The People’s Bank of China (PBOC) today had a closed-door meeting on the use of electricity for bitcoin mining. The legitimacy of the news has been confirmed by Tencent Finance.
Also Read: Peter Thiel, Bitcoin Astronaut, Moves Markets with Crypto Moonshot
The PBOC Investigates the Power Usage of Bitcoin Mining
Tencent Finance said that China’s central bank recently had a closed-door meeting to discuss how to regulate bitcoin mining. Two sources reveal that the authority doesn’t plan to shut down mining farms, but to regulate the power usage of bitcoin miners.
A Sichuan-based bitcoin mining farm owner said that the local government is investigating a list of bitcoin mining data centers in the area.
Governments at all levels were asked to clarify the location and numbers of bitcoin miners and report relative information to the monetary authority.
He added that the move is currently targeting small-scale mining farms. “Large mining farms are still operating as usual — But future development of bitcoin mining might be limited.”