Bitcoin Forum

Hi,

China has already banned ICOs and is shutting down Bitcoin exchanges. What would happen if they also banned crypto mining?

Overall nothing.
A decrease in hashrate, slower blocks till the next difficulty adjustment and then everything back to normal while miners will probably relocate to other countries.

Once this is over I will open the third beer since we will be finally done with china banning bitcoin/ico/mining and there is nothing left for them to ban.

It seems that they will switch to bch and neo in china, Do yo think it's a fake news ?

It'll never happening :)). You should know that almost biggest Bitcoin mining factories are being located in China, the amount of money the government get from taxes of these factories everymonth is very huge so I don't think they will ban Bitcoin mining for any reason. But if they will do that I think it'll really bad cause the amount of Bitcoin these factories provide to the world cryptocurrency market everyday is very huge so it'll be a big lost if these factories will be forced to close.

It would suck for bitcoin miners in China. All their investment in operations would become immediately not-profitable. They'd have to move operations to another country.

For Bitcoin, the news might send the price down for a short stretch but it wouldn't impact the bitcoin network or the blockchain. The beauty of this decentralized system is that if one part of it goes down the remaining parts carry on as if nothing happened.

If they will ban bitcoin mining than miners from other countries will enjoy greater profit and in the meantime all the manipulation and hype coming up from china will no longer affect bitcoin market.

They have already banned bitcoin trading that can be one reason behind current more stable bitcoin market.

Are you serious? And are you a Sr Member for real?
The amount of mined coins is going to be the same 1 miner or 1 million miners, 1 usbminer or 1 petahash.



Of course it's fake news.
You can't mine NEO, and do you think the Chinese would ban bitcoin mining but allow bcash mining ?

I almost fell off the chair laughing bro haha.
Well and then China will do their own cryptocurrency? Aren't they are being too much because they are neglecting the technology and then using it their own, if Satoshi is alive and make the blockchain as a patent, china won't have a chance in crypto, and they will be using their own traditional money till year 3000.
 ;D

They're just good at taking properties that not their own and restricting things that agaist their govenment. Bad.

The difficulty adjustment is slow.  It will take weeks for Bitcoin block generation to adjust to a significantly smaller global hash rate.

I don't think they will do that. If they do that they will lose a big income source. But it'll make the mining difficulty of Bitcoin decrease a lot and I think it'll be a big chance for other miners to get more profit from mining everday :))

I heard that too they are switching to BCH but the official news for that is not clear so we can consider that as a rumor not fake news yet, well it is not our loss for them to ban mining because it will be their miners loss but some of them will cleverly shift their mining business most of them are going to Japan of course, Traders have been move to JP lately and now if this news is fact, the miners will go as well next to them. so probably this will effect the price and mining a bit.

Whats next if this is true? China will probably ban their citizens by saying the word bitcoin.

No they won't ban bitcoin mining it is to profitable for them, I think that the Chinese government has some shares in bitmain so they all make profit

You can't ban mining, because you don't know who is mining, maybe if you know the location of mining farms.
Satoshi is not alive, even if he was alive, why would he patent an open source software?

they represent more than 30% of the total hashrate that the whole bitcoin community has, so it would be easy for them to try to stop the whole transaction things.
but if they decide to shutdown the mining in there, a lot of people are going to move to bitcoin cash, or maybe to another altcoin.
i saw that they decided to make neo the only coin who developers can use in order to create new ICO's, if this is true, then it will pump the price a lot.
I bought some cheap neos yesterday, and i am in more than 30% of profit from that.

Then there would be a large portion of hashing power removed from the pool and there would need to be a large investment into the same hardware to make up for it, provided that the hardware is not moved out of China and then used again to continue mining cryptos. China banning crypto mining is relatively unlikely in most circumstances, but it is entirely possible that they would seek to do something along those lines if the miners are not paying the government properly.

The difficulty would also decrease somewhat significantly, resulting in new miners having a chance at getting into the scene and starting their own operations.

They can not ban the mining in there, because it would be killing the whole industry and i guess that a lot of people will be against that. It would be like a revolution for the whole miners in there.. and of course that neo is not going to replace that, because it is not even mineable, there is no way to get neo by mining them, so it means that the miners will be going to burn all those rigs because there is nothing profitable to mine at the moment. Well, mining ico's tokens is not a good deal, but honestly, i dont think that it is going to happen.

While i would normally say i agree with a assessment like yours in this instance i have to disagree.  China has lots of bitcoin farms not because they have such ultra cheap labor. The reason is because China subsidies for the electricity heavily in their region. Therefore technically someone one could probably use antminer s3 and make good profits as of today. The same goes for people in Venezuela thats why Venezuelan government has bitcoin mining illegal. That does not stop people in Venezuela it just makes miners split up mining operations between a group of homes.

price will down fast ,all can buy more  ,price will back after 3-6 months and i will be happy
China cant stop prices from rising and them try to make bitcoin weak to buy it at cheap prices.

never sell your bitcoin to them, them will try to tell you that prices and down and will sell it to you.
bitcoin is top payment and will invest them.

Great strategy. We got ourselves a new investment genius!



Did that stopped any government from taking action? People will be against that! :D
You are so naive.

I dont know what is going to happen, but there has been a lot of speculations about china and of course, about neo. I dont know what should i do now, a few days ago i was talking bullshit about neo, (it was around $20 by that time) and now it is upto $45 each neo.
I was lucky because i bought some of them yesterday, and i already made more than $500 of profit just for a little pump, i dont know if should i hold it for the long term or no.
Because we all know that china is probably going to legalize only this coin in there.

The Chinese government itself receives dividends from mining. Who will kill the chicken that carries the golden eggs? Maybe they will propose to mine another currency. If there is news about the support of this new super currency. Perhaps the price will soar and some of the miners will switch to another crypto currency. But on a global scale, this is unlikely.

Highly unlikely China will outright ban crypto mining.  China is ahead of the curve when it comes to understanding how cryptoassets work and the potential blockchain technology has.  Not to mention they are generating ridiculous amounts of money through mining.  I would argue that the ICO ban was absolutely necessary for them to protect their citizens from scams and to buy time to figure out how to best integrate crypto into their economy while still maintaining control over their currency.

As far as I know, BTC was not banned in China. But if it happens, nothing bad will happen. The market is simply to rebuild.

China has some of the largest Hydro power in the world, giant government built projects to generate power.    There is also the age old problem of electricity declining in efficiency over great distances, so I think some of these farms are located close to hot spots of cheap power.

Also solar power has become the cheapest form of power available in the world, its down to 30 cents for a watt of power.   Thats retail and as said the Chinese have access to industrial rates because they make these things!

Venezuela has some of the worlds largest oil reserves, but lacks proper sophisticated industry, they have a facist government I think its fair to say and a collapse in proper industrial activity.  Bitcoin is a good market solution but is opposed by government who produce inflation via money printing.    The biggest argument in favour of bitcoin is places like this.   Fuel is smuggled across the border to sell at higher rates, I believe it sold at false prices within national borders. 
Venezuela recently defaulted on its debt so its probably in its final stage of economic breakdown.

I read that China is backing alternate blockchains to bitcoin.    I believe the government wants a larger share of the revenue though China already dominates bitcoin mining, apparently its still too open for them to openly allow its bypass to capital controls.