The Internet Finance Regulation Office issued a document requiring companies to exit Bitcoin mining business in an orderly manner

On the evening of January 5, a reporter from the First Financial Daily learned from authoritative channels that the Internet Finance Risk Special Rectification Office Leading Group (hereinafter referred to as the "Internet Finance Rectification Office") recently issued a notice on Bitcoin to all provinces (autonomous regions, municipalities) and Shenzhen City's Internet Finance Risk Special Rectification Office, with the signature date being January 2.

In the above notice, the Internet Finance Regulation Office stated that according to relevant departments, there are currently some so-called "mining" companies that produce "virtual currency", which consume a lot of resources and also encourage the investment speculation of "virtual currency". In accordance with the spirit of the National Financial Work Conference on preventing risks, limiting deviations from the needs of the real economy and "innovation" to evade supervision, the relevant member units of the Internet Finance Regulation Office have convened relevant provincial and municipal regulation offices on November 20, 2017 to discuss relevant matters.

Regarding the next work arrangement, the Internet Finance Regulation Office put forward two requirements: First, actively guide the enterprises under its jurisdiction to exit the "mining" business in an orderly manner, and actively coordinate with relevant departments under its jurisdiction to take multiple measures, comprehensively adopt electricity prices, land, taxation and environmental protection measures, and guide relevant enterprises to exit in an orderly manner; and require local regulation offices to report the basic situation of the "mining" enterprises under their jurisdiction and the situation of guiding their exit before January 10. Second, in order to keep abreast of the progress of work in various places, local regulation offices are required to report the relevant situation of "mining" enterprises under their jurisdiction before the 10th of each month.

The above notice obtained by the reporter of China Business Network is accompanied by a "Summary of Specific Situations of Mining Enterprises", which lists the specific contents that need to be reported, including: enterprise name, establishment time, registered capital, number of mining machines, operating income, tax payment, etc. At the same time, power consumption is the main content that needs to be reported in the summary table, including the preferential land price or site rental, the implementation of electricity price and other subsidies.

It is not difficult to see that this time the Internet Finance Regulation Office has targeted Bitcoin on the most critical "electricity bills" and "electricity consumption".