Bitcoin Forum

So, recent news that China is either going to ban bitcoin exchanges, or they already have ... If that's the case, will that include miners?  Or will mining become pointless if they can't exchange BTC to pay their expenses?  I keep hearing that China has cheap energy, so I was wondering all along if China would discover these energy hogs and either tax them, or shut them down.

What sort of effect would this have on Bitcoin mining if China gets shutdown?  Catasptrohic? Or the difficulty goes down and we get on fine without them? 

Bitcoin does not depend on one country anymore. If China bans Bitcoin, it is already legal in Japan and parts of US. So, Bitcoin, mined at China, can easily be sold at those exchanges.

The Chinese government is pretty good at blocking Internet access, from what I've heard.  If local exchanges are closed, and access to foreign exchanges blocked, then trying to circumvent their rules would be very risky.  Not to mention that the government probably knows where the mining farms are, and could shut them down directly, if they wanted to.

Seems like it's time for Bitcoin to ban China.

There is no official statement from Chinese exchanges regarding a ban.
But if it does happen, then I think the options for converting Bitcoin to CNY would be nonexistent or extremely limited.
We'll be fine without the Chinese miners (or as a matter of fact, better), but we don't really know what will happen to them. They might just all switch to Bitcoin Cash and BCH exchanges start popping up instead.

This is all just manipulation. Big organizations are getting scared

I'm definitely sure they will also stop mining too, what will they do with their mines of bitcoins if they can't even trade or sell it. But i believe even if they stop or ban bitcoin totally in China, bitcoin is still gonna stand and maybe somehow will affect the value for a period of time but it is going to regain it's fame and height level.  

By now it's only speculations and fake news. We should wait a few days and see if China's government will really issue a official note. I dont think they will, but if they do we may see temporary turbulence in bitcoin market.

If this news becomes reality, then its a matter of time before they turn their attention to the issue of bitcoin mining and the reason is because they will realize that the proposed ban will only have a marginal effect on bitcoin as against the devastating effect they had in mind so they would be left with no option than to go that route and try that one out.

If they could successfully banned their local exchanges, yes they also need to banned mining. Not just from China but miners from the whole world. They are so desperate. I believe they paid the JP Morgan CEO to discouraged investors from using Bitcoin.

I'm sure that if China did ban bitcoin mining, any miners that are making significant income from it would simply pick up and leave to a more friendly environment.  Smaller miners might not be so lucky.

Good answer my friend. I also read somewhere that many Chinese are already moving to Localbitcoins.com, shortsighted government losing lots of important revenue as a result.
Very unfortunate world my friends.

I am pretty sure if the Chinese authorities wanted to ban Bitcoin or exchanges or mining they would be pretty efficient and ruthless at stamping it all out. It might be more plausible that they are in fact trying to stamp out some of the more obvious frauds (ICO and pump and dump schemes) which could lead to a backlash and potential social unrest if enough people get stung. They are in fact good at changing their mind also - and turning a blind eye to "Good + Fair" progress. (my $0.02)

don't keep spreading the rumors... China did ban ICO.  but not bitcoin exchange... check out the exchange sites yourself... huobi.com, okcoin.com

Information I have from a source of mine in China is that they may be seeking to "ban" (really more of a moratorium until they determine regulations) financial institutions from performing bitcoin exchanges.  What they are considering an exchange is a true, regulated securities exchange.  Therefore, Bitcoin "exchanges" are not necessarily within that definition.  From what I am told they are interpreting services such as OkCoin as OTC bitcoin trading and therefore not subject to the "ban".

When I have a source in print for that I'll be posting it here.  For now it's information I was just made aware of earlier today.  I do not vouch for it being true or not because I haven't seen any written confirmation.  But this source has given useful and accurate information to me in the past on other matters.

I'll keep you posted.

First, China didn't banned exchanges. All of it were just speculations. And lastly, if the Chinese government would like to ban mining, they can do it in their country. The government has all the rights to do what they think will be beneficial for the majority but for me, they will not ban it because they have no reason to.

Unfortunately it is not always easy for Chinese nationals to relocate to other countries, especially when it involves taking significant assets with them.

It can often be a long process with no guarantee of success.

Right now it's just speculations. On one hand there's so many miners there and energy is cheap. On the other hand if you can't use it to exchange, then yea, you won't be able to cover your costs. Not quite sure what's going to happen. China should find a way to incorporate it though

There is nothing to be worrying here about. What i read is that if ever the China authorities would decide to finally stop all Bitcoin exchanges, they will still allow the peer-to-peer Bitcoin exchange and financial institutions can still be doing business selling Bitcoin (the buying part is what is vague).

In other words, the possibility is that this will not affect miners (and there are so many of them there!) and they can still continue on doing business. The next question would be on how these miners can be able to convert their Bitcoin to the local cash...maybe the government would also issue some rules on this.

The government am sure is quite aware that some of their citizens are involved in big Bitcoin mining and maybe they also do not want to kill this big industry right there and then. I still believe that China is just taking the time to sort things out so they can formulate a more comprehensive regulations covering cryptocurrency...otherwise they will be left by other countries like Japan and Russia (this country has the ambition of becoming a cryptocurrency hub).

Yes, China is not going to prohibit crypto currency or stop the production of bitcoins. These are all false rumors that generate panic. We need to wait a while and everything will fall into place. In any case, the Crypto currency does not depend on one country, even with a large market.

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In 2015, I gave maximum attention to it,and took part in it !
Now，China didn't Bans Bitcoin Exchanges，and didn't ban Bitcoin mining
But the government has releasd policy that all the Bitcoin Exchanges be regulated。


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If they do that, then it will be good for the Bitcoin users. Because mining pools such as Antpool are wasting the block size by not filling their blocks completely. A lot of times, their blocks are just 200 KB or 300 KB in size. They are trying to artificially increase the tx fee by delaying the transactions. This can't be allowed to proceed.

I'm sure no, of course there will be a refusal from the mining companies, in fact bitcoin has been able to reduce unemployment in China so I'm sure the Chinese government will not be banned bitcoin mining company.

Hahaha. That would certainly be good to see in the headlines. But you really cannot blame China's move though. They are feeling threatened by the all the disruption the cryptocurrencies are bringing in finance. There must be powerful people out there who are are trying to put the pressure back on Bitcoin by making threats of their own.   

 1 = http://fortune.com/2015/11/04/jamie-dimon-virtual-currency-bitcoin/ ( Jamie Dimon: Virtual Currency Will Be Stopped )
2 = https://www.cnbc.com/2017/09/12/jpmorgan-ceo-jamie-dimon-raises-flag-on-trading-revenue-sees-20-percent-fall-for-the-third-quarter.html ( JPMorgan CEO Jamie Dimon says bitcoin is a 'fraud' that will eventually blow up )
3 = https://www.forbes.com/sites/laurashin/2017/05/22/jpmorgan-chase-to-integrate-zcash-technology-to-its-enterprise-blockchain-platform/?c=0&s=trending#72682f397a33 ( JPMorgan Chase To Integrate Zcash Technology To Its Enterprise Blockchain Platform )

here we know who is the strongest in society , once JP Morgan said as in the news but look what has been done for some time now.
really funny this guy.
 

People are just loosing their cool cause it's come from China, their every move is being scrutinized like Bitcoin only depends on China, it doesn't, China is acting stupid let them, I am sure normallcy will be restored and people we will have prices up. I don't think so they can ban mining cause lots of money is already invested by people, even if let's say it is banned, they will be able to sell their hash and their coins on foreign exchange, I am this is a temporary situation and things will improve.

i wonder why people is panic and over react with the negative news and we don't know yet if its true or not. if china is bans bitcoin mining then i think many china mining company will collapse. in the other side, i am sure that there will be many country will allow bitcoin in their country and if china really banned bitcoin, i think they will regret it because bitcoin have big community today and they will give support for bitcoin to stay for a long time.

Recently, many news reported that china is going to ban bitcoin  exchanges on a mount of sites, but i don't think this will happen as bitcoin is the world cryptocurrency, and there isn't any news from china official website announcing it will shutdown the bitcoin exchange. So the bitcoin mining is still running well.

After a few days of lower BTC/CNY price vs BTC/USD , now
I can see BTC/CNY volume goes up and its price reach the other pairs, what happened to ban?

A decentralized system it is. China has been a great asset in Bitcoin's economy but if suddenly it would disappear then it would not disrupt the economy of Bitcoin itself due to its decentralized nature. Also, it is now more distributed across the world compared before which is a bit focused to one place especially China.

Would be needles to ban Bitcoin mining. If you can't sell your bitcoins then there is no point in mining because you need to pay electricity and other expenses, specially if you are a professional, and Bitcoin mining isn't for amateurs anymore, and a ban of BTC exchanges would be enough to scare most people to stay away from Bitcoin because China is far from being a democracy.

But there is no evidence that China will ban exchanges, only rumors based on anonymous sources that probably doesn't even exist

I also felt that this is the logical explanation why China became anti-bitcoin suddenly. They thought that bitcoin will not reach this height so they allowed bitcoin and other related industry without any regulation. But starting this year, they started to bust it up specially now that the price is going to $4000-$5000. They feeling that their Yuan is being threaten by the emergence of bitcoin in their country. As a communist nation, they need something to stop this madness and took control of everything.

The bitcoin and the ICO is now banned in the China. China has many reasons why they ban the bitcoin and the ICO. I think it has only small effect to the price of the bitcoin.

From what I read here (https://www.cryptocoinsnews.com/ico-ban-bitcoin-exchange-binance-restricts-chinese-access/amp/) one of exchanger gonna ban China IP from trading there, I don't know if another exchanger will follow this exchanger to ban China IP. And AFAIK China didn't ban mining so the miner still can rent VPN then sell in exchanger. CMIIW

If you check "https://coinmarketcap.com/currencies/bitcoin/#markets" simply discover that trading volume on BTC/CNY is high and price is recover to normal vs BTC/USD
These are the most active exchanges on BTC/CNY:  
https://www.okcoin.cn/
https://www.btcchina.com/exc/trade/cnybtc
https://www.huobi.com/
Also this new "https://www.cryptocoinsnews.com/chinese-bitcoin-exchanges-take-diverging-paths-amid-regulatory-uncertainty/" tells that maybe we will not see any exchange to be down.

Firstly, China has not officially announced that they will shut down any exchanges.

No exchanges have been shut down, none of the owners of these exchanges have been contacetd by officials to let them know about what will be happening in the coming days/weeks that would indicate any sort of change in operation from right now.

Even if they do ban all exchanges, it is simply impossible for them to ban all mining. Bitcoin and bitcoin mining is decentralized, and there are always ways around restrictions.

They have not said anything about banning bitcoin mining. It is only a news website saying they will ban exchanges without any official sources. Still speculation at this stage imo.

There has been no word from actual regulators regarding the rumours. Thus we can probably take the news as just FUD.

Even if China does ban all exchanges then trading will just move to P2P - this is the beauty of bitcoin as it is decentralized, and people can trade it without a centralized platform(since there is no single point of failure). Shutting down exchanges does not shut down all trading activity.

I don't think that they will ban bitcoin mining. Firstly bitcoin holding is still legal. Secondly there is no way for them to actually enforce their rules.

Fake news, but effective fake news as the price has dropped quite a bit and then JPMorgan come out and call bitcoin a fraud and that it will blow up, looks like some big boys want in on bitcoin at a much lower entry point.

since China is not going to ban bitcoin exchanges and has never planned on banning it despite all the fake news saying so, I say there is no reason they ban bitcoin or bitcoin mining. in fact bitcoin mining is one of the things they like most.
do you know how many new jobs bitcoin mining has created?
it is a big industry and a big part of Chinese economics now, from the big manufacturers and distributors of equipment to all the small electric companies that are staying alive and earning money because of bitcoin mining. not to mention all the employees.

besides, they investigate exchanges because they are doing shady activities and launder money. you can not do anything shady with mining!

Its impossible to ban mining.

Nah. There's to parts to this, and unfortunately China's government is corrupt as hell. They want regulation on exchanges and a way to track and tax ICOs before they're an accept them as a form of funding new companies and technology. They might realize soon they're hindering their bright and talented people from keeping up with the rest of the world when they attempt this.

CHINA banned domestic Bitcoin exchanges in their country which affected the Bitcoin price due to some reason but that would be solved soon I guess. What I heard was chinas ban on Bitcoin was temporary they will soon start Bitcoin exchange and actually, that would not be a big of a problem due to VPN and proxy IP use people of China can still trade their bitcoins for now. I do not think that CHina is soon planning to ban the miners as well but if they do that can be a problem because from what I have heard is China has the highest no of miners and a large amount of Bitcoin is mined in China. Anyways their ICO ban is temporary so I do  not think that they would ban Bitcoin mining as well.

Not only that mining in my view brings HARD CASH into China....they are trying to stop HARD CASH from leaving the country...

also Avalon, Bitmain, Innsilocon, pinidea, panda  and ibelink I think all are China HARDWARE makers.....thus again the HARD CASH

coming in argument ...also lots of high ups in the China communist party are into mining big time from what I hear

so, imho it is unlikely mining will be targeted...and if it is ...they simply will make them mine to China fiat daily, if that is possible? , again imho

it does not have to be a crypto cash cow...it could be regulated to be a daily convert to fiat cash cow instead

but what do I know..at one time I drank the butterfly labs kook-aid in 2013 :(

actually what is china plan ?? news stories are like being dramatized by parties wanting to destroy bitcoin. as I know, china was a country that has raised the name of bitcoin and cryptocurrency, then what do they do now? if china will forget the result of their struggle so far !! seems unlikely.

bitcoin has dipped in china harder than it has in the US or other countries about 3 times now to 4k because of this news. most people expect bitcoin miners and traders going decentralized minus the big players. they want to regulate them.

To ban mining is pretty difficult to impossible. This are the reasons, in mining personality is protected, i can be mining from anywhere in the world and no one can regulate that. So if China decides to ban mining then they have to get surveillance cameras in all rooms around the country to note who is still doing it. Quiet impossible Aah. FYI US banned mining long ago but majority of miners are in this country.

Well, since they ban the exchange, i doubt that the mining services will still e active, at least not the popular and active ones. This might affect us slightly, but i doubt it. There are many more miners across the world that can also mine. The real question is will they do it illegally if they ban the exchange/ mining.

other interesting things in China that seem harder to ban the bitcoin exchanges (thus my view they can probably ban China folk from bitcoin exchanges due to below)

https://www.theguardian.com/world/2017/jul/11/china-moves-to-block-internet-vpns-from-2018 (https://www.theguardian.com/world/2017/jul/11/china-moves-to-block-internet-vpns-from-2018) China to ban VPN'S (so much for that work around to exchanges)

https://techcrunch.com/2017/08/27/china-doubles-down-on-real-name-registration-laws-forbidding-anonymous-online-posts/ (https://techcrunch.com/2017/08/27/china-doubles-down-on-real-name-registration-laws-forbidding-anonymous-online-posts/) wants real names on chat etc in  China

anyway...if China can ban VPN's and require everyone to use real names and/or locked to their IP they probably can ban China exchange action by their citizens

not sure what it means...but China seems to be cracking down all over the place (or in bitcoin's case trying hard anyway)

All the above stuff also does not bode well for Hong Kong....they are gonna throw a fit if any or all above is applied there imho.

I have checked the hash rate of various mining pools for the last 2-3 weeks. There has been no decline in the hash rates for various mining pools from China, such as AntPool, BTCC Pool, F2Pool, and BW Mining. So it looks like, at least for the immediate future there is no threat for the Chinese miners. But I am not very happy with their dominance. Miners from a single country accounting for 70% of the hash rate can never be a good thing.

The ban will only apply to trading of cryptocurrencies on exchanges, according to people familiar with the matter.But there is no official China announcement on this issue.

Lol, it’s possible that what the op said is correct, and he didn’t say they’re banning mining as a banning everyone in the world from mining, just Chinese. By the way, I don’t think they banned Bitcoin, what they banned was ICO. So, I believe Chinese are still using bitcoin peacefully, including mining.

There are some questions that comes to my mind when I hear of Bitcoin being banned in a country– what about those that invested their money into Bitcoin, what are they going to do? So they will just lose their money like that I guess. It’s too bad. Someone has to be careful while investing into all these things.

It isn't impossible dude. If you're reading a news that china   is blocking the internet, vpn and other connection , you will believe that mining in china could also be stopped or banned. Mining need a connection, if they dont have a connection, there will be no mining. And yes they dont banned bitcoin ,but the goverments of china already stop bitcoin trading on Huobi, OkCoin BTCC etc. I don't think they're still use it peacefully.

China banning bitcoin miners, think this is toonfar from reality, we all knkw that the chinese already invrsted on miners, why would they just ban bitcoin, furthermore the chinese knows that having a lot of bitcoin is better than having petrodollar, if we check on the news way way back, both the chinese and russian government no longer wanted to trade oil, with the usr of petrodollars, instead they want to make use of gold, this us the reason why, some american oil companies doesn't want chinese products, but though they didn't like it, they can't help but avail of the setvices, since the cost is cheap compared to their local counterparts.. The move of the chinese, that they want to use gold as transactions only gives a deeper reason, why would they not want miners to be ban, because bitcoin is gold 2.0, and we may not feel or see it today, that the world is slowly changing, sooner or later more and more countries will be legalizig bitcoin, and at some point may use bitcoin as payment for ttansactions, this has a higher chance of probability, since a lot of countries are in debt with the world bank, why nit use another alternative for transactions, and that being said, the more bitcoin you will have in the future, the more powerful your country could become, just like what had happened with gold, right now it is considered that the state of vatican is powerful and infuential, not because of its religion, but because of the gold hidden in vatican, that we all know about. If the chinese will be banning, something that they know will be worth more than gold, and something that will give them more power in the future, they will certainly regret their decision, since they can mine and get a lot of bitcoins, it might be even for free, comsidering their ingenuity.

Back in February 2017, a Chinese bitcoin mining company opened a branch in Sweden:

https://www.cryptocoinsnews.com/chinese-bitcoin-mining-firm-canaan-to-open-10-mw-facility-at-node-pole-sweden/


So they at least are preparing for the possibility that China will ban bitcoin mining and are setting up operations abroad.

If it is true then nothing can be better for the future of bitcoins. China cannot be trusted anymore definitely. They keep on making bad announcements about bitcoins which affect the newbies very hard. People have sold out bitcoins in last few days. However, if I am not wrong, China banned bitcoin trading in December 2013 also.

And don't forget that Japan's biggest internet provider GMO intends to enter the bitcoin mining space as well. Because anyone can mine, if the Chinese drop out, some other entrepreneurs from other countries will take over the mining and bitcoin will march on regardless. That's the beauty of a decentralised system.

The banning of exchanges is not fake news but I really don't care about what JPMorgan thinks about bitcoins or you can say his statement has no affect on me because bitcoin is no fraud that will blow up. I will sit back in silence and let bitcoins prove him wrong.

Back to China, it banned exchanges because it was becoming a threat to Yuan by their own people. However OTC transactions are still possible.

Have you heard before that china will also block the cryptocurrency transaction? Network, IP, VPn, and etc will unable to use. If its truly happening, what will the miners do, while they will unable to mining again? Correct me if im wrong.

Let them do anything. I was absolutely not worried. The price of electricity in China is low. I'm sure that as soon as the demand for power, many countries will gladly fill all offers. The more posted will power miners the greater the bitcoin. Goodbye China.

i'm not worrying about that issue mining also banned by the china its doe't matter because many small investor in miner today aruond the world and i think thats a big help to them to grow up as miner, and the japan have plan to invest in the mining to replace the position of china as a main source of mining.

I do not see anything wrong with mining or any reason why China will ban bitcoin.They also earn from it from sale of hardware to electricity. They are regulating bitcoin exchanges because of malpractices done by the exchanges.

I don't think so, many of the ICOs are scams, but bitcoin is not a scam, why china will shut it down