CHINA CURBS

ENERGY CONSUMPTION

China to curb power use of some bitcoin miners.

A Bitcoin “mine” with a blue tin roof sits next to a hydroelectric power

BEIJING : China plans to limit power use by some bitcoin miners, said sources, a potential challenge to an industry whose energy-intensive computer networks enable transactions in the cryptocurrency.

The People's Bank of China outlined the plan on Wednesday meeting, said sources.

Chinese officials are concerned that bitcoin miners have taken advantage of  low power prices in some areas and affected normal electricity use in some cases, said sources.

The curbs will also involve other regulators such as the National Development and Reform Commission, which oversees the power supply.

While the proposed restrictions are unlikely to have a noticeable effect on transaction speeds, they highlight global concerns over the growing energy consumption of  bitcoin miners.

China is the home to many of the world's largest miners, some of whom have set up around hydroelectric facilities in Sichuan and Yunnan provinces.

- Bloomberg.