Chinese Authorities Ask Local Miners To Submit Monthly Activity Reports

The regulators of the Xinjiang Province have recently issued an official statement in which they inform that local Bitcoin miners will be obliged to submit reports of their activities on a monthly basis to the local government.

The government considers the local miners to be “both energy-intensive and highly speculative” and that they should be directed to other business to encourage “real economy”. Because of this, measures will be taken to correct the “problem”.

What Will The Chinese Authorities Do?

This region has many of the world's largest miners, which have set their business there because of the cheap electricity. Chinese authorities are already planning restrictions on power consumption, though.

The government's plan is to limit the use of electric energy used for mining by altering the local regulations. The authorities also seem decided to make an effort to stop mining or at least tax it.

The cryptocurrency community does not seem more worried than during China's ICO ban in September, for example. A Chinese miner which was interviewed said that he is not scared and that it is too late for regulators to take moves because “people are immune to regulations now”.

Will the Chinese authorities or the miners win this feud? It is still too early too say, but you can surely discover if you follow our blog.