China officially labels crypto mining as ‘obsolete’

China’s top economic planning body has officially designated crypto mining as “obsolete,”. This label refers to technologies that would be banned from seeking investment and would need to be phased out in China soon.

The commission did not provide a deadline for crypto mining to be officially eliminated in China – where Bitcoin mining was grown more than anywhere else in the world until last year, when government clampdowns drove the majority of crypto miners out of the country.