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Bitcoin, Blockchain, and the Energy Sector China has taken steps to regulate and tax the trading of Bitcoin, and has even proposed implementing a ban on mining. As of April 2019, it was reported that the National Development and Reform Commission, deemed mining as a “wasteful and hazardous” activity.36 China’s share of major mining pools may change substantially in response to regulations and policy actions. In 2013, the Chinese government reportedly restricted Chinese banks from using cryptocurrencies as currency, citing concerns about money laundering and a threat to financial stability.37 In September 2017, Beijing declared that initial coin offerings (ICO)38 were illegal and that all mainland cryptocurrency exchanges be shut down. In January 2018, China’s Leading Group of Internet Financial Risks Remediation submitted a request to local governments to regulate electricity, taxes, and land use for mining companies, and “guide the orderly exit of such companies from the Bitcoin mining business.”39 Since the implementation of these regulatory measures, Bitcoin trading with the Chinese yuan has reportedly dropped from 90% of global Bitcoin trading to under 1%.40 However, as illustrated in Figure 1, China, despite changes in regulation, remained a popular location for mining in 2018, partly due to the comparatively low cost of energy.41 The generation sources that provide low cost electricity to cryptocurrency miners in China vary regionally. In some regions, the electricity likely is provided from fossil fuel sources; for example, in Inner Mongolia where cryptocurrency miners have been active, thermal power represents 63% of the electric capacity.42 user_upload/research/centres/alternative-finance/downloads/2019-01-ccaf-2nd-global-cryptoasset-benchmarking.pdf. 36 Gregory Barber, “China Says Bitcoin Is Wasteful. Now It Wants to Ban Mining,” Wired, April 9, 2019, https://www.wired.com/story/china-says-bitcoin-wasteful-wants-ban-mining/. 37 Gerry Mullany, “China Restricts Banks’ Use of Bitcoin,” New York Times, December 5, 2013. 38 Initial coin offerings (ICOs) are a method of raising capital in exchange for digital coins or tokens that entitle their holders to certain rights. For more information on ICOs, see CRS Report R45301, Securities Regulation and Initial Coin Offerings: A Legal Primer, by Jay B. Sykes. 39 Laney Zhang, Regulation of Cryptocurrency: China, report from the Law Library of Congress, https://www.loc.gov/ law/help/cryptocurrency/china.php. 40 Laney Zhang, Regulation of Cryptocurrency: China. 41 Michel Rauchs, et. al. “2nd Global Cryptoasset Benchmarking Study,” University of Cambridge, December 2018, https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/centres/alternative-finance/downloads/2019-01-ccaf-2nd- global-cryptoasset-benchmarking.pdf. 42 Yan Jun, Inner Mongolia Grid, “The Research of Power Interconnection Among China, Russia, Mongolia,” Presentation at Joint Conference on Northeast Asia Regional Power Interconnection, UNESCAP, August 30, 2017, https://www.unescap.org/sites/default/files/D1- S1b.%20Inner%20Mongolia%20Power%20Group_Mr.%20Yan%20Jun.pdf. Congressional Research Service 8PDF Image | Bitcoin, Blockchain, and the Energy Sector 2019
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