Chinas 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.
Rather good news. "Gradually" is the key word, they don't intend to force miners to shut down immediately, just to cap their power usage over time.
That would be a shift in mining power, China will be gradually losing its % of hashpower, which is probably a good thing.
I completely don't understand the decision of Chinese government, by having majority of BTC hashpower on their territory - they have some sort of control over BTC (they could take over and attack BTC if it ever become a threat to them). Are they really that concerned that power consumption can get out of hand and cause shortage?
I am sure that China has a different thing in mind when it decided to also limit and soon kick out Bitcoin mining from its official jurisdiction. Anyway, this is a big good news to all of us in the Bitcoin community. China will not anymore have that power to control Bitcoin and we will not be under its threats and FUD. This can also lead to the "deconcentration" of the mining power away from China which can be good in the long term. It is about time that the whole cryptocurrency market will forget about China though am sure that many of their citizens are still into this market. We can all survive and prosper without the big China market.