Bitcoin Forum

Hello Friends, sorry for my faulty English.

Is it possible for China to ban Bitcoins mining? Nationalize, take control in some way???

If so, what are the impacts on Bitcoin?

Thanks to everyone!

I think it hardly happens. But even if it happens suddenly it won't have much impact on price.

It is possible for any country to implement a ban on Bitcoin mining but they cannot totally stop mining. Why? since cryptocurrency mining is decentralized and requires a lot of electricity to work, the only way to track cryptocurrency miners locations is to find the location that use extremely high amounts of energy, but governements cannot track them if big miners started to spread their mining rigs between several locations.
China has the biggest population of miners in the world, If they plan and can find a better solution in totally stopping mining this has a huge impact in Bitcoin the hash power of the network will be lower, and the difficulty will get lower. This means Bitcoin mining will be profitable again.

China will not ban bitcoin mining operations but rumors are being propagated by large-scale in the media by few traders & their groups who are attempting to manipulate the bitcoin price.

This just a rumour and so bad to be true  ;D First China should find the miners inside 1,4 billion people and after that they should find some logical reason to cut their electric off. Do you think is it possible to cut all of them off? Mining cryptocurrencies is non-stop until the end of the world ;)

The biggest mining companies start and operating China, I think this just a scare tactic from the Chinese government to tell miner's they better not try to mine without paying their cut or else.

No they cannot ban Most of Big investers are from china and The all machinery came from china if they stop minibg operation this may impact their own Economy also

Yeah, Im also thinking that those who manipulated bitcoins are from china too. They can ban but they cant stop miners in mining bitcoin. Im sure if they cant stop then they will do all possible ways to stop bitcon or manipulate it. If there's a wheel there's a way, So, maybe, It might still happen in the future. But lets not think negative.

I do not think that's possible, even if it happens, it's good news for other miners because it's probably the power to mine down on the mine network and I think it does not have a big impact on the price.

If China prohibits mining. That would be bad news for the bitcoin market. But there's no news about it yet. In addition, mining is prohibited in China, will bitcoin is a very short, because the whole world is to me, not Chinese, mining, other countries will pay the miners supplement.

If they did something like this, the miners will simply move to a neighbouring country.

They have earned enough by now to move an operation like if things get hard.

Wouldn't make sense to aim to regulate crypto, and then follow up with a ban, especially if you only target Bitcoin. When BBC did a research tour of Bitcoin miners in China in 2016, it claimed that at least 70% of the global mining originated from China, and the miners there were already doing all of it underground - literally and in remote, hidden facilities. Perhaps more of security and trade secret rather than pre-empting a government ban. But I can foresee a potential ban pushing miners farther underground, deeper into the shadows. Sure, you could track them by electricity, but there are just so many ways people could mine from homes or hide the consumption behind larger industries.

But let's say they become successful. The network adjusts. Difficulty comes down. Beyond a temporary blip, blocks keep getting found at the same rate and transactions continue as usual. Network is arguably less secure if we assume miners also will shut down nodes, but the void will keep getting filled.

Yes it is very clear is not the right thing and although the Chinese government to make a statement then I am sure it is a fool thing. I'm sure the Chinese state has other interests. which I imagine today is the country of china trying to take advantage of the chaos that exists in the world. they try to get bitcoin at a cheap price and then when the bitcoin price is high then they will make use of it. this is a naive view, but when I look at the evidence then I will be very sure to say this.

Very possible, and it would be less of a burden for miners who would want to start up their own business since the hashrate would decrease significantly, plus the threat of having a 51% attack coming from these miners would also decrease. Having said that, if there's any effect for bitcoin as a whole, that would be positive instead of negative.

I think crypto enthuasist are moving away from china because of the news of banning exchanges. Recent happenings shows that no one country can destroy bitcoin. I dont think China will ban minning though.

Yup Thats how I see it as well mining is just a things where like in a place you dig coin. Like treasure hunting but as for bitcoin price nope nothing will happen.

The biggest seem to be Mongolia located and somewhere on this forum there is a very extensive photo report about a mine located somewhere in the far easts. They moved truckloads of miners across the whole country. Locations aren't that cut in stone at all.
However private miners inside people's home would be harder to control by a central authority.
Safe to assume that money changes pockets since a while ongoing. Biggest miners having to pay their highest fees to local authorities, small miners able to avoid that. Equillibrium of that kind can redistribute hashrate across locations.

it will have an impact for sure. but a nationalized crypto is not sustainable in my opinion.

Yes it is possible for governments to either undertake control over bitcoin mining farm or ban it completely if those mining farms are ran by some registered company. But small miners who are mining at home or some remote area might remain in safe side. However it is just hypothetical situation, in reality no government will not ban bitcoin mining in china.

Everything is possible in China. They already ban ICOs, lets face it there would be a higher chance that the Government will *not actually ban mining* but limits it only to there selves. But if that's going to happen then not only the miners in china would be at risk but also to other miners as this could be the beginning of something much more darker that any of us can handle. Though, miners of china would probably shift to another country to continue their business but it's easy to say than done.

yes it is possible to ban it. but nobody can take control of it, they can take the hashpower and use it themselves but what would be the point of it? that would be robbing people blind in broad daylight! i don't think their government is that bad...

even if they kill mining in China the impact will be a big drop in hashrate and consequently a big delay in finding new blocks but that would be fixed in no time when the difficulty adjustment is reached and things will go back to normal again.

They might not ban bitcoin mining completely but they might issue special license to operate bitcoin mining in chinese territory which will add lot of tax on whatever miners will earn from mining and they might even ban them from selling bitcoin privately in p2p manner. All they care about is money laundering and taxes.

Do you kill your chicken if everyday it'll give you a gold egg? I think China will not ban Bitcoin mining cause almost biggest Bitcoin mining factories are located in here and the amount of money China government got from taxes from these factories every month is really huge so if China government is going to ban Bitcoin mining in their country I think it'll be a big loss.

Poor stricken chicken golden eggs weight a ton :D
Any reliable numbers regarding taxes that officially allready changed hands? Miners field service personnel, beeing officially employed, has to get paid and taxes going on top of that. But that is chicken feed from the reportages that are officially published.
Equipment manufaction can only get taxed like any hardware manufactoring. Govs know there is musik inside those products, but cannot stretch out their hands utilizing common legislative rules.
They first have to invent their new rules.

There is hope when looking at Russia since they made the first move in trying to tax miners. And Joeksei Averageowitch over there is commonly used and trained to doge things like that, they aren't that easy to rule people (compare the Chinese). China might want to watch these experiences beforehand, deciding their own move somewhat later. Give this one additional year, at least.

No - it's not possible to stop BTC transfers which includes mining. You have to turn off the internet and no one will do that on purpose.

I think that if a country would implement a ban and in that scale it is highly possible as some countries are able to ban from the networks they have some sites or links and it kight be possible that they van also do that on bitcoin and shut it from being used in China.

Have they banned mining yet? No. Can they do it? Is it possible? Yes and yes. The Chinese do as they please when it comes to bitcoin. They are number one in trying to regulate it. But as we have seen, their policies may impact the price in the short term, but I doubt it can do much in the long term.

The head of a Chinese investment bank says he believes bitcoin's underlying technology is more important than the cryptocurrency itself.Fan Bao, the CEO of China Renaissance, said in an interview with CNBC that while bitcoin's market may be a bullish one, he believes that underlying blockchain tech is more attractive and "probably the most disruptive technology...in the financial services industry."I'm a strong believer in blockchain in terms of its wider application in our industry," he added.His comments came after bitcoin reached another all-time high over $6,100 last week, followed by a few days' fallback to around $5,500 as of press time.

They will not ban mining, it's one of their biggest industry and their government is benefiting with it. And with the ban thing in China, I recently read that there are articles on social media that they are going to start opening exchanges again. But I don't know if that is just a false news or it's a real one since it's hard for us to gather what's really happening on China. But back to bitcoin mining in China, I can't see it happening.

It might be possible but i'm not sure it will happen in China because there are many big mining place in China. If you watch it on youtube, you can see a big house with full of mining rig and a huge fan to cool their mining tools. If China really bans bitcoin mining, it will be a big news for all bitcoin users in china.

my general view on this is that China is either threatening to ban, or actually banning, all crypto-related activity, including mining. However, it's a short term play with a very specific purpose. It's in order to move the industry to a much more Government regulated position. It's hard to say 'everyone be regulated' if they have no control over the market. Suppress the market and allow people back in who are regulated. A regulated crypto economy is then an easier sell.

Maybe! China banned ICOs and now continues to prevent Chinese exchanges such as BTCchina, OKcoin, Huobi. I think China won't accept Bitcoin until they find out a way to control it.  ???

I don’t think so that china banned mining because I have a lot of chines friends and they all are using bitcoin it’s not a correct information that china banned any part of bitcoin they are using it and taking advantage of it and china is now going to extend bitcoin in other parts of china as well and even I have a proof that china is using bitcoins.

Doubt mining will ever be banned or nationalize in China. The country isn't exactly a Communist Nation despite calling itself that.

Big Countries currently competing to become dominant in Bitcoin mining. China leading the competition. They definitely wouldn't afford to drop in the lead.

Terribly interesting idea. It has some fishy parts.  I will purchase.

Theoretically and practically, the Chinese government can legislatively prohibit the production of bitcoin. However, the whole question is how to implement this law, if the miners will mine it in different places on not large farms? Apparently, China is still deciding how to correctly deal with the crypto currency and whether it can be regulated at all. Soon we will see the result of various prohibitions of China. This will be a good experience for other states and for the whole of the crypto currency.

Would probably rock the market a bit but as if the big mining operations wouldn't have contingencies in place for this sort of thing plus it would make it easier to mine which would be a big bonus

It's impossible!
Dude, do you know that China produce antminer, bitmain.. this is BIG business today.
No one can stop it.
In this case China get huge profits.

China bans ICOs and exchanges, did it hurt bitcoin? NO, bitcoin reaches to 6000$ from 4000$, the impact was just for few days and it was temporary.
If China bans mining it might hurt for a week or two, but bitcoin will recover solidly yet again. Bitcoin dont need any country, but fact of the matter is every country and people needs bitcoin.

Only few countries allows Bitcoin. If China will do so, then they should be threaten as Bitcoin has a large and huge help in their economic aspects. We know that in some country it was not allowed as it was opposing the rights, jurisdictions and policies of other countries that may hinder the strategies of  graft and corruptions of the officials taking power and control in the government. If bitcoin will be ban in China, then China will loose it's large resources in increasing it's economical and financial incomes and some countries might take advantage of it. We know that there are alliances of countries that oppose China's decisions and economic plans. And we know that money takes control of power. If you are a Rich Country then you will not be easily control or manipulated by others and it was proven. So the Prime Minister of China should better think of banning the Bitcoins very carefully as it will implies huge impact on their authority and power.

China seems to be allowing a new crypto exchange to start trading for main land China in November. Some people think the government runs this new exchange, but with exchanges coming back to China I don't think they will ban Bitcoin mining.

The Government of China can ban everything and anything in their country if they want and other countries have no rights to interfere that, if China will ban Bitcoin mining or any other cryptocurrency mining then that is at their own full discretion.

If they want to do Bitcoin as a local thing then I don't see a point to make a grow out of it as Bitcoin is made for a purpose of an international digital currency and localizing the mining will not help instead it would worsen the case. Regulating mining and trading exchange of Bitcoin is the only thing that I am okay with because people tend to make a good profit out of it and if the government want to enter some taxes on it then it is fine.