Confusion Grows Surrounding Official Chinese Position Regarding Bitcoin Mining

In recent days a number of conflicting reports

have surfaced pertaining to the stance of China’s government

with regards to bitcoin mining. Last week, Bloomberg reported

that the People’s Bank of China (PBOC) had met to discuss curbing

mining operations in China, whilst Chinese media reports

denied such – however, it has since emerged that the local

government of Xinjiang province has mandated an “orderly exit”

of its bitcoin mining industry.

Despite widespread speculation that the long-feared Chinese crackdown

on cryptocurrency mining may have begun, the establishment of international

facilities on the part of leading mining pools has led to analysts predicting

that much of the bitcoin mining industry will be able to weather a Chinese

regulatory crackdown.