Continue to rectify virtual currency mining activities in many places

Since 2021, under the dual carbon policy, many places have continued to rectify virtual currency mining activities.

Double carbon, short for carbon peak and carbon neutral. In September 2020, China clearly proposed the goals of “carbon peaking” in 2030 and “carbon neutrality” in 2060. On December 20, 2021, it was selected as the top ten buzzwords in 2021 and the top ten new words in 2021. The “Double Carbon” strategy advocates a green, environmentally friendly and low-carbon lifestyle. Accelerating the pace of reducing carbon emissions will help guide green technology innovation and improve the global competitiveness of industries and economies.

On January 10, 2022, the National Development and Reform Commission issued a decision on revising the “Industrial Structure Adjustment Guidance Catalog (2019 Edition)”: in the “Industrial Structure Adjustment Guidance Catalog (2019 Edition)” to eliminate the category “I. Outdated production technology” Item 7 is added to “Equipment” and “(18) Others”, the content is “Virtual Currency ‘Mining’ Activity”.

On the same day, the Central Commission for Discipline Inspection State JISC website published an article that virtual intends to “mining” large amount of money energy consumption and carbon emissions, their blind and disorderly development of carbon and carbon peak and high-quality development goals contrary. In order to prevent “wearing new shoes and walking the old road” under the banner of new ideas, high technology and digitalization, the Zhejiang Provincial Commission for Discipline Inspection and Supervision carried out the use of public resources to participate in “mining” and rectification of trading behavior. The Jiangxi Provincial Commission for Discipline Inspection and Supervision has urged and coordinated relevant departments to carry out investigations on issues such as illegal production of virtual currency by some enterprises in the development zone, and promptly investigated and corrected behaviors that discounted the implementation of new development concepts, made flexibility, and made choices.

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In fact, since May last year, mining remediation has continued. On May 21 last year, the Financial Stability and Development Committee of the State Council (hereinafter referred to as the Financial Committee) held its 51st meeting to study and deploy key tasks in the financial sector in the next stage. The meeting pointed out that the financial system will resolutely implement the decisions and deployments of the CPC Central Committee and the State Council, increase support for the real economy, maintain a prudent monetary policy that is flexible and appropriate, accurately adapt to the needs of market players, maintain reasonable and adequate liquidity, improve financial services, and improve financial services. Significant results have been achieved in supporting epidemic prevention and control and economic and social development. The meeting called for resolute prevention and control of financial risks. Adhere to bottom-line thinking, strengthen all-round scanning and early warning of financial risks, promote the reform of small and medium-sized financial institutions to reduce risks, focus on reducing credit risks, strengthen the supervision of financial activities of platform companies , crack down on Bitcoin mining and trading, and resolutely prevent individual risks from being transmitted to the social field. It is necessary to maintain the stable operation of the stock, debt and foreign exchange markets, severely crack down on securities violations, and severely punish financial illegal and criminal activities.

On the evening of September 24, the National Development and Reform Commission, the Central Bank and others issued a series of notices mentioning the rectification of mining and virtual currency trading speculation. The National Development and Reform Commission and other departments issued a notice on rectifying virtual currency “mining” activities, mentioning the strengthening of dual-control constraints on energy consumption for newly added virtual currency “mining” projects. The notice also pointed out that virtual currency “mining” activities are listed as an eliminated industry. It is strictly forbidden to carry out virtual currency “mining” activities in the name of the data center. Strengthen the credit supervision of data center enterprises. Strictly limit the use of telegrams and energy by virtual currency “mining” enterprises. It is strictly prohibited to provide financial, taxation and financial support for newly-built virtual currency “mining” projects.

In addition, it is necessary to speed up the orderly withdrawal of existing projects, and investigate and punish illegal and illegal power supply behaviors in accordance with the law. Implement differential electricity prices . Virtual currency “mining” projects are not allowed to participate in the electricity market. Stop all financial and tax support for virtual currency “mining” projects. Stop providing financial services to virtual currency “mining” projects. Eliminated within a time limit in accordance with the “Industrial Structure Adjustment Guidance Catalog”.

In November 2021, the National Development and Reform Commission also organized a video conference on virtual currency “mining” governance. The meeting emphasized that all provinces , autonomous regions and municipalities must resolutely implement the relevant deployment of the virtual currency “mining” rectification work, earnestly assume territorial responsibilities, establish systems, monitor, clean up and rectify virtual currency “mining” activities in the region, and conduct strict investigations. Strictly deal with the “mining” activities involved in the computer room of state-owned units.

In addition, the data shows that since 2021, in order to achieve the goal of “clearing” virtual currency mining , 15 provinces have carried out special rectification for virtual currency “mining”.

It is worth mentioning that with the deepening of mining rectification activities, the focus of mining has gradually shifted. The United States overtook China as the world’s largest bitcoin mining country after China banned bitcoin mining, according to a study released Wednesday by the Cambridge Centre for Alternative Finance at the University of Cambridge. As of the end of August 2021, the U.S. hash rate accounted for 35.4% of the world, more than double the figure in April. Followed by Kazakhstan and Russia. The proportion of China’s hash rate has dropped from 44% in May to zero in July, and the proportion was as high as 75% in 2019.

However, with the gradual transfer of mining activities, Kazakhstan, Kosovo, Iran and other places have introduced a series of relevant measures to deal with problems such as power shortages, including restricting illegal mining and calling for urgent legislative supervision of cryptocurrency mining. , power rationing measures for encrypted miners, etc.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/continue-to-rectify-virtual-currency-mining-activities-in-many-places/
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