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In Beijing believe that electronic currency makes its contribution to environmental pollution.
Illustration REUTERS
The national Commission of development and reform of China issued a document with a list of the types of industrial activities, which can be closed and banned. Among them are “mining the virtual currency with the production process of Bitcoin”. The Ministry said that such activity consumes a lot of energy. And that means the industry makes a significant contribution to environmental pollution.
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According to the BBC, “mining” Bitcoin involves intensive tasks computer processor for solving complex mathematical problems to confirm transaction of cryptocurrency. The owners of the equipment, which will be the first to cope with the task, receives a certain amount of newly created Bitcoin.
The complexity of the task is adjusted to guarantee that each block of transactions is processed on a regular basis, namely every 10 minutes. In the result, the more machines compete for Bitcoin, the more difficult tasks. And this translates into greater consumption of electricity. Some of the largest so-called “farms” for the production of cryptocurrencies is located in China.