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SHANGHAI - China's state planner wants to ban bitcoin mining, according to a draft list of industrial activities the agency is seeking to stop in a sign of growing government pressure on the cryptocurrency sector.
China is the world's largest market for computer hardware designed to mine bitcoin and other cryptocurrencies, even though such activities previously fell under a regulatory grey area.
It did not stipulate a target date or plan for how to eliminate bitcoin mining, meaning that such activities should be phased out immediately, the document said.
Chinese companies are also among the biggest manufacturers of bitcoin mining gear, and last year three filed for initial public offerings in Hong Kong, looking to raise billions of dollars.
The two largest, Bitmain Technologies, the world's largest manufacturer of bitcoin mining gear, and Canaan Inc, have since let their applications lapse.
According to Canaan's IPO prospectus filed last year, sales of blockchain hardware primarily for crypto currency mining in China were worth 8.7 billion yuan in 2017, 45 percent of global sales by value.
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Bitcoin mining is done by specialized computers. The role of miners is to secure the network and to process every Bitcoin transaction. Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (hence Bitcoin’s famous “blockchain”).. For this service, miners are rewarded with newly-created Bitcoins and transaction fees. How Bitcoin Mining Works. Where do bitcoins come from? With paper money, a government decides when to print and distribute money. Bitcoin doesn't have a central government. With Bitcoin, miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine ... Meaning of bitcoin mining. Mining is the process of adding transactions to the public record to past transactions, this professor of past transactions is called blockchain, a series of blocks, bitcoin designed to be resource-intensive and difficult so that the number of blocks found every day by miners remains constant, those individual blocks must contain Mining can be called solving complex ... Bitcoin mining is done by private computers. The role of miners is to secure the network and process each Bitcoin. Miners do this by solving a calculation problem that allows them to assemble the transaction blocks (hence bitcoin's famous blockchain). Miners for this service are rewarded with newly created Bitcoins and transaction fees. CONTACT US 51 E Campbell Ave Campbell CA 95008 United ... Bitcoin Mining ist ein Prozess, bei dem Rechenleistung zur Transaktionsverarbeitung, Absicherung und Synchronisierung aller Nutzer im Netzwerk zur Verfügung gestellt wird. Das Mining ist eine Art dezentrales Bitcoin-Rechenzentrum mit Minern auf der ganzen Welt. Dieser Prozess wird analog zum ...
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