The chinese companies mining of crypto-currencies must now be accountable

The authorities in Xinjiang province have issued an official document stating that the minor premises of Bitcoins will now be required to submit reports according to a specific schedule.

Process of mining of crypto-currencies/Source : NewsBitcoin

The mining of crypto-currencies, an industry as energy-efficient

The Xinjiang region is home to numerous infrastructure, mining of crypto-currencies that are both energy-intensive and highly speculative. The authority of Xinjiang to oversee the risks of financing thanks to the Internet, has released a statement in which one could read : “To reduce the financial risks and encourage the real economy, other approaches must be adopted. “The document specified that the Commission of economy and information technology of the region of Xinjiang was to update the status of the companies of mining of crypto-currencies before the 5th of each month and submit various documents to the Commission.

The people’s Bank of China/Source : Journalducoin

China wants to reduce the energy consumption of the industry of the mining of crypto-currencies

A good number of the largest infrastructure, mining of crypto-currencies of the world were installed in the provinces in mountainous and remote parts of the Sichuan and Yunnan to get the cheap electricity. But the chinese authorities have proposed restrictions on energy to curb consumption. On the basis of another document signed by the people’s Bank of China (PBOC), the authorities plan to limit the electricity consumption of this industry. “Local governments must coordinate with several departments to take adequate measures concerning the electricity prices, land use, taxation, and the protection of the environment “, a-t-we could read in the document. However, compared to the prohibition of the ICO imposed by China in September, recent restrictions on the industry of the mining of crypto-currencies have not caused a panic among the chinese community.

Source : News.bitcoin.com