The Central Bank of China intends to discuss with the regional authorities of measures to limit electricity consumption of the bitcoin miners. About it reports Reuters.
According to the Agency, the people's Bank of China are aware that you cannot directly control the supply of electricity to mining farm. However, the Agency intends to ask local authorities to address this issue.
Chinese authorities are concerned about the rapidly growing demand for relatively cheap electricity from the bitcoin miners. According to them, that in some regions of the country there may be problems in the energy infrastructure.
Recall that in September last year, the people's Bank of China banned the ICO, requiring local krausel platforms return funds to investors. This decision has had serious consequences for the once-thriving Chinese kriptonyte led to the fact that many local crypto currency exchange simply closed down or moved to other jurisdictions.
Very interesting but I'm not fully clear on this; why are they concerned about the distribution of electricity to miners if ICO trading is banned in China. The Chinese can't legally exchange ICOs but they can mine them?
Yeah, I think that this will become an even bigger issue over the coming months, worldwide. Mining Bitcoin is too resource-intensive. I think that coins of the future will have to consider this in general, and my bet is that Proof of Work will become outdated pretty soon.