Xinhua News Agency: Do Not Allow Virtual Currency Mining Farm to Waste Precious Resources

Abstract : To crack down on virtual currency mining requires local governments to proactively issue a message to stop mining and cut off the energy consumption.

ChainDD
ChainDD

Jun 03

June 3 (ChainDD) Xinhua News Agency issued an article today, saying that some "altcoins" are actually like air, invisible, intangible, without physical support, and without application value. Once the price of "altcoins"--such speculative targets--collapses and the tide recedes, investors will only suffer huge losses and regret.

Virtual currency mining must rely on computer operations and the "mining machine" used for mining must have extremely strong data processing capabilities and generally have high power. In order to sell virtual currency in exchange for fiat money earlier, "miners" gathered many "mining machines" to form "mining farms" and mine virtual currency day and night, so the power consumption is huge.

To crack down on virtual currency mining requires local governments to proactively issue a message to stop mining and cut off the energy consumption. It also needs to introduce comprehensive measures including electricity prices, land, taxation, and environmental protection to promote the orderly exit of stock companies.

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