China’s reasons for banning cryptocurrency mining are easy to understand: it’s a pointless waste of energy. Cryptocurrencies are being targeted by a few powerful speculators, and rather than helping with the exchange of goods or services, are becoming useless, mainly due to their built-in economics.
published a list of sectors it intends to promote, restrict or eliminate, and cryptocurrency mining was cited as lacking safe production conditions, a waste of resources and extremely harmful to the environment.
Cryptocurrency mining requires huge amounts of electricity and the companies involved tend to be located in coal-dependent provinces, where the cost of energy is cheaper. It is estimated that the activity generates between three and 15 tons per year of carbon dioxide. China has been criticized for its failure to meet environmental goals, but at least in this area the authorities there have taken the right decision.
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