We all know that bitcoin mining takes up a huge amount of power, and with China being one of the countries with the most miners, it is safe to say that their power consumption has spiked to new levels. That is why The Peoples Bank Of China has aimed to indirectly regulate bitcoin miners by providing instructions to local governments in the country according to latest reports.
The Central Bank is aiming to regulate the sudden burst of bitcoin miners
This was decided during an end of 2017 meeting whereby the central bank had told members of the Leading Group of Beijing Internet Financial Risk Remediation that while they can’t directly intervene with the bitcoin miners, the authorities are able to do so.
These are examples of big mining farms which consume huge amounts of power day to day
The central bank can ask local authorities to find out the locations of mining farms in their respective territories, as a preparation before regulating bitcoin miners’ power usage.Local governments would be told to regulate the power usage of bitcoin miners to gradually reduce the scale of their production.
Prior to this latest development, many rumours arose on how China is soon going to clamp down on bitcoin miners but some miners have already dismissed the reports saying:
A miner told Tencent News that he considers the talk as a hoax. “It’s the same old, worn-out tune played by the bitcoin short-sellers,” he said.