With more and more people moving towards the cryptocurrency related businesses, the authorities are still unclear about the regulations in relation to it. Starting from tax rates to electricity rates in relation to cryptocurrency mining and other operations, the picture remains unclear whether the government of a specific location will be crypto supportive in the future or not.
Chean County to increase electricity rates for crypto miners
A United States County Chean County Public Utility District published a proposal to increase the electricity rates for cryptocurrency mining. The customer utility rate adviser to the Chelan County Public Utility District said that the proposed structure will be similar to the current strucutre but the new proposed strucutre will market on the energy price as they will need to buy power on the market in order to match the fluctuating load associated with cryptocurrency mining.
What Next?
On approval of the proposed strucutre not only cryptocurrency mining will be affected but also the employement rates in relation to fields such as finance, programming and others related to cryptocurrency and blockchain technology will be affected. The County is on the verge of becoming a hub for cryptocurrency mining but due to the price increases, the people will start moving towards other businesses.
Chinese Government Crack Down on Cryptocurrency Mining Plants
China, a country which is known of banning technology giants such as Facebook and Google also banned the cryptocurrency exchanges in the country as expected. Now the Chinese Government is trying to crack down the cryptocurrency mining plants by issuing a notice to bitcoin mining companies operating in the Chinese province.
According to the Government’s notice cryptocurrency mining companies in the country are using subsidized electricity rates to mine cryptocurrencies. The government revealed that it had found out that these companies are earning massive amounts of profits by operating in grey areas. The companies are receiving an unlimited supply of electricity without any government interference.
The Chinese Government now suggests new regulations in relation to cryptocurrency mining operations and wants the companies to register with the Power Supply Bureau with their real identities, undergo tax inspection and reveal their source of income along with the power supply they require each month. The Government is going to start power cuts at various provinces where they feel that cryptocurrency mining operations are going on.
Bitcoin mining is quietly becoming a monopoly market with large mining companies such as Antpool which mines more than 18% of the total bitcoin blocks are dominating the cryptocurrency mining operations. What is the future of Home Mining of Bitcoin and other cryptocurrencies in the near future? Tell us your thoughts in the comments section below.
