Bitcoin Forum

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

To be honest we don't really know but one thing that I am sure of when it comes to China's long-term plan is that they are planning to be a dominant country around the world because look at their expansion in Africa and their takeover of Taiwan, Hongkong and other countries in South China Sea.

I wonder if this is somehow linked to how much gold they have been accumulating.

China's game plan about what?Do you really think that the Chinese government really cares that much about the cryptocurrency mining industry?
Does an elephant care about a flea?
If the hash rate is really dropping and the miners are leaving China,that's great.We will finally stop paying attention to all the FUD coming from China and China will stop "banning" Bitcoin/crypto every week.
China has no benefit and no damage from kicking out all the crypto miners,because the miners influence over the Chinese economy is totally insignificant.
 

There are here 2 direction of thought:

1. China is known for big announcements that bring the price down. We don't know if and how much hash rate was taken down in order to be relocated and how much hash rate was just temporarily stopped in order to support the FUD/pump and dump game. And yes, I tend to believe that China together with N Korea may play pump and dump games with Bitcoin.

2. Bitcoin leaving China may be somewhat beneficial for their game. They are already beta-testing e-CNY. They gave out for free quite some nice amounts of their coin in order to have it spent and tested out. Bitcoin may be seen as an unwanted competitor for this project. And yeah, you may have to read how many things a govt can do with their own centralized e-coin, from surveillance to (automatic) seizing the funds of undesirables.

Well, they're thinking of it with their own mindset after all, while we're judging them with our own mindset as well. We all know how China is an advocate of pretty much wanting to be in control of literally everything in their country. That made them make the decision of making their own centralized crypto (since they acknowledge the usefulness of blockahin) and stop most actions that are connected to Bitcoin or crypto in general. Or that could just be a ruse, and China actually plays around the price of the market with these announcements intentionally to pump and dump it. Well, I'm more into the former compared to the latter though.

What? I saw it dropping from ~21 exahashes to just ~19.


I'm pretty sure, it does. The whole world faces a mania with cryptocurrencies right now.

It's not the country. I mean, I heard they went to Canada. Do you believe we'll not hear FUD from there?

China may indeed have no direct benefit from keeping their crypto miners, but I believe they could find their way to earn a profit or a tax by their power usage.

Well, from what I see on Coinwarz chart, it was 191 EH/s in May and it's 89 EH/s today.
https://www.coinwarz.com/mining/bitcoin/hashrate-chart

1. China Gov disable mining because telecom faurd.
2. OTC Still legal in China, Spot Trading also.

Only represent my opinion

I don't think see any connections and they don't have the biggest gold reserve in the world I think but they sure have a lot of it. Their game plan is probably to outlast other countries in terms of longevity.

1. So you're saying the Chinese government told the miners to temporarily shut down their machines just to create FUD? Seems a bit far fetched to temporarily shut down 60% of the network. What's in it for the miners?

2. What about gold then? Why is China accumulating so much gold. Gold is arguably a competitor to the e-CNY too if you believe Bitcoin is a competitor.

China is one of the leading in developing its own digital money, not sure if it has something to do with why they regulate crypto ever since
Illicit activities are still detrimental; I think they want to have control in every situation.

I don't think that one can run a big scale business if the party doesn't know about it.
So it's actually possible to do this as a "return of favor" for allowing you to run your business and good electricity prices.


e-CNY is central bank owned and, like the paper currency, needs to be backed by gold, nothing has change there. I think that you may be mixing up certain things...

Maybe the Chinese government believed they have growth in economy even when Bitcoin has not being created, that they can also make it without decentralized currencies. Although, before the Chinese government will think about this, there is no two reason that caused it but their digital Yuan. In my opinion, decentralized currencies would have played better part in Chinese economy, but we know China like to act like they are world of their own, that is why they have their own everything, like socioa media and the likes. Recently, miners (mining machines) are no more expensive in China while the manufacturing companies do not gain like before in such a way some reduced in price by three fold. This is what a centralized government can lead to.

The Bitcoin hash rate reduced almost 60%, I remember there was a time the hashrate gotten to its peak in May, 2021 to over 160E, now it is less than 64E, the hashrate was reduced by over 96E, that is over 60% reduction in hashrate. Although, all might not be linked to the Chinese fud, but the reduction happened at the time.

What are some other major reasons which may have contributed to the 60% reduction in hash rate? Besides China fud

After 10 years of dominating, the ones left for miners to mine are very few though compare to the ones they've mined before. I think China had already enough of BTC not to mention they own Chinese exchanges.

When manufacturing Chinese company receives USD for exporting products, the Chinese government will buy the USD from the manufacturing companies with Yuan thereby making the value of yuan constantly low as means for manipulating it. I bet they have also done this to the BTC miners which the government also buy the virgin coins.

I am linking it to the Chinese recent total ban on decentralized currencies, nothing more than that in my opinion, but I am not absolutely sure as some analysts may give more reasons, but I have not seen reasons other than the this.

Good for us, just a minor set back for bitcoin investors, but in the long term it will be good as the monopoly is broken already. Chinese miners could shift to other countries specially those big boys in the game. And then we have some country or huge companies that can take over specially in Europe.


Doesn't matter what their game plan is, as long as bitcoin will survived without them then nothing will change.


Not sure if they still have some aces in their sleeves. But for now, we can't do anything about it. But the affected one are obviously those Chinese crypto enthusiast who have been in this game for so long. They can't do anything about it though, because of the total control of the Chinese government on their people.

It definitely has something to do with it, remember that they don't like competition so look at what they did, they ban bitcoin and other cryptocurrencies so they can make way for their digital currency that is the antithesis of everything a cryptocurrency is.

In fact, the liquidity of Bitcoin was having a huge impact on the Chinese banking system. Moreover, it is not safe for miners to be in the same place, if they are scattered in different parts of the world, this dominance of mining will be reduced and it is safe for both the parties. Personally, I think such a decision by the Chinese government is good for the future of Bitcoin. Many people have questioned the dominance of the Chinese in mining sector.

I've been hearing the "Bitcoin will be more decentralized" argument a lot lately. Will it though? If miners exit China and they all move to the US for example, wouldn't that increase concentrate? Instead of china having 60% of the hash rate, the US will have 70%. Unless we're all hoping the Chinese miners will disperse evenly across the globe? Seems like wishful thinking, no?

WHO CARES?

https://i.imgur.com/Z7r8MtK.gif

Bitcoin is bigger than China or any country for that matter. Some country decides to ban bitcoin? Fine. We can move on without them. Nobody cares. China, USA, Germany, Nigeria, India... it doesn't matter. Bitcoin is bigger than all of them.

Bitcoin don't need countries.

Countries do need bitcoin.

What a crazy obsession with China we have here on the forum, and what nonsense I read especially in my local media that this is the end for Bitcoin - as if China is the only country in the world where Bitcoin can be mined. What the Chinese are doing is one of the best things that has happened to Bitcoin in the long run, better than anything that psychopath EM has ever done or will do.

The biggest problem for Bitcoin is not China, Musk or Trump - these are people who can't understand even the simplest math problem and invest in Bitcoin just to profit and all they care about is the price.

this is the truth.. Bitcoin don't need countries but cuntries need bitcoin.. Because you know how the hell bitcoin survive without them?  In fact it's been how many years CHINA and other countries made an issue with bitcoin but it always survived afterwards. . Lol  it's funny to think that most of the holder following what's the news and don't think how bitcoin very optimistic despite of some negative news. 

I liked the way you spelled "countries" as "cuntries" since most of them are indeed cunts.

Bitcoin can survive with a network of laptops. How are they going to know if you are mining on your personal computer?

They can't.

Bitcoin is inevitable.

The hash rate drop is just temporary, because the miners are in the process to shutdown and to relocate to other countries. It takes time to setup a new mining farm, so that hashing power will soon be back again...once these new mining farms are operational.  ;)

The Chinese government could care less about losing a few Trillion Dollars, if it meant that they could have control again over all aspects of their citizens and Bitcoin was a threat to that for them. They also are in the process to replace Bitcoin, with a government controlled Digital currency... so they just eliminated Bitcoin as the competition.  ::)

It's 2021, and news re: China's stance on bitcoin is just laughable now. The market has gone largely diverse for the past few years and our dependency on China's mining farms have significantly diminished as well. Those miners displaced in China can move to other countries, though it will be expensive and will be hard for them to transition and may just choose to cease operations all in all. It may cause some blows on the overall network hashrate but bitcoin can cope, and that's a certainty, as we had observed for the past years.

Although china is dominating bitcoin for long time but it doesn't mean that bitcoin is depend on China. Many community around the world trying to surpass china in term of domination in bitcoin investment. I am not worry about china leave bitcoin or not, it doesn't matter for me. I trust bitcoin and blockchain technology because it has a lot of advantages compared with fiat money. I believe that the world need bitcoin.

I don't think anyone here really knows to be  honest.
China likes to play games, that we know.
It'll be interesting to see but my gut tells me they are preparing for some more funny buggers, who knows.

with a mindset like that is only a form of lowering.the price of bitcoin in the global stock market, whatever steps are taken by china will have a major impact on the world economy.one of which is digital currency, moreover.they openly.ban bitcoin in their country which was cut off by the government although.they cannot.stop bitcoin itself.but the steps they take are steps that can be dangerous for bitcoin, we can only be wary.of the steps they take in the future, we hope the impact does not affect.the development of bitcoin

I don't think it will have a major impact on us, we can survived without China. If there will be an effect, it will just be short term. Bitcoin cannot be stop, not at this point where many countries have adopted it and many more in the coming 5-10 years.

They've just created panic in the market, but soon everything will settle down.

And I doubt that they have a game play.

China's game plan is control. Plain and simple. They can't control Bitcoin totally so they are banning it outright. If you think there is a secret way of controlling bitcoin (through mining etc) then bitcoin has failed. China knows this and have banned it. Good riddance.

China's next game plan, it can be said that China wants to control all countries to submit to them, China will not stop making plans until what they want is achieved, BTC has been mining for more than 10 years in China, I think they have accumulated enough bitcoins, so they took steps to ban bitcoin mining in their country..

This game played by China also uses very clever tricks.moreover they also ban it in their country, maybe we also don't understand the game they are playing right now. We also hope that the trick game carried out by China may not have an impact on the decline towards bitcoin, everyone will know that china has a very significant role in global trade which covers all aspects of the economy.this is a calculated step in starting a business that can make us profitable for the future

I do not know what China's game plan is - none at all  ??? Because clearly having the hash rate reduced by this much and forcing the miners out of the country is not going to be a global economic advantage given the long term consequences of the government being anti-BTC.

It seems like a wrong move at the wrong time for China to make, though we're all entitled to our own opinions. It would be interesting to see how this plays out

It isn't China fud. It's literally China making bitcoin mining illegal.

Roughly 65% of bitcoin mining was done in China, and it looks like somewhere between 80%-100% of that hashrate is now gone, thus dropping the global hashrate by about 50%-60%. The Chinese are now essentially entirely out of the bitcoin mining game now. Over the coming months we'll see the hashrate rise back up as those operators either move their operations to other countries or sell their machines to people around the world and that hashrate comes back online around the world outside China. Rest of the world is continuing to increase bitcoin mining, but China just got entirely out of it.

you are thinking of mining pools that have the name of a Chinese company attached like Bitmain. but pools are just pools not the actual hashrate.

it IS China FUD when you say this.
if 80%-100% of hashrate had gone bitcoin network would have come to an almost halt with blockchain not being able to grow anymore.

and for your information hashrate when price was $30k last time was 100 exa hash and today that price is a little higher than $30k it is 90 exa hash (approximately) so that is a 10% drop not 80%-100% as you said.

I think there are two sides right now, and I find them both amusing
- the ones claiming bitcoin will be dead without China
- the ones claiming China will become a 3rd world country without Bitcoin

Both going way overboard with everything,  I don't know why people can place so much importance on a single things where there are thousands to pick from



The last time the price was 30k and there was no sign of China doing anything was in January, at that time we were flat at 147.46 EH/s, 149.05 EH/s, 153.41 EH/s for a month, so that price was able to let miners mine with that much gear, now we're seeing under 90 exahash and it's not over yet at same level prices with far more efficient gear being shipped in three batches since then.

Also, 10%? Nope. The previous retarget was on June 13, the price was 35k and now we're looking at a 26% drop. (https://diff.cryptothis.com/).

On May 23 the difficulty was
2021-05-13 11:58:58   25,046,487,590,083 - 25.05 T   
Right now we're looking at :                       
Next Difficulty:   between 14602665475646 and 14659149779937

That's a 40%, remember that the first news about the ban started to appear in May two days before that (https://www.cnbc.com/2021/05/21/bitcoin-falls-after-china-calls-for-crackdown-on-bitcoin-mining-and-trading-behavior.html) so the ones with good connections probably were already at the border by that time.

No. I believe the poster is referring to aggregate data obtained through the mining pools. From the locations of the IP, you can sample and determine the range of miners that are located within China. There is a decent margin of error but since the hashrate was excessively concentrated within China, the margin of error is reduced further. Data appears to be accurate till April, hasn't been updated since. Peak average hashrate (or an estimate of that) is roughly 180EH, it is currently avg of 90 EH right now. Sounds about right.

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China just doesn't want to deal with Bitcoin anymore. Bitcoin mining was a cash cow for them but apparently, it doesn't matter too much in the grand scheme of things.

Maybe Bitcoin hashrate did drop a lot but from all time high but mining pool distribution never looked better and big part of hahsrate will be back in next few weeks and months.

China obviously see Bitcoin as a real threat to their new digital yuan currency, and other countries may follow what they did with banning Bitcoin so I would not be surprised to see big world division in the future.

You can't have total control over your citizens with Bitcoin, and that is something every dictator and big corporations want, not just in China but in western world.

in January price was coming down from $42k.

it wasn't flat in January. the price went from
$28700 to $42000 to $28800 to $38900
and hashrate went from
137 to 155 to 144 to 153

maybe my calculations were off but it definitely is not a 80% drop

so you are telling me that there was a dumb mining pool out there that betrayed its users and revealed their IP addresses?

To be honest its really impossible to predict China’s  game plan. Because the whole china is one of those country which is calles mysterious. There has no freedom. So everything decides Only government. So its definitely we can say if china thinks about any types of game plan so sorry to its can't possible for us to know about that plan. Where i don't think soo Chinese general public also can't predict their government decision by staying that country. Where we are live in outside of that country so how can we say. Its my opinion others can be different thank you.

China is well know for controlling everything, from restricting websites to all kind of weird prohibited things, and all of that because the government wants to be able to hold control all over its people, and with bitcoin they are not able to do that, they won't be able to see who is sending money to who and for what reason, and with bitcoin being decentralized they don't have any control over it, and maybe they are trying to make their own cryptocurrency to hold control over the transactions.

From the little experience am having and from what I notice I believe China wants to dump bitcoin because they don't really want any competition with there digital currency that's why they are just trying to dump bitcoin but I believe the only thing China can do currently is just to stop bitcoin from pumping and I believe is just temporary, Nobody can stop bitcoin from pumping.

Common, let's be serious...
The difficulty adjusted to 147.46 EH/s on January 9th, the price reached $40,180.37 on the 7th.
And then coming down after 3 days of staying above 40k, like any miner would check the price see it's at 40k, not 36k, and suddenly plugin 100k s9 and start hashing, and not unplugging them when the price fell to 32 two weeks later but miraculously adding more and more...
What about November 2020, when the hashrate was 137.12 EH/s, where was the price coming down from at that time?  ;D

https://bitinfocharts.com/comparison/bitcoin-price.html#1y
https://bitinfocharts.com/comparison/bitcoin-hashrate.html#1y

Don't try to blame the drop on the price, it doesn't make sense!

https://i.imgur.com/P9XGfoq.png


He said 80% out of the Chinese-based hashrate, maybe not 80% but definitely, 60% of that is gone.
Let's not forget a lot of gear has already left and is mining again in different locations, let's not forget others kept receiving gear:
https://www.globenewswire.com/news-release/2021/06/02/2240330/0/en/Marathon-Digital-Holdings-Announces-Bitcoin-Production-and-Mining-Operation-Updates-for-May-2021.html
7 000 more on top of those 5000 have come during June, and that's just Marathon, there is Riot, and many others who are not China-based.

Overall, I don't think the Chinese government is worried about miners. For China, politics has been much more important than economics. This means China would not allow their resources to be used for anything which doesn't give them enough revenues at the same time they ensure that they have strict control over the spread of information due to that thing. Bitcoin promotes a free economy which is entirely opposite of the ideology that China has, when they are working okay after banning social media websites like Facebook, Twitter and even Google, then banning bitcoin won't be a big loss for them.

When it comes to financial capacity then they wouldnt really care much on how much they had missed out or lost in terms of fiat when it comes to revenue or something like that and of course every action

would have be having corresponding reason behind it and it would really be varying into their interest but honestly, does it really matter that much? China could make those kind of decisions but i dont see for it to be a
major concern even though it can really affect on how the market moves but it isnt the end of everything.

They might have a plan but to know that the world doesnt only turns around because of China.

China nor anybody else can accept Bitcoin as the new world's currency as long as 1.000.000 early mined Bitcons are unaccounted for.

Aggregated data doesn't reveal anything sensitive about their users. It is perfectly fine for them to do so and I believe this would be covered under their privacy policy as well. They aren't dumb and this isn't a betrayal.

But yes, 3 of the larger mining pools agreed to share the data.

I have not yet formed my theory, I also wrote that the Chinese CBDC will replace bitcoin, therefore such sanctions.
Does anyone think a little more globally?
The sanctions against miners will lead to the decentralization of bitcoin around the world.
Covid is only testing for the destruction of the population.
The next viruses will be more terrifying.
All evil comes from China ..

China had no other game plan aside from forcing crypto to shut down. They actually win on their country but their want to stop it fully, that is impossible.

For several times that China is urging their people to stop mining and using crypto, the more it makes their people moving out from their country for the sake that they will continue what they are doing. It is very unfortunate how these people suffer such terrible actions which Bitcoin hasn't done bad to the economy instead it helps people to live comfortably and generate income. They are wrong chasing Bitcoin down, they will just fail.

How can central bank digital currency replace Bitcoin, and even more so in China, where trading with it has been banned since 2017? CBDC is a digital version of national currencies, any comparison to Bitcoin is really ridiculous and makes no sense.

As for other theories about viruses and China as a source of evil, you might look at how much evil has come from some so-called democracies in the Western world over the past 30 years. After all, who can say for sure that the virus originated in China, maybe it's someone's plan from the beginning?


Feel free to add a third, because as you can see there are some who have put together very imaginative conspiracy theories - according to them, we should not worry too much about Bitcoin, because the Chinese are already working on a new deadly virus ... but first they have to deal with Bitcoin.

These two are very important points. Previously, China used to tolerate Bitcoin to a certain degree. But now with the listing of digital Yuan (e-CNY), that tolerance has vanished. It is clear that their CBDC is inferior to Bitcoin, and therefore the Chinese government did what it does when one of their products can't compete with the international competitors. Personally, I believe that this will be beneficial for Bitcoin. There will be a temporary setback, but China accounting for 80% of the Bitcoin hash rate is like a ticking time bomb.

China is preparing to challenge the dominance of the dollar at a bad time for us president donald trump. The country is considering introducing the yuan as a potential digital currency which could change the landscape of the financial sector but china's game plan is really hard to catch being the most developed country in the world they compete with all other countries. I don't think they can have much of an impact on bitcoin even if they plan games because bitcoin is decentralized.

The Chinese government is worried about bitcoin competing with their newly issued CBDC. Of course bitcoin is bigger than any single country and is the new world standard of finance (only if they understood) and in time China will recognize that it's a setback for any person, institution, or country to shun bitcoin.

For me they are just controlling it again trying to lower the price.
I think when the price starts to go up they would once again join into it.
They have been playing with the market banning and unbanning in the past so I think it is just the same old drama.

China has always played with bans like this and this is a repeat, I totally agree. but they have estimated the pros and cons of the ban. as a big country that is indeed mining very much there, of course it is very well calculated what it has done. the goal is clearly to seek profit which we cannot know at this time but in the future it will be seen that what China is doing is aimed at its interests.

They are chasing more market dominance and they are competing with other big countries. Winning the competition makes them proud even they have to sacrifice the lives of their people. How crazy it was and a sort of greediness to power makes someone become evil.

They are trying to fully stop cryptocurrency as they are wanting to use their fiat money which they can easily manipulate. China is not a free country anymore as they wanted everything to be controlled, that will be their game plan. I'm so lucky that I was not there so I can still enjoy my Bitcoin.

The Chinese government and the central bank may plan on developing their cryptocurrency, and as we are all aware, China is one of the world-leading countries in terms of technical knowledge of modern tech, which Bitcoin is one of such modern development.
But in my long-term view, china may end up shooting itself on the foot by forcing miners to exit the Chinese market for good.

So I agree that banning bitcoin mining is pointless due to the introduction of CBDC, but China is doing it.
Someone talks about communism, but China lives by capitalist laws.
Bitcoin hashrate has halved, and where will China spend this electricity?
This is a huge problem for China's energy companies.

And that would be their problem but do they really care about that problem? Of course not and its not surprising that China do really make out these shitty communist decisions for a country.
Doesnt really matter on where they would be ending up when it comes to their decisions because each country or government would have their own decisions but it wont really be completely
affecting the crypto market that bad and we are seeing it on the market condition as of this moment.No matter what their game plan is then the world isnt really just
depending on China.It can make some effect though but doesnt mean it would be that general or permanent.

The fact they are introducing their own digital, central bank, gov coin really hasn’t helped us. I think that is primarily why they have gone for bitcoin. In the long run, no China interference is good but for now it’s hampering us.

These miners can always find a new home in other countries that are more open to crypto. However, it will take time as transporting their equipment and acquiring necessary documents will be one hurdle for them. But Chinese will always find a way how to make their business alive. The closure or shutdown of miners in China is not the end of bitcoin. It may have an initial impact in the market but in time, it will go back again.

I guess we have done this part and since then, China was always hated bitcoin but luckily, even there's an impact on the price bitcoin always finds ways to recover. We can't blame the Chinese government for this, because each country has a different view on bitcoin adoption. Let them build their own centralized coin as their digital currency, I don't know if their people will never look after the bitcoin since there are too many opportunities waiting on bitcoin while their centralized coin wasn't.

For now, let them be. Bitcoin will recover soon like what happened before because this is not the first time to bitcoin against China.

Well, I guess you think that they are smartest people on earth. It’s not like they are above mistake, you know that right? So there is the possibility that they can be making a huge mistake by banning bitcoin in their country. They can’t be hundred percent perfect all the time. As for them banning bitcoin, I think that the reason they are doing that is because they have decided that it will be best for them to remove Bitcoin so that it is not going to be competition for their own central bank digital currency; the digital Yuan. They just want people to focus on making use of the digital Yuan only and nothing else.

China can't be dumb and shouldn't be. It has one of the best economies and it is really good on many fields. But interestingly, it took the risk of losing the power of mining and cryptocurrencies. Because it has big benefits for a country when you allow people to trade and mine crypto.

The reason might be its thinking like cryptocurrencies can harm its currency. I don't know if there is another reason.

It is not very surprising to be honest. China has been planning this for so long. Probably China is doing it on purpose. They are launching their own "digital currency". They probably see bitcoin as a threat to them. Once they launch their currency and test it out, they will highly likely make bitcoin legal again after making sure that it doesn't conflict with their own digital currency. And China isn't dumb. They are smart. Every move they make has a motive behind it!

It is not pointless for a communist party that wants to rule absolutely everything, and Bitcoin is a problem for them that they can only overcome if they ban it completely. China has long shown signs that anything to do with Bitcoin is not welcome in their country, and the problem with crypto miners is that most have ignored those suggestions. CBDC is just a digital fiat that the Chinese have been preparing for almost a decade, it has nothing to do with Bitcoin in any sense - people are always looking for reasons for everything that happens, and to link Chinese CBDC and Bitcoin is pointless.


China is a communist dictatorship where people are not asked anything, and those who work against the government end up in a labor camp or something worse happens to them. Capitalism is, of course, part of their daily lives - but under the strict control of a minority that controls everything around them at all times.


Do you really think that part of the energy is a problem for China? It will be used for other purposes, for some domestic companies or perhaps for export, because China has energy for export as well. The Chinese economy needs all possible energy since they are achieving record economic results (https://www.bbc.com/news/business-56768663), and you completely forget that the relocation of mining farms from China means more decentralization and the cessation of speculation that Bitcoin pollutes the environment due to dirty Chinese energy.

It is about their Own Coins that's why they try to push out Miners of bitcoin and they will make miners for their own coins..

China will always be greed and functional for their own peoples benefits .

---

But i see these as a best part of the situation because at least now Bitcoin will never be from China again , i mean the biggest part of bitcoin will now be spread worldwide.

now we can see countries here and there that considering adopting bitcoin .

China has been very strategic for the past years and now that they are making a move again with relation to crypto, some people are seeing it as a wise move while some are seeing it as a mistake. China surely thought it through before they did it and for sure they have a back up plan or a hidden agenda why they did it. Each country has their reputation and their reason why they are rejecting bitcoin's regulation while some are already starting to legalize the use of it since they see it as something that will save them in the future. China is a huge and smart country, they know what they are doing for sure.

The miners are already shipping their mining equipment to other countries and soon the hashrate will be normal and it has not dropped significantly.The central mining control in China now will be scattered globally and miners will keep running the machines due to the rewards associated with mining and moreover many cold and cheap electricity places have turned positive towards Bitcoin and crypto market so it will not be an issue for them to relocate.

So if they have moved to Canada then so called environmentalist might be issuing statements that heat wave in Canada has spread due to bitcoin mining  ;D.They will not blame global warming and other man made factors for that but still btc is going to surge.

I was wondering what was the reason for the recent price increase in the fee of Bitcoin specially Segwit.
Now I'm paying at least 40sat/B fee for what I used to pay was 10sat/B.


China has control to maintain and Bitcoin directly opposes a country like China where people don't have any rights, even if they have rights then they are subject to change anytime by the Communist Party.


As I said, China can't risk their control which bitcoin directly opposes even if they miss out on some Trillion dollars.
But they will lose much more in long term by not banning Bitcoin, People will have an easy time evading taxes through the use of bitcoin and other cryptos.

The Bitcoin ban is just a message to the citizens of China, a threatening one, Where the word "ban" makes people afraid even if they don't use bitcoin. When someone tells them about bitcoin then they'll remember this word and will not listen further about bitcoin because they're afraid of opposing the rules.

I lived in the Soviet Union and saw this ideology. To say that China bans bitcoin because it contradicts the communist idea is a wrong statement.
I agree that mining does not provide more jobs than a modern plant, but China could offer miners an alternative elsewhere on the border with Russia, where they can get cheap electricity and control this business.

China's Sichuan province uses hydropower, why do you call it dirty?

And they can always change their mind when they see a good opportunity for them. I believe what they are doing today is not their ultimate approach towards crypto. How many times in the past have they changed their stance towards crypto? Many times already. That's the reason why I am thinking that sooner or later, they will change again their stand on this. Some countries are legalizing the use of it, but there's a reason why they are very strict with crypto today.

This summary is to understand why China does not want bitcoin as a competition to its Digital Yuan. It is as some members say is to bring e-CNY to the minds of people in China and erase bitcoin at a stroke. Being the first major economy worldwide to launch a digital currency says it all. Although e-CNY is still a pilot plan, China is adding all its efforts to carry out its purpose with its digital currency.

I don't think china will come out that easy, let alone the bitcoin network has many ways to access it maybe they will come back to glance when it really becomes deserted, currently we are losing the largest mining in china , but they could be back in a new way that we have never thought before.

I agree with you. The impact of the cryptocurrency industry on the Chinese economy is negligible. China has introduced a policy to prohibit mining, which should be a good thing for Bitcoin. De-Sinicization is more in line with the concept of decentralization.

You still live in a country (Russia) - which is communist and dictatorial in principle - and as far as I know Bitcoin is not doing well in that country, nor will it ever go as long as you have such a government behaving in the manner of the worst communists. I also lived in a communist country where people went to prison just because they sang national songs or said something bad about an absolute ruler - more than 1 million were tortured and killed in that period.

If you think that China and its political system do not eliminate BTC for the reason that they cannot control it, then you are living in a great delusion


Do you really think that someone who promotes Bitcoin as a dirty business is interested in the use of hydropower in a specific region? They advocate the agenda that Bitcoin is dangerous to the environment and that some country will remain in the dark because of it - so haven't you read all that news in recent months?

Musk has refused to use BTC as a payment option in Tesla regardless of clean energy from Sichuan Province, as well as many other such mining farms that use clean energy sources around the world. You have to look at the bigger picture if you want to understand that it doesn't matter what is really true, but what powerful people say is true.

Russia is not a communist country, all ideas have long been forgotten. The dictatorship in Russia is aimed only at opponents of state power. In other cases, there are a lot of pluses and freedoms in Russia.
Bitcoin is legalized in Russia, you can get a banking license and start working. But there is also a huge shadow market in Russia, which is also very convenient.
You've been following cryptocurrencies for a long time, and understand that accusations of bitcoin for burning large amounts of energy arise all the time. And then suddenly China decided to start a fight against it.
Therefore, I still did not find the answer, why does China need it?

I think with the hash power decreasing and most of the Chinese miners going offline, then business will be easier and potentially more profitable for the miners who are still active outside of China. And I got the news that a lot of requests were coming in from China-based mining companies looking to move to North America and wanting to do it immediately.

Yes this is true. China does have the dreams of becoming a dominant country. China wants to overpower every other country.
Rumors are there that China had planned this pandemic well and executed the Covid19 virus for the same but we don't know how much of that is true.
To answer the question, I personally think China is planning to dominate financial market and obviously a decentralized currency would not benefit them in anyway.
So may be that's why they banned bitcoin.

China has made a big mistake here.
Bitcoin will be an important part of each industry and if China is left out here, it does not get a profit.

Xi Jin Pooh does not like Bitcoin because it can't control it but it needs to be proven if it really can ban it. Banning miners does not mean banning people from using it. Xi Jin Pooh's strategy will fail.

i totally agree with your opinion mate, chinese game plan, maybe they want to control the whole country under their control, and they also want bitcoin under their control, before they can control bitcoin under their control, i'm sure they will do everything possible to drop bitcoins..

bitcoin is part of the journey towards a more honest economy and future domains. and Now China is excluding bitcoin from the crypto tech scene, is this just part of a shameful trick to take down and China will change the rules once the trick is done and as they wish

Such behavior of the Chinese government is not new, they have been trying from the beginning to promote and spread their own coins. Over the past few years, they have repeatedly disturbed everyone by announcing crypto bans, creating volatility in the market.
This time, at least, their influence will be stopped because they must have realized that investors are no longer disturbed by their influence. The market has been able to maintain its stability even after they have turned off bitcoin mining.

Suddenly? You don't seem to be following the development of the situation when it comes to China and crypto mining. Here, read what is written in the article from 2019.


China has been against Bitcoin from the very beginning, or perhaps better to say from 2013/14, but for some reason it has decided to gradually ban it, instead of ending it in the short term. However, this decision is not just about Bitcoin, many other activities have already lost or will lose the privilege of cheap energy - elimination has been announced, it is just happening - and those who took the warning seriously have long relocated their miners.

everything could be what you think is true, that there is an intention contained there, we see China is a very large country in mining, but made a ban on bitcoin, which may be this action for the umpteenth time china made a breakthrough and almost certainly there is something behind everything which is conducted.
at the moment it is difficult to predict the policies that will be carried out but certainly the direction is the same as you expect. it is certain that the policy objectives will continue to benefit the Chinese government in everything it does.

The plan is to limit freedom among people. China has never been a big fan of Bitcoin, but for long they’ve been able to make big money from mining. Now is the stopping point, they’ve let people use Bitcoin just enough for them to get the taste of it. Now they’re shutting everything down and stating “we’ll provide you with something even better, no need for Bitcoin now!” (meaning digital yuan). While in reality this system will mean even more control over people’s actions, because they attempt to replace all the fiat. I assume it might’ve been the plan all along.

Don't tell me their game plan is to introduce their own state owned cryptocurrency to the world...Well that is one possibility but the problem I have with a state owned crypto is the crazy control these guys want to possess.

If they have chosen the path to kill  bitcoin then they don't deserve any crypto support too..

Thank you, I understand your point.
In the Russian press, this news was considered manipulation. When China threatened to stop mining and impose sanctions on cryptocurrencies, coin prices plummeted. And then everything was restored.
If the United States takes the leading position in Bitcoin mining, then they will be able to manipulate the entire cryptocurrency market.

I’m glad we clarified that a bit, because people think something happened overnight, when in fact China’s attitude towards crypto miners has always been negative - but they allowed the whole thing to some extent - until they announced a total ban back in 2019.


No country should have too much influence on any aspect of cryptocurrencies, but while it's hard to say how many miners will actually move to the US - I don't think there will be too many, because there are much better locations around the world. Although the US already has a huge impact on cryptocurrencies, because there is the largest crypto exchange (Coinbase), the largest fund (Grayscale), a company with over 100 000 BTC (Microstrategy) and some people like the Winklevoss twins who have about the same amount of BTC. Virtually everything revolves around one country, and that is very bad for decentralization, no matter how some interpret it as a natural course of adaptation.

China's game plan could be that it wants to become carbon-neutral. The reason why it banned crypto mining also could be related to it. And its another concern was of course being afraid of Bitcoin to harm yuan.

I don't think that Chinese government will think of lifting the ban in the near future also.

You are right, this event is a game, but we will not know about the real plans of this game yet, since it is not beneficial to the organizers of this game. There is a version that this is the beginning of the fight against digital cameras and China was chosen for the first strike on them. On the other hand, this event was associated precisely with the fall in the price of BTC in order for the management of mining to pass from one hand to another. In any case, this is an important event that will surely lead to certain consequences, but exactly what I think we will soon find out.

I do not think it will benefit or harm you in the short term, there are several commercial and political situations that have been happening (this is not new) China and Russia recently met and showed the world how Putin and Xi Jinping were kindly discussing different issues, there is so much agenda policy in China that the bitcoin issue should not be but one part of the complex network or trade war with the United States.

In this line of ideas, tons of mining equipment are arriving in Texas.

I agree there is some sort of game plan with this series of China crackdowns on Bitcoin and the crypto world at large. However, I feel nerds in this forum should take advantage of this opportunity and increase their holdings as and when they can. I mean, come to think of it, if we ever touch 6 figures of bitcoin these prices would be so cheap not to have grab some.

My strategy in this game is to buy at least $100 worth of bitcoin every month and save it. don't really care about the price.

China must be worried about the future of Digital Yuan, therefore crypto that is considered a threat is immediately removed by China.
Therefore, it is impossible for the Chinese government to lift the ban in the near future,  because China wants to first ascertain the effects of
banned crypto mining. I think China's decision regarding banned crypto is wrong, they underestimate crypto too much, even though crypto
if used properly can help the country's economy. China is too arrogant, they were too confident by relying on Digital Yuan. I predict the China
game plan will not go well.