Chinese authorities have seized nearly 7000 crypto mining machines that are illegally consuming electric power, really hope this won't affect bitcoin in any way? And why are people doing this? Prove of staking is a better option and no one will ever know you are mining anything, i am not saying POW miners are bad but illegally? Come on! It's not worth taking such risk when they know they can be caught, they can earn same profits from Staking
Full news is right here
https://cointelegraph.com/news/chinese-authorities-confiscate-nearly-7-000-crypto-mining-machinesThe Chinese really do have strict regulations about cryptocurrencies as they want to control almost everything in their country. Plus, if it's illegal source of power, the culprits must really be put by the law. Furthermore, the issue of regulation even in miming industry has been debated by many and if it must be taxed or monitored by the government. Even in our country, there is no clear process about it nor a permit to operate, not that it is needed or required by the law. Until there's no clear set of rules, the government must not deal with the crypto industry in my opinion.