Of course they reversed themselves. Someone told them that mining does very effective power arbitrage in China's hydro-electric industry. Bitcoin mining buys power from the hydroelectric utilities in Szechuan province that would ordinarily be thrown away during the rainy season.
Is it likely a individual created Bitcoin? Of course many silent geniuses walk around. What makes more sense? A government that is maybe been repressed and shut out of traditional banking systems? A forward thinking government seeing the future. Most transactions are already digital, e-transfer, your paycheck. You just open a app or webpage and see numbers, it's all done digitally. Now I could be totally off but this is just my opinion. A government has more means and a bigger agenda then a solitary person. They can mine it on a huge scale if they were in on it from the beginning they could have been hoarding it. They can use it to manipulate the markets and crash currencies. Look how many jobs and other alt coins were created off the technology that Bitcoin was founded on. Just a few thoughts.
70%? [This sources](https://www.buybitcoinworldwide.com/mining/china/) says that Chinese *mining pools* control more than 70% of the Bitcoin network’s collective hashrate. Of course, many miner in Chinese pools are not in China, and vice versa, so this is only a very rough estimate.
Yeah the title is unfortunate (not mine - copied it from Coindesk). The article makes it more clear:
> More than six months after the China National Development and Reform Commission proposed to categorize bitcoin mining as an industry to be phased out from the country, it appears the agency has now scrapped that plan.
unless btc seller accepts thoughts and prayers it helps if exchange can operate with state issued money and serve local clients who might be restricted from using foreign exchanges
i mean you can send thoughts and prayers everywhere. rembini not so much
If you would like to message the mods, press this button and leave a message as detailed as possible.
helperpcSilver | QC: CC 48, Kucoin 16, BNT 15 | NEO 361 week ago
Though it was never technically illegal, China's official stance was that mining SHOULD be eliminated. Now, it appears China officially no longer thinks mining should be eliminated, which provides reassurance to China's many miners, who have thus far been living in a limbo of risk/regulation. I personally think we'll see positive reaction from the market over next few days.
pale_blue_dotsPlatinum | QC: CC 139, XLM 35 | IOTA 5 | r/Politic1 week ago
In the final version, which will replace the current one published in 2011, the agency has removed bitcoin mining or other virtual currency mining activities from the initially proposed category of industries that should be eliminated from China. ...
Formally established in 1998, the NDRC is now one of the 26 cabinet-level departments which all together form the State Council of the Chinese central government. ...
> TL;DR - zero mention of bitcoin mining in any government printed press releases.
That's precisely the point:
> In the final version, which will replace the current one published in 2011, the agency **has removed** bitcoin mining or other virtual currency mining activities* from the initially proposed category of industries that should be eliminated from China. Description related to virtual currency or bitcoin mining **can’t be found** in the finalized catalog.
The good news is that they *removed* that.
> Formally established in 1998, the NDRC is now one of the 26 cabinet-level departments which all together form the State Council of the Chinese central government. The main role of the NDRC focuses on studying and penning economic reform strategies and policies to be executed at local level governments.
> The NDRC first published its industry reform catalog in 2005, grouping industrial sectors into three types – those the agency advises the country to encourage, restrict or eliminate.
> The initial draft of the latest catalog update was released in April this year, which classified “virtual currency mining, such as the production process of bitcoin” under the category to be eliminated, recommending local governments to phase out bitcoin mining from the country that’s estimated to account for half of bitcoin’s global hashing power.
> The move was taken at the time by many, including major news outlets, as a signal that China was planning to ban bitcoin mining even though the policy itself does not automatically mean a bitcoin mining ban.