Category Archives: NDRC

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Chinese Miners Struggle for Easy Ride in Iran

Things aren’t turning out to be smooth for Chinese Bitcoin miners heading into Iran to profit from cheaper electricity rates.

Long before China hinted it may consider halting Bitcoin mining projects, the exodus began and Iran recently became a hotspot for miners along with parts of South East Asia such as Vietnam and Cambodia. China’s National Development and Reform Commission (NDRC) is now looking to siphon off a number of industries which include cryptocurrency mining as part of a state cleanup.

The Iranian venture for many of those Chinese miners deciding to make the move has gone sour, and reports coming back from Iran highlight some of the issues which have made the Middle East less attractive than was at first perceived.

One issue has been getting the equipment across the Iranian border. One miner Liu Feng reported that the chance of losing equipment at the border has become common, with Iranian customs confiscating at least 40,000 crypto mining rigs to date. Some rigs can be sneaked through if presented as non-mining processors for those lucky enough to be able to strike up a deal with customs officials. Feng explains the reason for the confiscations:

“Because of [Iran’s] huge electricity subsidy, the government has added this energy-hungry device (bitcoin miner) to the list of 2,000 banned shipments to come in.”

The same mining enthusiast, Lui Feng also had problems pricing his electricity supply with a local supplier after his supply tariff was doubled just two months into operation. A subsequent set up resulted in angry locals complaining about the noise emitted from his rigs, resulting in miners being confiscated.

Despite these hurdles, Chinese Bitcoin miners are still optimistic that it can get better for them in Iran. With the Iranian government now accepting crypto mining as a legal activity, Iran’s President Hassan Rouhani is behind a new cloud computing industrial park. Also, there are rumors that Tehran may get behind the import of Bitcoin mining hardware.

Currently, the Islamic Revolutionary Guard Corps are still detaining or confiscating machines at border points with tough import rules still in place.

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China State Planner Targets Crypto Mining on Clean Up List

China State Planner Targets Crypto Mining on Clean Up List

China’s National Development and Reform Commission (NDRC) is looking to siphon off a number of industries which include cryptocurrency mining as part of a state cleanup.

The NDRC of the People’s Republic of China, formerly State Planning Commission and State Development Planning Commission, is a macroeconomic management agency under the Chinese State Council, which has broad administrative and planning control over the Chinese economy. The commission is therefore responsible for rubber stamping or even eliminating industry in the country.

It appears that Bitcoin mining may fall into the latter scenario as the activity has been added to a cull list of over 450 activities under scrutiny due to what it sees as a violation of relevant regulations. The public has been given a month to make their own views felt on the commission’s latest draft, after which, more formal decisions will be taken regarding the future of the named activities.

Such a move has been anticipated within the Chinese cryptocurrency community after ICOs were banned and many exchanges driven overseas after an official shutdown. Although Chinese companies list among the world’s major manufacturers of mining gear and the country remains home to major crypto mining firms, the pressure is on to follow the government line, which remains vehemently anti cryptocurrency, despite top-down official expressions of interest in the burgeoning blockchain industry.

A local state-owned paper the Security Times said that the announcement “distinctly reflects the attitude of the country’s industrial policy”.

A plan by mining giant Bitmain which suggests it is preparing to roll out 20,000 of its own mining units in China to capitalize on the country’s cheap hydroelectric power later this year may well have to be revised dependant on the outcome of the NDRC decision.

 

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