China Says Bitcoin Is Wasteful. Now It Wants to Ban Mining
On Monday, China's central state planner, the National Development and Reform Commission, included cryptocurrency mining in a list of 450 wasteful and hazardous activities slated for elimination.
Some bitcoin watchers, like Ben Kaiser, a Princeton researcher who has studied the threats of Chinese miners' influence over the network, say that a Chinese mining ban could be healthy for bitcoin in the long run.
A large issue for chipmakers like Bitmain could be the loss of reliable buyers in China for its chips. Bitmain has recently emphasized other uses for its products, like AI, but remains highly dependent on cryptocurrency miners for revenue.