PBOC: local authorities can regulate Bitcoin power use

China’s central bank told a top-level government Internet finance group that the monetary authority can tell local governments to regulate the power usage of Bitcoin miners to gradually reduce the scale of their production, a source said.

While the People’s Bank of China can’t directly regulate Bitcoin miners’ power usage, it can ask local authorities to do so, the central bank told members of the Leading Group of Beijing Internet Financial Risks Remediation at the end of 2017, the source said. Experts say China is one of the world’s biggest sources of Bitcoin mining, where miners solve complex mathematical puzzles with computers in order to be awarded virtual coins. The intensive use of computers for Bitcoin mining has boosted demand for electricity.