China Plans to Make New Regulations for Bitcoin Mining

The People’s Republic of China is considering making legal regulations about bitcoin mining, since the energy consumption of Bitcoin mining has reached serious levels.

The People’s Republic of China administration, which took action on the serious energy consumption of Bitcoin mining throughout the country, this week. will take a new step to bring legal regulations to the. It was stated that this regulation by the Chinese government may force users who are looking for a suitable place for mining to migrate digitally in order to mine under more favorable conditions. is planning. Authorities, local governments; plans to complicate the work of miners by imposing a restriction on the energy consumed in mining. The People’s Bank of China requests that those who are planned to take part in local regulations closely monitor and restrict the energy consumption of miners located around hydroelectric power plants.

Also known as the largest mining company in China, As Bitmain prepares to move its headquarters to Singapore upon this news, one of the company’s founders, Wu Jihan, announced that their company is currently conducting mining operations in the United States and Canada.. On the other hand, BTC.Top, one of the other important mining companies in China, plans to open a center in Canada.. The largest company, ViaBTC, has also stated that it has facilities in Iceland and the United States.

BTC.Top founder Jiang Zhuoer, as a company, is located in Canada. While explaining the reason for choosing China as cheap prices and the balanced political situation of the country, he stated that they considered Russia and Iran as alternatives before. It had become a paradise due to its production.. Bitcoin mining is a serious energy consuming activity.. In fact, according to the Bitcoin Energy Consumption Index published by Digiconomist, the annual energy consumption of Bitcoin mining is about 37.8 TWh.

In addition, approximately 3.5 million homes in the United States. It was announced that Bitcoin mining is used and the energy cost spent during this time is 1.89 billion dollars per year.

Bitcoin currently consumes more energy than many countries such as Denmark and Bulgaria itself.. The main issue here is not only the energy cost of bitcoin mining; In addition, it is stated that coal-consuming power plants significantly increase the amount of carbon footprint in the country.. According to the current data of Coinmarketcap, bitcoin is currently trading around 17 thousand dollars and is 28% higher than its price at the beginning of the year.

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