Bitcoin Forum

China Bans Bitcoin Mining? Rumors Fly as Notices Appear In Press

Chinese Bitcoin mining farms are reportedly receiving immediate cease and desist notices from authorities.
Evidence surfacing on Twitter added to an article from local news outlet Caixing today, which stated electricity supplier in Szechuan province had said Bitcoin mining was now “illegal.”
“Immediately stop supply power to bitcoin mining businesses upon receiving this notice,” a translated notice proclaiming the ban uploaded by 8btc and translated on Twitter states.

http://bitcoinist.com/china-bans-bitcoin-mining-rumors/

I am not exactly taking this sort of news seriously without mining farms there announcing these governmental measures themselves. It would perfectly fit in China's portfolio to put a stop to their mining industry as well, but it might also turn out to be a hoax in order to get the price down. However, I wouldn't mind China withdrawing itself from crypto entirely -- this country is known for its paranoid behavior where they ban everything they see as a potential threat. Bitcoin and other crypto currencies definitely fit in that category for various obvious reasons....

It seems to me that the news is another attack on bitcoin. Why banned just mining bitcoin? Probably mining bcc allowed? Lol. Does anyone can believe this nonsense? Even if it's because there are many countries with cheap electricity and the democratic government which will gladly take this mission on himself.

I don't think it's an attack on BTC but cryptocurrencies in general. I'm not taking it seriously though until it's confirmed, but bear in mind that Chinese miners were trying to take over BTC mining by moving their power to BCC and spamming BTC chain to make it look slower. They hoped people will start moving to BCC since its much faster but it worked only up to a certain point. Now if they're not allowed to mine BCC which is mainly supported by Chinese mining will die.

If this news should have any element of truth in it confirmed by one of the already known bitcoin mining company, then there is serious trouble knocking but if it be true, the community would have caught the fever and price take a drastic impact by retrogressing rapidly. Mining is the whole purpose of bitcoin because without it, there is no bitcoin to start with then the ones already mined,  will not be confirmed as at when due. This will mean the end is near for bitcoin because a lot of people will start to other alternatives.

The effect, I see it much more than it happen when they ban on exchange filtered the air waves but this will make the previous impact a childish dream compared to what's coming.