Cryptocurrency has always been a controversial topic because many experts have a very different opinion about the usability of blockchain technology especially cryptocurrencies like Bitcoin. Now according to recent reports government of China is trying to ban the mining of cryptocurrency because they think it’s a waste of energy and time. China’s National Development and Reform Commission (NDRC) recently published a paper in which it mentions the fact that mining of cryptocurrency is a waste which is negatively impacting on environment. Cryptocurrencies like bitcoin need a tremendous amount of energy for mining which now is becoming a significant source of problems.
The coal-dependent regions like Xinjiang and Inner Mongolia now have become favourite destinations for crypto miners. A survey has already said that more than 74 percent of current crypto mining is going on in China only. People in China are getting quite serious about bitcoins since it has become a new trend which the government of China thinks shall need to stop. The usability of Cryptocurrency has always been a controversial topic because some countries have given legal status to cryptocurrencies, but the majority of other countries are still not sure about its purpose.
The crypto market is already getting down every day, and many crypto investors are worried about the current situation. People’s Bank of China has already banned Initial Coin offering, but still crypto fans are positive about its future. Now this further ban on mining from NDRC might make situations harder for crypto investors because their market is already getting saturated and investors are getting panicked about the future. Since last one year, the prices of bitcoin and other cryptocurrencies have dropped by more than fifty percent which is nothing but concerning thing for all those people trades in crypto market.