calling it an “extremely harmful” practice that threatens to jeopardize the country’s efforts to reduce carbon emissions.

The National Development and Reform Commission spokesperson Meng Wei blasted bitcoin mining during a press conference Tuesday in Beijing. She said that activity “consumes lots of energy” and “produces lots of carbon emissions.”

Meng said that the NDRC — the country’s top economic planner — will launch a “full-scale” clampdown on cryptocurrency mining by focusing on commercial mining and the role of state-owned businesses in the industry.

Ether, the second largest digital token after bitcoin, slid more than 8% on Tuesday to $4,297, the worst level in two weeks.

This is not the first time this year that Beijing has pledged to crack down on crypto mining.

China has intensified its efforts to clamp down on cryptocurrency since May, when it banned the trading of cryptocurrency and said it would scrutinize mining operations in the country.

China accounts for more than 75% of bitcoin mining around the world, according to research published by the peer-reviewed journal Nature Communications in April.

Despite its fall this week, bitcoin is still having a banner year. The cryptocurrency has surged about 110% in 2021. Last week, it hit a record high of $69,000.

China is taking aim at crypto for a few reasons.

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