Bitcoin Forum

What will happen to the chinese BTC miners ?

Most likely there will be some turbulence for them at the very least. They are going to need to work around the government regulation and either go more underground, or move to locations outside China for the time being.

It's not mining that's been affected in china, just trading exchanges. They can still exchange that btc for currency at exchanges in other countries.

How it possible to move so large mines?

It's not mining that's been affected in china, just some small exchanges. They can still exchange that btc for currency at exchanges in other countries.
And this likely drama from bad China Gov want to buy bitcoin in big dip

I actually had thought this only what could be the China next step as they have already banned ICO. Will they only limit this as they raise the money from public while trading and mining does not raise the money as such so will it continue to happen the same way or will they even put a ban on this is the query which still exits.

The Chinese government feared the existence of alternative crypto economy and therefore trying to deal with it. The exchange will move to other countries and will not trade for the yuan. The miners will have more difficult. Perhaps they will move to other countries. For example in Russia in the far East. There are already a lot of Chinese. Perhaps India or some other country to host the power of the Chinese miners. Crypto currency that will not stop. The people want change.

To add to that, I daresay that it's also very unlikely that China will ban crypto-currency mining. China is known to go through great lengths to keep money within their own economy while pushing exports (ie. trying to suppress the movement of capital out of China, while fostering the movement of capital in to China).

Trading crypto-currencies is a great way to move capital across borders, thus would help moving capital out of China. Not exactly what the Chinese government wants. Mining on the other hand, merely creates bitcoins that can be "exported" to other nations, thus drawing capital into China.

 Huboai and OKCoin are NOT "small exchanges" - they are 2 of the 4 or 5 largest exchanges in the world.

 There are also some rumours that China is trying to get access restrictions added to the "Great Firewall of China" against all of the major foreign cryptocoin exchanges.

 Ease of moving capital across borders is exactly what China seems to be TARGETING - they've been suffering a LOT of Capital Flight since their economy and the Yuan started tanking.


 I suspect they will leave Bitmain Innosilicon and the other Chinese-based miner makers along, as those companies are bringing foreign exchange INTO the country in significant numbers.

They will ALL move to Canada and open a Chinese restaurant.

 San Francisco.

 Didn't you see "Chinatown"?

 9-)

Nice maybe I can get a miner and an egg roll special, preferably in a different bag.

It is hard to say:

http://news.8btc.com/will-bitcoin-mining-farm-in-china-be-closed (http://news.8btc.com/will-bitcoin-mining-farm-in-china-be-closed)

Do realize that a country talking about absolute power and ruled by a single political party, they can implement anything ridiculous!

    Chinese Government is formed by one party rule so there is not a strong opposition party to criticize them while for a policy newly implementing whether it is write or wrong .In such a situation the current government is actually scared of permitting a parallel currency along with Yen the centrally controlled economy together
with the decentralised bitcoin which can be operated world wide.one country cannot control bitcoin. By evaluating the merits and demerits gradually and hopfully China also revive the ban

Hopefully, we all just watch the market and see a bunch of mining rigs from China go on sale :D $$$

But I did hear recently from a couple of forums and an article that the Chinese government was toying with the idea of licensing out Crypto traders and miners. Just like in the US, to carry certain firearms, you have to have a permit; in China, you would have to have a license to trade or mine crypto. This idea seems like more of an attempt to keep the money from illegal use rather than ban the coins outright. Excellent idea down the road, but as of right now it's a bit frustrating

 They talk about "illegal use" as a worry, but their REAL worry is "capital flight out of China".

But either way it is flying out of China, right?
As the miners may decide to shift their miners outside China, so they are literally shifting their "possible Bitcoin earnings" that could have been made in China but will be made somewhere else but not China, so don't you think that the Government of China has started digging their own grave by banning everything related to Bitcoins because somehow this will be a huge economical drift and shift and they may suffer something they are completely unaware of.

Most or all of the MAJOR Chinese cryptocoin mines are in areas with a lot of hydropower - in at least some cases areas that have more hydropower THAN THEY CAN USE due to lack of transmission lines to areas that COULD use the power.

 This has NOTHING to do with coal usage or steel making.

Most of the miners already started moving to Japan to invest again there to invest and create a set up there. Now India also made bitcoin as a legal money. Hence everyone can invest with this developing country and cost of investment also decreasing according to the city standards.

Given the present situation in China, Chinese BTC miners will have to deal with the regulation imposed by their government. This is technically a legal matter that concerns the State and its citizens or those who live or sojourn in China. Having said that, it will greatly affect them especially if they do mining as the ultimate source of living. They may do some workaround to put things in order, that is, to convert BTC to a currency allowed by its central bank, and other things of similar nature. It just depends on how skillful they truly are on handling matters that concerns their investments.

I think they might get partners outside china to trade them on their behalf, thats if only the firewall to block other exchanges outside china is true