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China calls crypto mining ‘extremely harmful,’ but not for this reason
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Why does China hate crypto mining? It’s a question many have asked, but the answer isn’t what one would expect. Turns out, as some analysts suspected, it might not be about the coin at all.
On 16 November, a notice released by China’s National Development and Reform Commission made it clear why the country was so vehemently against crypto mining – and the lengths it would go to get its own way.
First and foremost, a translation of the document called virtual currency mining “extremely harmful.” It then moved on to point out crypto mining’s energy consumption and carbon emissions. Promising to take action at all levels of society, the statement clarified,
“For units that implement residential electricity prices, if they find that they are
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