China is looking to slap a ban on bitcoin mining. The activity is included in a number of sectors the authorities are looking to shutter due to safety and environmental concerns.
China is a leading producer of cryptocurrency mining equipment but the government has for some time sought to place limits on activities. The country also hosts some of the largest mining farms in the world, operating on the back of cheap energy produced in the Xinjiang and Inner Mongolia regions.
Tighter restrictions have already had an impact. Two Chinese mining equipment companies, Bitmain Technologies and Canaan, last year filed for IPOs in Hong Kong but have since let those filings lapse. Bitmain recently said it planned to reapply “at an appropriate time” in the future.