我院邓建鹏教授接受《中国纪检监察报》采访 谈虚拟货币与金融风险问题

邓建鹏：简单来说，虚拟货币“挖矿”活动，是指通过专用“矿机”计算生产虚拟货币的过程。以比特币为代表的虚拟货币，是去中心化的区块链系统，需要网络节点运行、维护，将每一特定时间的交易信息打包上链，从而获得系统发行的虚拟货币作为奖励。

Deng Jianjun: In short, virtual currency “mining” activities refer to the process of producing virtual money through dedicated “mine machines.” Virtual currency, represented by bitcoin, is a decentralised block chain system that requires network nodes to run, maintain, and chain up transactional information at each given time, thereby obtaining a virtual currency issued by the system as an incentive.

虚拟货币系统利用人的自利性（获取虚拟货币作为经济激励）实现利他（运维系统、提升系统安全）。运行这些网络节点的个人或机构被业界俗称为“矿工”，这些计算节点是“矿机”。“矿工”通过购买专用计算机设备竞争交易信息记录上链的权力，并向整个区块链系统播报，俗称为“挖矿”。

Virtual money systems use human self-interest (the acquisition of virtual currency as an economic incentive) to achieve altruistic (vituring and upgrading system security). Individuals or institutions operating these network nodes are commonly referred to by industry as “miners”, and these calculation nodes are “miners”. “miners” compete for the power to record the chain of trade information by purchasing specialized computer equipment and report to the entire block chain system, commonly known as “mining”.

记者：一段时间以来，“挖矿”产业大热，有何推动因素？

Journalists: What has been the driving force of the “mining” industry for some time?

邓建鹏：2019年以来，比特币等一些虚拟货币价格大涨，“挖矿”成为有利可图甚至可以说暴利的行业。受财富效应吸引，“挖矿”产业受到部分资本竞相追逐，一些企业打着发展区块链等高新技术旗号，纷纷布局虚拟货币“挖矿”业务。一些地方政府为了推进招商引资工作，也给予了这些“挖矿”企业财税、电价等方面的优惠政策。

Deng Jianjun: Since 2019, some virtual currency prices, such as Bitcoin, have soared, and “mining” has become a profitable, if not profitable, industry. The “mining” industry has been attracted by the effects of wealth, some of which are being pursued by a competition for some capital, and some companies have “mining” virtual money under the banner of high-technology technologies, such as the development of block chains.

2020年下半年以来，因为产量减半效应，以比特币为代表的虚拟货币市场价格快速上涨。与此同时，区块链去中心化金融（业界称“DeFi”）推出各种声称具有高收益的“流动性挖矿”；出于对美联储因疫情原因增发天量美元引发美元贬值的担忧，欧美一些投资机构重仓主流虚拟货币；境外个别知名人士为特定虚拟货币“喊单”，这些因素共同助推了主流虚拟货币价格在2021年上半年进一步猛涨。这也引发国内不少“散户”迫不及待地跑步进场，金融风险高度聚集。

Since the second half of 2020, the price of the virtual currency market, represented by Bitcoin, has risen rapidly because of the effects of halving production. At the same time, the sector’s chain of centrifugal finance (known by the industry as “DeFi”) has introduced various types of “mobility mining” that claim high returns; a number of investment agencies in Europe and the United States have repositioned their mainstream currencies because of concerns about the dollar depreciation caused by the increased volume of the US Federal Reserve due to the epidemic; and individual foreign figures “call notes” for specific virtual currencies, which together contributed to a further surge in mainstream virtual currency prices in the first half of 2021.

虚拟货币盲目无序发展，对推动经济社会高质量发展和节能减排带来严重不利影响

记者：“挖矿”会产生哪些不利影响？问题主要表现在哪些方面？

Journalists: What are the negative impacts of mining? What are the main aspects of the problem?

邓建鹏：以比特币为代表的“挖矿”需要耗费巨大的电能，属于高耗能产业。为提高算力，使竞争比特币区块记账权的概率增大，近年来，成千上万台“矿机”集聚一起，形成超大规模的“矿池”。“矿机”耗费巨大电能，大量依赖火力发电的“矿池”造成巨大的碳排放及空气污染，带来碳减排压力，与我国碳达峰、碳中和的国家政策相背离。

In recent years, tens of thousands of “mine machines” have clustered together to form a super-large “mine pool.” The “mine machines” have consumed huge amounts of electricity, resulting in massive carbon emissions and air pollution, and have created carbon-reduction pressures that are contrary to our national policies on carbon peaks, carbon neutrality and carbon neutrality.

“挖矿”产业畸形发展，比特币系统算力增强，也带动国内许多散户加入了“炒币”大军，金融风险蔓延的可能性不断累积、放大。虚拟货币交易市场中频繁的爆仓风险还会影响传统金融市场，冲击中国金融市场稳定，进而影响国家金融安全。

The “mining” industry has developed abnormally, and the Bitcoin system has become more arithmetic. It has also led many of the country’s scattered households to join the “fibre-firing” army, and the risk of financial risk spreading has accumulated and magnified.

对于虚拟货币“挖矿”行业表现出的风险，相关监管部门此前已有一些警示和要求。2018年1月，互联网金融风险专项整治工作领导小组办公室曾发文，要求各地引导辖区内企业有序退出“挖矿”业务。去年5月21日，国务院金融稳定发展委员会召开第五十一次会议再次明确提出，要坚决防控金融风险，打击比特币“挖矿”和交易行为。但是，受比特币价格快速上涨吸引，加之一些地方政府出于增加就业等目的引入该类项目，虚拟货币“挖矿”一直在市场上存续。

In January 2018, the Office of the Leading Group for the Specialized Management of Financial Risks on the Internet sent a letter requesting that businesses in the jurisdictions be directed to withdraw from the “mining” business in an orderly manner. On 21 May last year, the Council of State’s Financial Stability Development Committee, at its fifty-first meeting, again made it clear that it was determined to guard against financial risk and to combat Bitcoin “mining” and trading.

郭云高：虚拟货币“挖矿”属于高耗能产业，浪费电力资源，增加全社会能源消耗总量，进而导致碳排放不合理增加，与碳达峰、碳中和的目标背道而驰。“挖矿”也不符合我国产业发展方向，生产产值几乎没有价值，其产品兑换、交易环节的金融风险隐患也很大，在某种意义上，相当于游走在违法犯罪边缘。

Kwok Yungau: Virtual currency “mining” is a high-energy industry, wastes electricity resources, and increases the total energy consumption of society as a whole, leading to an unreasonable increase in carbon emissions, which runs counter to the goal of carbon peaks, carbon neutrality. “mining” is also not in line with the development of our industry, with little value for production, and the financial risks associated with the exchange of products, trade links, and, in a sense, travel to the margins of criminal offences.

总的来说，虚拟货币生产、交易环节衍生的风险越发突出，其存在与发展无益于社会经济发展，其无序盲目扩张给推动节能减污降碳协同增效和高质量发展带来严重不利影响。

In general, the risks arising from virtual monetary production and trading links are becoming more pronounced, their presence and development are not contributing to socio-economic development, and their chaotic expansion has had a serious negative impact on the promotion of energy-saving mitigation synergies and high-quality development.

记者：去年年底以来，个别地方出现的供电紧张情况引发关注。比特币“挖矿”对能源电力的消耗程度如何？

Journalists: Since the end of last year, there has been a concern about power stress in individual locations. How much of Bitcoin's “mining” energy power consumption has been?

郭云高：虚拟货币“挖矿”能源消耗极大。剑桥大学替代金融研究中心研究显示，截至2021年5月10日，全球比特币“挖矿”的年耗电量大约是1493.7亿度电，这一数字已经超过马来西亚、乌克兰、瑞典等国的年耗电量，接近耗电量排名第25名的越南。去年1月，伊朗政府曾指责比特币“挖矿”行为导致该国电力中断。这也是我国“挖矿”活动多集聚在电价相对便宜的新疆、内蒙古、四川、云南、贵州等地区的主要原因。而“挖矿”的巨大能耗，也加剧了去年我国一些地方的供电紧张情况，扩大了地方限电范围。

A study by the Centre for Alternative Financial Research at Cambridge University showed that, as of 10 May 2021, the annual electricity consumption of the global Bitcoin “mining” was approximately 14,370 million degrees of electricity, which already exceeds annual electricity consumption in Malaysia, Ukraine, and Sweden, and is close to Viet Nam, which ranks 25th in terms of electricity consumption. Last January, the Iranian government accused Bitcoin of “mining” causing power cuts in the country.

去年4月，中国科学院、清华大学的学者发表《中国比特币区块链运行的碳排放量与可持续性的政策评估》。该论文指出，中国的“矿工”占比特币网络算力的75%以上。若没有政策干预，中国比特币区块链的年能耗预计将在2024年达到峰值296.59太瓦时，产生1.305亿公吨碳排放，约占中国发电的碳排放量的5.41%。这个规模，超过了捷克和卡塔尔的年度温室气体排放总量。

In April last year, Chinese Academy of Sciences and Qinghua University scholars published the Policy Assessment of Carbon Emissions and Sustainability in China’s Bitcoin Block Chain. The paper noted that China’s “miners” account for more than 75% of Bitcoin’s network capacity. Without policy intervention, China’s annual energy consumption in the Bitcoin Block Chain is expected to peak at 296.59 terawatt hours in 2024, generating 130.5 million metric tons of carbon emissions, about 5.41% of China’s carbon emissions from electricity generation.

在高质量发展阶段，努力实现2030年碳达峰、2060年碳中和的目标背景下，虚拟货币“挖矿”产业没有生存发展的空间。

In the context of high-quality development and efforts to achieve carbon peaks in 2030 and carbon neutrality in 2060, there is no room for viable development in the virtual currency “mining” industry.

整治虚拟货币“挖矿”活动，对促进产业结构优化，推动节能减排，如期实现碳达峰、碳中和目标意义重大

记者：我国加大整治虚拟货币“挖矿”活动力度，监管持续升级，有何现实意义？“挖矿”正式被纳入淘汰类产业，意味着什么？

Reporter: What is the relevance of our increased efforts to regulate the virtual currency “mining” and the continuous upgrading of regulations? What does it mean that “mining” is formally included in the phase-out industry?

邓建鹏：从促进我国产业结构优化，推动节能减排，如期实现碳达峰、碳中和的目标来看，加大力度整治虚拟货币“挖矿”活动具有很强的现实意义。

Deng Jianjun: Increased efforts to combat the virtual currency “mining” are of great relevance in terms of promoting the optimization of our industrial structure, promoting energy-saving emission reductions and achieving carbon peaks, carbon neutrality on schedule.

此次《通知》要求多部门联动，全链条治理，这有助于全方位推进整治工作。当然，此次整治并不是要否定与虚拟货币有关的区块链技术，《通知》就此专门明确，要区分“挖矿”与区块链、大数据、云计算等产业界限。可以预见，《通知》落地，有助于鼓励资本更好地服务于实体经济，防止更多民间资本甚至上市公司跟风“挖矿”，以及防范个人“炒币”带来的金融风险进一步扩大。

This circular, which calls for multi-sectoral linkages and full-chain governance, will help to move the whole process forward. Of course, the solution is not to deny block-chain technology associated with virtual currency, and the circular is specific in this regard, distinguishing between “mining” and industrial boundaries such as block chains, big data, cloud computing.

虚拟货币“挖矿”活动正式被纳入淘汰类产业，意味着我国进一步严格执行节能减排政策，减少碳排放。这一方面有益于减少投机炒作，另一方面也有益于减少无金融风险承担能力的投资人被“割韭菜”的风险，维护金融市场和社会稳定。

The formal inclusion of virtual currency “mining” activities in the phase-out industries means that our country will further enforce its energy-saving reduction policies and reduce carbon emissions. This will help to reduce speculation, on the one hand, and the risk of financial risk-free investors being “cuttered” and maintain financial markets and social stability, on the other.

郭云高：虚拟货币“挖矿”被正式列为淘汰类产业，这将释放无效、有害产能挤占的大量电力资源，让高效有益产能获得相对充裕的用电保障，有利于降低缺电程度，缩小限电范围，并有效降低无效用能需求导致的温室气体排放。也有利于促进储能等新型产业发展，支撑新型电力系统建设，服务风电、光电等可再生能源发电大规模上网，实现低碳可再生能源大规模替代化石能源，对促进我国产业结构优化，推动节能减排，如期实现碳达峰、碳中和目标等具有重要意义。

Guo Yungau: The virtual currency “mining” has been officially listed as a phase-out industry, which will release a large amount of energy resources that are not efficient and harmful to production capacity, provide a relatively adequate level of electricity security for efficient and productive production, reduce power shortages, reduce the range of electricity restrictions, and effectively reduce greenhouse gas emissions from inefficient energy demand. It will also contribute to the development of new industries, such as storage capacity, support the construction of new power systems, the provision of large-scale access to electricity from renewable sources, such as wind power and light power, and the achievement of large-scale alternative fossil fuels from low-carbon renewable energy sources, which will be important in promoting the optimization of our industrial structure and promoting energy conservation and reduction, as well as the achievement of carbon peaks, carbon neutrality and targets.

厘清区块链领域的“清”与“浊”，加强对区块链技术的引导和规范，积极推进区块链和经济社会融合发展

delineates “clean” and “silence” in the area of block chains, strengthens the orientation and regulation of block chain technology and actively promotes the development of block chains and economic integration