China is thinking about unbanning bitcoin mining after price rise and started a new research

According to CoinTelegraph, China’s National Development and Reform Commission (CNDRM) is now seeking public opinion on the inclusion of crypto mining in its list of “phased-out” industries, seeing that the ban helped the U.S. to become the world’s dominant crypto mining nation.

The call for public comments by the country’s macroeconomic planning agency was contained in a release issued on October 21.

It is worth remembering that back on September 24, CNDRM added digital currency mining to its list of outdated industries following sweeping crackdowns by authorities in Beijing against crypto miners.

China’s plan to crash the Bitcoin value appears to have backfired as the crypto coin is back to its values recorded before the crypto mining ban.

It looked like China’s stance regarding crypto mining was finally cemented with the ban imposed in May this year, after it had been going back and forth on the issue since 2019, but now, they are skeptical after most of the Bitcoin hashing power was relocated from China to other states, helping the U.S. become the leading hashrate provider.

Source: https://digesttime.com/2021/10/24/china-is-thinking-about-unbanning-bitcoin-and-started-a-new-research/