Bitcoin Forum

Recently I have seen several news articles that China may crackdown on miners.
Like this one https://www.cryptocoinsnews.com/china-bitcoin-ban-to-extend-to-low-cost-mining-local-report/

What are the potential consequence on BTC market if this happens?

It's already been refuted.

If it did happen hypothetically the Bitcoin market could go either way.

It's clear that Chinese miners are nothing but a tumour feeding off BTC and slowly murdering it so perhaps it would be seen as a positive development. However we also need them for functionality, though there are many miners elsewhere.

If it did happen my vote goes to short term panic, long term positive. They need to go.

Agreed. Short term big negative, long term positive.   ::) ::)

But if this is true, BTC can easily lose 20-30% at first.

If it happens, it will be a very big problem. Now there are a lot of unconfirmed transactions that caused the fee to be very high. Now consider that people in China are banned from mining. What will happen if we lose them?

BTC would lose its value because of market panic?

And I think it is possible that in long term it would mean that transaction fee would go up even more. Since the mining power would shift to more wealthier countries which would need more money to make their mining operations fee sable.

Transactions gonna be unconfirmed for too long, Fees gonna explode for a while, Bitcoin price gonna rise before things return to pre-chinese ban slowly, except for price maybe
That's my analysis  :)

Obviously that it can not happen! omg, this could just be a mess if this happen, but it has been rejected by the entire government and from a lot of people.
There is no way to see it happening because bitcoin could be dead because of this, the whole mining hashrate is coming from china, and we all know that. Transactions will take more than hours to get confirmed, and more than now.
I saw before that China was more than 35% of bitcoin total miners, and this could be true, because all the fud and mess with bitcoins comes from there.

Chinese mining makes up a huge proportion but it's not the be all and end all. You have operations like Bitfury that have never been anywhere near China.

Bitcoin might lose 50-60% of hash rate which is a pain but far from fatal.

But that's ignoring the obvious one which is - the Chinese miners would stick all their gear in a truck and become Russian or Thai miners instead.

Plenty probably won't make the move, but you can bet Bitmain certainly will which might make those tossers even more powerful than they are now.

Why do you think that price would explode? Because shortage of supply ?

well we seem to have lost 30% of the hashing power somewhere, its simply not mining anything, which is weird cos thats a lot of money being lost, who knows why that it is. 

What's wrong specifically with them? Aren't they miners like all other miners, whichever country they happen to be from?

Centralisation. China has the cheapest power, cheapest labour, cheapest property and most hardware production and design facilities.

If there was another country with that then we'd be moaning about that country. It makes Bitcoin vulnerable to influence by one country's laws, culture and companies. It's the way of the world so it's not going away any time soon.

Bitcoin mining was intended to be spread globally to protect its properties.

This is just a news that has being in circulation but the power providers rejected this news and hence there is no need for speculation about it now.In a hypothetical way if there is a ban in mining from China there will a sharp decline in the hash rate as majority of the hash power comes out of China and even now the unconfirmed transaction are really high and it will cause network issues .

This is still very much a rumour at the moment, if it does happen I think there will be a drop in price short term but will be a positive long term as will keep things decentralised as it should be

As always, the btc`s rate is slightly ahead of the news in mass sources, so you can see that the fall has already happened and it is very likely that the reason for this was the news from China

So it's not that they're a "tumor", just a potential unintentional problem because of how PoW currently works.

But isn't electricity cheaper in Canada? For example, page 7 of this document (http://www.hydroquebec.com/publications/en/docs/comparaison-electricity-prices/comparison-electricity-prices-2017.pdf) says the average industrial rate in Montreal is 0.04 US$.

Yup. I assume miners elsewhere would behave just the same.

If Canada was the cheapest miners would be all over it. As far as I know I've never heard of any significant miners in Canada.

They say there are places in China where electricity is literally free. They've built hydro plants with no population centres to use them so all that power is pouring out doing nothing. Miners built mining farms right next to them.

I do not agree with your partiall comments about Chinese miners.Though some of them have made unofficial cartel and causing damage to btc for their own gains but overall it is for betterment of btc if we habe miners dispersed globally

There were rumours about Russia, they were about to reopen an old nuclear plant to feed the newcomer crypto miners with cheap energy in north Russia, where the summer is also below 0 Celsius, so there's no need to install expensive airco machines for the mining gear, it's enough to have the windows open 24/7 :)

I read where Bitmain has an agreement for a cheaper price anyway. I think that people will see that they can get in on the mining in other countries relatively soon because of cheaper electricity and they'll fill any voids relatively soon. Hopefully, anyway.

A mining ban in China will just cause BTC to become more decentralized in it's mining and it is prepared to do that as there are more and more new miners coming into play all the time. You have to be heavily invested though otherwise it is not worth it to be mining bitcoin. Regardless the ban doesn't matter because BTC always is resilient to these kinds of decisions made by countries since it's independent.

The news currently reported is for Sichuan province, but there are a few other provinces, so unless every provence comes up with a ban, mining company will just migrate from one region to another. It will be a bigger problem if bitmain is banned which may leads to a short term panic and price drop and fee increase, after several difficulty adjustment it will make bitcoin much more easy to mine and more decentralised mining will be coming as well so long term this will be a good thing. I will also watch out on BCH as its a miner's currency backed by Jihan which will be impacted more should Jihan and others have to shut their business down.

There are plenty of chinese millionaires, and in case something like this does happen (a forced ban on crypto or mining in general), i think they would just move their mining farms and rigs to another country and China would end up losing in lots of taxes and market share... I think they'd be foolish to ban crypto, the smartest choice would be fully embracing it before any other worldwide potency does.

Yes, mainly but of course in reality the price could take the different path  ;)

Wow this made me think a lot about it, if China falls and if they are not going to be mining bitcoin anymore, then look at how many consequences it could have on bitcoin.
The hashpower will be almost over, because the own most part of the hashrates that bitcoin has at the moment, and this could be critical for the whole crypto market in general.
obviously that it all will affect bitcoin, but i dont know how can the price reacts, maybe it will drop a lot.

Wouldn't they come up with a way to get the regular people an incentive to mine it again?

I think it is going to happen as Chinese government would always want control of what they are doing with the country's finance and unfortunately Bitcoin is just getting too big for them.

"Bitcoin Surges Above $4400 As World Realizes Jamie Dimon & China Don't Matter"

China mining ban = more for the rest of us, hooray...
Any government ban on any Bitcoin activity in which their citizens actually comply, will be a detriment to her country's peoples as all others in the world will move up in wealth leaving her country's peoples behind. It is a reason to weep and feel sad for those people.


Bitcoin has hit escape velocity 4 years ago in 2013, at this point, even if China, USA, Russia, India all get together and announce universal ban on Bitcoin, it still do near-nothing to stop adoption, strengthening and increase of Bitcoin.

Good point about centralization, to be honest 30% is too much power in hands of state which has such economic policy.

The needed hash power is self-adjusting so it should be fine. Although, on large changes the network would take longer to adjust, and during that time using the network could be difficult.

 I think this would encourage a lot of miners to open small scale mining without the trouble from giant mining rigs from China monopolizing bitcoin mining. I wouldnt worry about this at all.

Killing bitcoin miners will kill bitcoin standing in the market.

If this mining ban happens in china, we will experience a high pending transaction again just like what happened last week but in a massive scale.

However, it seems this mining ban is not yet final and i dont think china government want to lose his position in bitcoin

https://www.coindesk.com/state-owned-power-provider-denies-chinese-bitcoin-mining-ban-rumors/

It will kill bitcoin for sure, just think about how much chaos it can create.
the most hashrate of bitcoin is allocated in there, it would mean that all the transactions would take an eternity in order to get confirmed, if now we have to wait 8 hours to receive six confirmations, without China we might have to wait more than 12 hours to get all those transactions confirmed.
It was rejected anyway, so it is not going to happen because it can collapse the whole bitcoin technology.

I do not think this is happening as others have said, but if it did then I would guess the effects would be a little something like this - price would dump initially and then over time start to recover as more miners were found across the world to replace those of China. Longer term it could be good as Chinese miners kind of have a monopoly currently.

In my opinion that will give other miners a good opportunity to direct their mining rigs to bitcoin since the big network of miners are not mining bitcoin anymore, we all know bitcoin started as cpu mining until the big mining company of China came

Is it the second wave of china manipulation on bircion price, banning ICO and exchanges closure last September that the price down to 2800$. Then now when the transaction fees increases and china will make a move to ban mining. Then they should do it now or it wont work the way to they're favor as happened before.

China's decisions are just a hoax. It was all temporary, I'm pretty sure of that. I might say that they are also doing business with cryptocurrency underground. Sooner or later, we will all be shock when China became a crypto destination 2-3 years from now or when BTC reached $20k.

I think it is good in the long run as the overall output will decrease and the mining costs in other countries will be very high.

Bitcoin MYTHs

1. mempool backlog is INDEPENDENT of hashing power.
Stop thinking the unconfirmed backlog is due to hashrate. 1% of current hashpower can mine 100 times the current mempool backlog. The bottleneck is totally due to blocksize bandwidth. Every 10mins, there is only x number of transactions that can fit, so it does not matter how much hashpower is involved.
It's like you have a robot that can solve 10,000 rubics cubes an hour but you only supply 100 scrambled rubics cubes per hour to the robot. The rest sits in mempool dumpster scrambled and waiting to get thru that 100cube an hour limit. This limit in bitcoin is the blocksize limit.
There is adaptive algorithm to change difficulty every couple thousand blocks to cater for any change in mining power.

miners in china will be on bann? maybe this will be a negative impact and impact the bitcoin price because automatic bitcoin confirmation will be long when we want bitcoin or bitcoin transfer.

dont be greedy to much because china banned mining bitcoin in their country because they want to buy bitcoin if the price of bitcoin goes down again so my adviced is dont sell your bitcoins just hold it .

As you know this thing is really very old and it already had its effect on the bitcoin back in sept-oct. Now the community has recovered from it with full fledge and whatever you are seeing currently the major ups and little downs are the effects of BCH stuff. Everyone is aware how this coin is being manipulated an leading to many people to get confused between bitcoin and BCH thing. Anyway China mining was old thing and it actually has given rest of the world opportunity to get stronger in the race as they don’t have biggest competitor in the race now. So more fees, more advantages and more shared profits for them. 

Just lies, most of the urban myths on this forum are lies.

MINING is just fine in CHINA, but FREE POWER to the politically connected cannot last, people will not tolerate this

What CHINA banned in August 2017,  was shitting tokens and alt-coins being sold to grand-mas as investment, so the assholes moved all this shit to Russia & Bulgaria,

Mining is just fine in CHINA,

But like on these forums, most ppl prefer to trade coin at auction sites or gambling sites, most people don't mine, cuz its too much work

Mining is a hobby, everywhere

Only people with free power and early access to BITMAIN's newest miners make the big money, the well connected elite.



Lot's of new hydro-dams in CHINA, some of the power isn't even used yet, like their empty city's, but eventually very soon,  the price of power will sky-rocket in CHINA

It still takes 20 barrels of OIL equivalent to mine a BITCOIN, a tremendous about of energy

CHINA is a paternal society, they don't like to see the weak exploited by the assholes, its the job of GOV to protect people from asshole exchanges selling shitting alt-coin/token to grandma

IN USA fucking the people is all good, the corporations run the GOV.

In a recent article (https://medium.com/@evawxiao/cheap-electricity-made-china-the-king-of-bitcoin-mining-the-governments-stepping-in-118c20725f7b), although they mention something about hydropower, they also say Bitmain is paying 4c/kWh. That's quite similar to Montreal.

The Chinese government issued the bansco bans, but I think it does not affect its potential growth, all just stopping temporarily, just that they want to control them more tightly.

As we all know, China is a very important mining base. If it is forbidden, it will bring a lot of losses ......

This is happening again or just the old rumor about China banning the mining, now you made me confused, but im pretty sure even knowing the huge power and influence from the big companies located at China, we had been able to see and send a message that bitcoin can and will survive if such thing happens. Big companies are already looking into better and more friendly countries to allocate their mining investment without have to worry about if will be banned one day.

If that happens, the price of the digital currency would crash because it will have a negative impact on the global price since China is the biggest market for bitcoin mining.

china gain a lot from those miners at least from electricity bill so they will never ban mining 

Once the mining in China stops expect for a longer time for the transactions to be confirms since a large percentage of miners will stop and it may also result to a drop on bitcoin's price since Chinese might just stop from using bitcoin and sell all the coins that they are holding or the other way around.

It could be a just a rumor, yes, but we are discussing potential effects in such event.

And you most definitely are wrong about minig being a hobby there are a lot of people doing it in high level even in countries where electricity is not cheap, more than 10c per kwh

Recently red that Chinese miners are fleeing the country because of this rumor, that means that in case of ban, there would potentially be small dump and that's all :)

very unlikely to happen! omg, this can be problematic if this happens, but it has been rejected by government and society.
There is no way to see it happen because bitcoin can die because of this, the entire mining hashrate comes from china, and we all know it.

There are always lot of rumors around China and cryptos. People are getting paranoid. I was even reading that the big miners would soon relocate to Russia. Lots of paranoia and manipulation attempts. Won't believe it until it happens  ;)

Somehow it will affect the entire electronic banking industry.
Since china is one of the biggest and one of the power house in Asia.
They can influence the public by banning the mining of bitcoin in their country, which leads to a negative effect.

I think since china did something fraud that’s why they are going to ban. There will be no effect since the company and management of bitcoin has no participation on that activity;
therefore they don’t have negligence in that situation.

Chinese leaders won't dare ban anything Crypto related this time around. I bet they regret those ban on Bitcoin and ICOs.
Surprisingly South Korea followed sheepishly.
No government will be able to regulate Crypto in the end unless they impose Biometrics on people.

The government does not tolerate all illegal actions that happen. I think that is the reason why the mining in china was banned.
There will be no effect since the company and management of bitcoin has no participation on that activity; therefore they don’t have negligence in that situation.

China has the bigest and probably the most powerful mining farms so such ban would influence the market. But only on short term, temporary because chinese miners definetely wouldn't give up mining bitcoin they would just relocate their equipement so at the end that wouldn't have significant effect. I suggest not to panic and be paranoid before anything has even happened or there are solid information about it.