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the vast majority of the whole network computing power.

But some Bitcoin experts believe the direction of these policies, as well as the principle of Bitcoin's development, could lead to another result.

“In the context of China's carbon- neutral goal, it can be said that the development space of the Bitcoin mining industry is very small domestically, as facing stricter environmental supervision, energy costs and mining equipment's operating costs will increase. Relative reduction of mining profits will limit the industry's development,” Chen Bo, director of the Digital Finance Research Center at the Central University of Finance and Economics, told the Global Times on Monday.

At present, it is difficult to successfully apply for a license to operate a Bitcoin mining machine, as Chen learned.

However, the Bitcoin mining industry itself has always been a high- risk, high- yield gray area in China. As long as there are still profits to chase, there will be people doing it. Chen believes that the energy- guzzling industry will not disappear entirely, and mines would be moved to areas where clean energy is cheaper.

According to Chen, many Bitcoin mines have indeed been moved from Inner Mongolia to the Yunnan- GuizhouSichuan area in the past year.

However, as China deepens its transition to a low- carbon economy and more industries increasingly demand for clean energy such as hydropower, there won't be much hydropower left for the gray industry of Bitcoin mining.

“On the whole, no provinces or cities are likely to welcome Bitcoin mines for tax purposes anymore,” Chen noted.