Bitcoin Forum

Hey! Have u heard that "PBoC governor Pan Gongsheng has suggested the Chinese government to shutdown OTC platforms and exchanges within mainland China to ensure that cryptocurrency trading ban is strictly enforced"? What is gonna happen ? Will we see the redistribution of mining power or China will not be able to realize it?

It doesn't look like they're cracking down on mining... there's no visible or tangible signs yet. Rumours around Bitmain setting up data centers in Europe and Canada have emerged, but nothing tangible.
The chinese website Alibaba.com is still listing miners for sale, so I'd take any news you read with a pinch of salt
check https://www.alibaba.com/showroom/s9-antminer.html

Yeah, fair point. It is just strange that many big media sources as Bloomberg and CNN published some articles.
but don't u think that the last decrase in BTC value could be caused by these news ?

Media is stupid.  3 months ago they had no idea what bitcoin even was....  now they are experts.... its laughable.

Here is the way china works... 96% communist 4% (the top) do whatever the F they want.  Bitmain and most miners up there are top %.  They will show some poor bastard with 10 getting shutdown but the big guys won't get touched.

I agree with u about political situation in China, but why they tried to restrict crypto exchange and now mining if it is owened by those miners from the top%. Maybe they struggle with each other?

it's all about $.

They want the revenues.  What will happen is China will make a "china coin" and make everyone use it watch.

Canaan seems to be building data center in northern sweden.

Get your news from reputable media outlets that are ran by people who actually have real life experience in crypto.  Bloomberg, CNN, MSNBC seem to copy week old news and toss it out there.

Maybe your right China will make a coin. In my opinion China doing there very best to let be the people controlled by the government. Then someday they have own coin made in China.

Thanks for advice! Could u give me examples of reputable media?

Maybe reputable wasn't the correct word to use.  Most media outlets have some sort of agenda, in my opinion ... But Coindesk, Bitcoin.com news ... Join Telegram groups ... Crypto Twitter ... Listen to Podcasts.  There is a variety of ways to keep up with the news, before mass media starts reporting it.

Even speaking about it is a good enough sign. Clever miners are already making arrangements elsewhere.

I have so many groups in telegram. Could u advise any specific groups bucause the majority of them realease stupid news bout nothing?

I heard that in Africa minig power is very fast growing now ???

It's already shifting. Both to North America and mobile cargo container mining.

BitFury to set up largest mining data centers in North America

https://coinpedia.org/news/bitfury-mining-data-centers-north-america

https://www.youtube.com/watch?v=Dkqwy6uONwM

In Africa of all places? :D

Yeah, my answer is kinda stupid😅 In Nigeria 😄

 Read your own post - no talk about "mining" in there at all.

I read many news and there are a lot of bulshit like that. Moreover, the main idea of these conversation is that I am interested in situations. What do u all think gonna happen in nearest Future in China?

 Reality check here.
 You're trusting stuff CNN publishes?

 ROFLMAOSC!!!!!!!

 It would appear, based on REPUTABLE quotes, that China intends to get serious about regulating exchanges in an attempt to restrict or stop "capitol flight", but they don't care about mining itself except where it is getting major breaks on pricing from areas that used to have electric shortages - they HAVE said they intend to eliminate sweetheart deals in such cases.
I suspect they LIKE Bitmain for pulling a lot of external capitol INTO the country - but dislike how much of that Bitmain is using to pay for their chips to TSMC.

I second that over and over again ... I can't remember if it was a CNN money show or MSNBC money show, but the host was actually teaching people how to buy xrp on national television.  Not how to enter the crypto market ... Not giving any advice that should be taken seriously, but teaching people specifially how to buy xrp.  Lol ... It's nuts.

People have been saying that quite possibly the host of that show had bought into xrp and was just trying to pump it.  That may very well be true and he should be fired, if that was the case.  It also could be that he's just another newsie that knows nothing about crypto and thinks it's cool to report on it.  Who really knows what the motiviation was, but how ever you look at it ... It's bad for business and it's bad for this market.

The general public who knows next to nothing about this market sees that and thinks "Oh XRP must be a really good investment, since Mr. CNN or MSNBC (Or Insert Whatever Major Media Outlet Here) Money is teaching us how to buy it" ...

Thank you a lot, I am just a newbie, so really appreciate when people share their knowledge. Hope, I will be able to analyze things properly myself soon.