For China, cryptocurrency mining is obsolete

China's National Development and Reform Commission earlier this week officially designated bitcoin mining as obsolete. The designation came earlier this week, as an update to a 2019 policy document explaining how the country would shift its economy towards a model that favored cleaner, less resource-intensive industries. According to business consulting firm Dezan Shira & Associate, the obsolete label refers to technologies that would be prohibited from seeking investment and which should be phased out in China over a certain period of time. Ph. Marco Verch However, the commission has not provided a deadline for the official elimination of cryptocurrency mining in China. China was home to more Bitcoin miners than anywhere else in the world until last year, when government cuts drove most cryptocurrency miners out of the country.