China officially labels crypto mining as ‘obsolete’

China’s top economic planning body has officially designated crypto mining as “obsolete,” reinforcing government efforts to stamp out the industry entirely. 

Fast facts

• The National Development and Reform Commission made the designation on Monday as an update to a 2019 policy document that spelled out how the country would shift its economy to a model that favored cleaner, less resource-intensive industries. 

• According to business consultancy Dezan Shira & Associate, the obsolete label refers to technologies that would be banned from seeking investment and would need to be phased out in China within a certain time period.

• However, the commission did not provide a deadline for crypto mining to be officially eliminated in China.

• China was home to more Bitcoin mining than anywhere else in the world until last year, when goverment clampdowns drove the majority of crypto miners out of the country.