China Plans To Kill Most of the World's Bitcoin Mining Operations (bloomberg.com)

The Chinese government will end bitcoin mining operations in the country in the coming months in a move that could have a massive impact on the price of the world's biggest digital currency. From a report: China has been a central player in the development of bitcoin in recent years, but Beijing has spent the last six months cracking down on the cryptocurrency industry -- shutting down local exchanges and banning initial coin offerings. Leaked documents suggest the Chinese government plans an "orderly exit" for bitcoin mining operations in the coming weeks and months. In the documents, issued to the local offices of the internet-finance regulator, authorities were instructed to force mining operations out of business using measures linked to electricity pricing, land use, tax and environmental protection.

Comments

Major impact on the price

[jrumney]

Given that bitcoin relies on mining to certify transactions, I suspect that the direction of impact could be rather surprising to some of those who believe in scarcity driven theories of economics.

Re:Smart

[Tailhook]

We know you do. We also know you're not smart enough to make the connection between authoritarian government and lack of free speech, which is why we don't allow you to prevail.