Bitcoin Forum

China's crackdown on cryptocurrency (crypto) trading is getting worse. This week, authorities in China's northwestern Qinghai province and a district in Xinjiang ordered cryptocurrency mining projects to close. According to Reuters, the Qinghai office of China's Ministry of Industry and Information Technology ordered a ban on new cryptomining projects and ordered existing ones to be closed in the province by Wednesday (9/6/2021) if this continues to see if prices will weaken again. ...

Way too misleading title. The closure on one operation means pretty much nothing in the context, more like a show or something to make the news a provoke some fear on others, but a determinant attempt to crack on crypto would need to be much harsher than this. Anyway, while we cannot ignore the effect of a hostile China policy, this is will not determine the faith of bitcoin nor the network. It is much more about adoption and large investments coming from Wall St.

Don't forget that China has done this plenty of times before.

The Bitcoin market is extremely resilient and we have seen it bounce back substantially from these regulatory constraints before. It would be incredibly stupid to bet against BTC prices going up in the long run just because of further restrictions on bitcoin mining in China when the whole industry has essentially moved underground already.

This current bear market is simply a natural phase of the bitcoin market cycle that occurs every 4 years. All the bad news are being magnified, and the good news ignored.

Doesn't matter, bitcoin will run just fine like it was, i'm pretty sure those who owned mining facilities and have made some big money could move to smaller countries in maybe south east asia quite easily and start new mining facilities there.
if the main reason is because the power blackout, then there's many developing countries that offers electricity due to excess of power generation and lack of power consumption. also, if the hash power decreases, difficulty automatically adjusts anyway.

The market may not take this FUD seriously this time. Chinese provinces have been restricting mining activity for some time now (to combat the rising electricity consumption). The restrictions in provinces such as Xinjiang, Qinghai and Inner Mongolia makes sense, because most of the electricity generation is from thermal powerplants. The largest mining farms are located in the province of Sichuan, and they mostly source electricity from the hydroelectric plants. As long as the farms in Sichuan are under operation, I guess we are fine.

I know one thing for sure, if China closes their mining operations then other miners will be benefit from this. I’m talking about the miners around the world. The algorithm will put more work on the other miners giving them more rewards (if they produce that much hashrate ) which will be required to overcome the part of China mining power.

Who cares about the mining operations closing in China if others gonna benefit from this ?

I’m saying this from my own mining operation. For example, I’m mining RVN coin and the pool hash rate was 600 GH which dropped to 300 GH because many of the miners switched to another coin probably. This diverted lot of shares or work to my miners and I saw increased hash rate output on my miners with bigger shares.

The rate of 100 RVN per two days increased to 200 RVN in single day.

I’m not sure if this comparable with bitcoin mining operation but logically this should happen with it and it won’t matter if China close down completely.

Why would prices weaken because a mine closes? It doesn’t have anything to do with supply or demand so closing a mine in China shouldn’t have any effect on the price. People keep scapegoating this to divert from the fact that bitcoin is weak because it’s value is arbitrary and it’s going to swing back and forth because that’s what arbitrarily priced assets do.

China FUD works like clocks, every time the same result

In the long run, it will be just a footnote in the long history of bitcoin, about how China has an on and off history with bitcoin and how they did a big mistake of letting go the opportunity to be the biggest contributor in pursuance of their selfish goals of making an anti bitcoin.

With what I've read in some posts in the forum, those provinces with mining farms that have been closed are the ones who have been using coal for their energy.
I'm not updated with the whole thing but sometimes news like this has always been misinforming the internet.

Nothing has changed though, they've having this kind of news in the last couple of weeks so what is the fuzz? And if you are going to ask if there is a effect on the price, maybe, but pretty sure other mining pool can cover enough for those mining project ordered to be close by the Chinese government. The price has been weakening so I doubt that this news will have negative effect long term.

bitcoin is used to this kind of news, so this kind of news will not have a big impact on the bitcoin price. In fact, I'm more worried about FUD made by big people, like Elon Musk for example. only by writing on social media he can hypnotize the minds of many people  ::)

Only Chinese living in China understand the nature of the ban. I believe that China is not short of electricity so that miners and the government clearly understand the profitability of cryptocurrency mining.
The ban on information about cryptocurrency exchanges could also be a step towards adopting their national digital currency.

The Chinese government will never stop in its tough policy towards world innovation. Not only for innovations in the financial sector that clearly affect the economy, for things like social media that only impact the social life of the community is strictly limited. I feel Chinese people are also very used to this kind of ban and it's not something new.

This guy is getting used to bullying people who are engaged in this industry this is really unfair considering how these people are only doing their best to earn money without stepping on anyone nor doing anything bad like scamming other people. If china decide to continuously allow such behavior from a leader, there will be nothing in good in store for this country and their people in the future. China eill get left behind and quite far at that.

They keep "saying" that they are cracking down but in the end people still do end up using it, there is really no logic in this because let's face it they are keep saying the same thing over and over again and they say no miners, they say no ICO, they say no whatever and in the end we look at it and its still there, at this point I am starting to think that maybe China is not as dictatorial as we believe, they just do not have power over crypto people, they are weak against crypto people in china, look at them trying to ban crypto for nearly more than 5 years and they are still trying to do that, why are they so bad at it if they have that much power?

They will not be able to ban anything do not be worried, they keep saying these things but they end up not doing them at all. This is why I believe there is a good chance we could end up with more Chinese people as well.

It's clear that a CCP official in that region wanted to prove themselves to the party and taking down a bitcoin operation to get in Dear Leader's good books is a way to make a name for themselves. It is clear that the Chinese government sees bitcoin as starting to smear their image on the global stage and draw in a lot of local money which they won't be able to control. It allows CCP officials and Chinese business owners to circumvent government wealth controls. Most people who make big money in China want to get as much of it away from the country as possible, because the CCP rules through fear and oppression with little logic at times. Plus instead of cracking down on polluting miners using dirty fuels, they just outright decided to ban in instead - the lazy route out as is typical.

So they have cracked down one crypto mine? Does that also mean that they are going to be cracking down the others as well? Cause I don't really think that is going to be the case. It's quite possible that they can order one mine to close because of one issue or the other, but it doesn't mean that they will do that to every mines. They might allow the others to continue.

Well, I do know for sure that it is going to be very bad if they should order every mines to be shut down, it's going to affect the business owners, and those working there. That aside, we also know that it is going to affect the price of Bitcoin for sure, though that's not a big problem, because with time, the market will pick up again.

The Chinese government announced that it will strictly handle all acts of mining and trading virtual currencies, causing mines to stop completely or partially. Up until this point, China accounted for more than half of the global Bitcoin supply. China's strong hand with Bitcoin mining has caused mines in the country to close or move abroad. Along with that, the country's Bitcoin mining equipment manufacturers must also look elsewhere.

The closure of Bitcoin mining farms in China as a prelude to FUDs to reduce the value of BTC, but that does not mean that Bitcoin will go down and lose value, it is just news. aim to reduce the value of BTC briefly as they have done this many times before.

And if they will continue this crackdown, for sure other miners that are capable to set-up their facilities outside China can very well go to these countries that are more open to crypto-related businesses. And actually, some are already moving out. There may be impact in the market, but I don't think it will be long term. They are not the only country why bitcoin exists. This is the beauty of this market, it is not dictated by one country or so.

Sounds like another conspiracy theory. Even if there is any truth with this, it didn't turned out as expected. Bitcoin exchange rates are up by 12% for the last 24 hours and the prices have touched $39,000 per coin. The Bitcoin dominance has also gone up, and that figure is close to 45% now. The reaction from the market suggests that there is hardly any impact from the China FUD. The prices are being driven by the hype around Bitcoin adoption in El Salvador. And I won't be surprised with that. It is one of the most significant milestones for BTC till date.

Too much importance is attached to something that is not really detrimental to Bitcoin at all, because if the majority claims that China has too much influence on Bitcoin anyway and that in some provinces mining energy is obtained from coal-fired power plants - in that case shutting down such mining farms and their relocation outside China or in areas where there are hydropower sources can only have a positive effect. 

China banned crypto trading a few years ago, but it also sent clear warnings to crypto miners that they would not tolerate their operations forever - some took it seriously and relocated, others would have to do so by force. I hope that things will work out so that China will no longer have as much influence on cryptocurrency markets - because we must understand that the decentralization promoted by Bitcoin will never be compatible with the communist system that rules that country.

In addition, news coming from China is often false or poorly translated, so we have a case where it was announced that Yunnan Province bans crypto mining - which later turned out to be fake news.

Maybe the market is already tired of reacting to news that brings little positive? ;) The news about El Salvador and bitcoin is quite positive, but given the size of the economy of El Salvador, I am not sure that this news is decisive in the current exchange rate dynamics. Not the most optimistic news from the People's Republic of China has long been played out by the market and the struggle of the Chinese authorities with mining simply begins to lead to the flow of mining capacity from China to other countries, which is probably why such news is not so fatal for the current market.

China’s president can’t influence the entire world in doing the same after doing the crackdown on Bitcoin mining farms within their country. They embrace blockchain but not on cryptocurrencies except in havingn their own state-backed digital currency? For sure, they would be left behind and may have a change of heart in the near future like what India does.

::)

Is OP trolling? Bitcoin continues to chug along, producing blocks, still remains uncensorable, and still useful to buy Heroine from the dark markers, unable to be stopped by your beloved Xi Jin Ping, and it also will continue to chug along and produce more blocks after Xi Jin Ping is dead. The Honey Badger don’t care. Haha.

Mining was closed there, but the Chinese government still supports the development of the blockchain technology that underlies bitcoin, it can't be denied.
as we know bitcoin can weaken temporarily because the issues raised by the media seem to drop and will slowly recover and then pump as it did before because the bitcoin/crypto world is not as easy as imagined and will continue to grow

Bitcoin mines are not things that you need to have it in one place, you can remove it from china and go to any other nation and keep working there as well, so there is nothing wrong with that. In another instance we are talking about renewable energy these days, it is a hot topic right?

Well, if you go to ANY sunny place in the world and plant some solar panels then you can make it for free as well, technically it has a huge capital requirement to do something like that but it would allow you to basically run your entire operation for free without ever paying for it. After a while it will pay for itself and you will be just running on pure profit, that is as good as it gets, you can pick the most expensive electricity in the world and as long as you create your own, it doesn't matter to you, go to New York if you want, as long as you have your own energy source, it is free for you.

This is only in theory, since the Chinese mining capacities after moving to the near abroad will still remain Chinese. As far as communism is concerned, this statement is for the most part also erroneous, since as far as I know, almost all Chinese mining giants are registered in Hong Kong.

Their business model is structured in such a way that these companies pay low tax rates in one place but do business in another (including the creation of a mobile mining infrastructure to save money during the rainy season). For this reason, there is no point in worrying too much about this, since in the event of an extremely negative government policy, all capacities will be relocated as soon as possible.

I did not see any change or drop in the hash rate in the Bitcoin network and usually the transaction charges goes through the roof if major mining powers are shut down by force, but i did not see anything to come to that conclusion because i am able to send Bitcoin at really low transaction charges for the past few days and these are just FUD because the market is trying to break a major resistance  :D.

It has happened before several times already. But as you can see, bitcoin is still reigning.

This already occurred before because China has been trying to minimize the electricity consumption and it's understandable. We just have to acknowledge China's regulations because after all, it concerns their natural resources. Despite this situation, I know bitcoin will just bounce back again. This is the usual phase of bitcoin. We all know its nature - volatile. Hence, we should always expect sudden price drops whenever these kinds of scenarios happen.

Just chill and relax. IMO, we have nothing to worry about. Every thing is still under control.

There are several cases happened before saying that China's banning Crypto in their country. It is not new to have these news and as far as I know, it was in 2017 where they start banning it. I know it was just for pure market manipulation and still crypto market is still being bullish.

This is probably due to their regulation movement on the industry; there's an issue that miners illegally use electricity for mining.
China has been regulating the industry for their security; this is not new; ICO was also regulated due to compliance order evasion.

This is what makes me suspicious as well. On multiple occasions we hear about Chinese provinces shutting down the mining operations. But the only instance when I noticed a drop in the mining hash rate was a few weeks ago, when Inner Mongolia temporarily asked the miners to suspend their operations. I heard similar news from provinces such as Xinjiang and Qinghai, but there was zero impact on the hash rate. Also, there was similar news from Iran as well. And once again, the hash rate remained at the same level.

Meaning to say that this crackdown in mining is a temporary or not worth noticing for the future of bitcoin because it doesn't have any worth doing so plus if these continues and miners in China haves enough of it, they can just go to other countries that have a more relax regulation.

Your topic is totally different from what you have written in your post. Your topic says that Bitcoin mining has closed in China, but your write-up says that it’s just one province in china that ordered Bitcoin mining to be stopped. So how does that affect miners in general? You would only say that when it is something that is being carried out in the whole of China.

For now it is not, so I believe that Bitcoin mining will still be going strong there. I don’t know the reason why that particular province have decided to ban bitcoin mining, but maybe the miners can move to other locations where it’s allowed.

According to Reuters, the Qinghai office of China's Ministry of Industry and Information Technology ordered a ban on new cryptomining projects and ordered existing ones to close in the province by Wednesday (9/6/2021).

The Xinjiang Hui Changji Prefectural Development & Reform Commission also sent out a notice ordering the cleanup of the sector on Wednesday. The Cryptomining project in Xinjiang's national Zhundong Economic-Technological Development Park was ordered to close.

According to University of Cambridge data, Xinjiang is the largest bitcoin mining center in China, accounting for about a third of the total computing power. Qinghai was in ninth place.

You can check here: https://www.cnbcindonesia.com/market/20210612101703-17-252591/xi-jinping-makin-hajar-kripto-tambang-bitcoin-cs-ditutup

Yeah man they are like devil's of the era. Don't know why but starting from the covid outbreak to booming the medical equipment industry and now closing the bitcoin operations all connections are linking to the China itself and they are real villain here. There is only one output and they want to become more trillion dollar industry and want to overcome the industrial era throughout the globe.

I dont think that they will be left behind as you stated, because it's other way round. We need china market more than anything right now. This is all artificially created need by them.

Since they want to just promote and keep their coin which they will be introducing it shortly and want to promote it internationally where people use there coins rather than btc and others will take a impact as worldwide users will not buy it because the bitcoin fall is happening because of them. So only thing citizens in China forcefully if want or not have to use their government coin only.

and getting worse everyday , remember yesterday ? the latest china FUD , i just wonder how big the impact from china to all crypto world, every single FUD have a huge fear to bitcoin , i just thinking , how low the bitcoin hashrate if every miner on china shutting down , and how low price can go ?

Or trying to create FUD? anyhow, for average Joe like us, this news is kinda scary, but if we have to read between the lines, it might be good for the market in the long run. And as everyone pointed out, the title of the thread is misleading, nothing will beat bitcoin or crypto not as big as a country like China. Yeah, honey badger will continue and be resilient even if it has to take the "Dragon" here,  ;D

Chinese government is very nationalist.  that's what I admit.  provided they know the technique, the concept, and the strategy then they will create their own.  and the people who have to make it successful.  they banned FB, WhatsApp.  they banned google.  they imitate and modify it.  very creative.  therefore it is likely that they will also launch their own crypto.  all done so that they are independent apart from the global game.

A decentralized asset like cryptocurrency, which exists only in the digital form cannot be effectively banned. So the best thing to do for various governments is to legalize and regulate it. These sort of bans will be never effective, and in due course the users will find loopholes to get around it. The Chinese government is concerned about the cryptocurrency, because their own national currency is heavily manipulated and no one will use the Chinese Yuan, if they have a better alternative in the form of Bitcoin. 

Bitcoin is decentralized so no one can control it the demand for this digital currency will increase further if the government supports it. Xi Jinping will not be able to shut down bitcoin mining without biting crypto because it is not under their control although china has banned crypto they are considering supporting it because bitcoin is more profitable than other digital currencies and is able to launch new currencies by investing in bitcoin. If the price of bitcoin goes down other currencies will never become profitable.

I heard that one big mining firm moved their mining equipment to Kazakhstan. But we don't know much about the expenses involved and the duration it took to transport everything. Ideally I would like to move a considerable portion of mining activity from China to other countries. But I have serious doubts about the financial viability in doing so. Also it needs to be seen, whether countries such as Kazakhstan and Russia are happy to have such energy intensive activity in their jurisdictions. In the end, it may be a necessity however, given the increasingly hostile stance of the Chinese government.

It may be FUD, but the government put forward a requirement for the five largest banks and Alipay that they begin to suppress any operations with crypto.
As for the Chinese monopoly, then Nobody has a completely reliable information, but it is clear for sure that if Chinese gives a taboo, then there will be a big move either to Russia or to Indonesia, (one way or another, bitcoin mining will cease to be under the auspices of the communist regime). Although if there are no idiots in the US government, then the US may well lead the vacant niche by luring large mining enterprises with subsidies.

I don't care what that winnie the pooh guy does, he is just not as powerful as people think. Actually people are more powerful than they realize and the only reason there are dictators in the world who can do whatever they want is the reason people give him that power. Can you imagine how many people there are in China?

Even the official number is close to 1.4 billion and the amount of soldiers they have is around 2 million, between police and all the hidden numbers let's say they have as much as 50 million, which they do not but let's assume that, do you really think that 50 million could stop 1.4 billion? Well, when it is about life or death they may not, but when it comes to crypto they easily ignore him and do whatever they want, in this case the worse that could happen is not death, at most a fine and they will pay that and move on that's it.

It's China's loss though not for the miners. These miners will probably leave that country and find other country who accepts bitcoin mining and probably with safer and cheaper source of electricity. This Xi Jinping guy is not just a bully one but crazy too. In addition, it wasn't new though. In the last 10 years, many regulation against bitcoin was established in China. All we have to do I guess is to stay away from that shitty country.

I don't think the problem is so serious. The Chinese government's interference in the cryptocurrency market is understandable given that they are the leading economic power. To me this only slows down the growth of this market, and there will probably be many theories put forward for that matter.

This news is actually not surprising, because it has always been there, but this year it is particularly prominent, and there is no need to worry too much. The official reason is that everyone knows that the consumption of electricity resources is too large to affect carbon neutrality. In fact, considering this issue from another angle is very positive, indicating that Bitcoin has had a huge impact in China. As a country with a large population, Bitcoin has a large number of participants, which affects the government's interests.

I want to say that your title does not match the content of the post. The text wall makes people feel very stressful.

OP, Bitcoin hashing power is slowly coming back online, and slowly recovering from the recent crash, https://bitinfocharts.com/comparison/bitcoin-hashrate.html#3y

The network will be around for a very long time, open and permissionless and just waiting to be used, and filling gaps where Bitcoin can fill them. Tell Xi Jin Ping, the cat is out if the bag.

Lmao. This is the nth time that someone has proclaimed BTC dead.

The truth is that there are probably just as many bitcoin holders in China right now who recognise the issue with the fiat monetary system and the central bank digital currency that the PBoC is trying to push out. Only regulated entities are going down.

A lot of miners and holders are unregulated, unregistered, and completely away from the prying eyes of the government no matter how hard they look - that's the beauty of a decentralised asset like BTC.

What does that even mean? Even if China is cracking down on the mining farms what it has anything to do with cryptocurrency trading and how it is getting worse ?.
Majority of the news coming out are FUD and it is time that we start neglecting these FUD.

I agree, china never really liked bitcoin to begin with so this is something not really that shocking, we all knew that china hated it so I understand that people may not really like the current situation we are in but we are used to it by now. I think this is even better, China finally proved what they want to do with crypto and that is the important part, now that we know about it we can get ready accordingly and that is what matters, from now on we could actually do what we want to do without caring about crypto at all.

I am not really interested in what China will do from now on, they do not have that dooming hammer of ban in their hands threatening crypto, they did what they want and from now on they are irrelevant, who cares what China will do from now on, unless they decide to suddenly support bitcoin a lot then no matter what bad thing they can think of, it will be irrelevant since they already banned it.

Changing their perspectives in the future may not come as a surprise.
Because they have the history of changing their stance towards crypto before.
So if they see their advantage on crypto market and other countries are making btc as legal tender, they may change their tune.
They have large percentage of miners in their country and shutting them down will have an impact to their economy, even if we say, it is not that significant.
There will be losses of jobs and those mining equipment manufacturers/distributors will lose some of their large market, which China itself is the producer of these gadgets.
But in terms of its effect in crypto market, it may have an effect in general but it will not be the reason for btc to go down. Just a temporary glitch.

I watched China as if they were making trouble when prices went bullrun, currently they are banning mining and China is the biggest country in that regard, something similar happened in 2018, China also gave a negative statement at that time. apart from that the price will gradually return to normal after they hit it down. and this is the greatness of bitcoin that no one can stop

Plus what many people haven’t truly realized is that everytime there’s an authoritarian government flexing their political muscles to gain more control over the system, the more it gives open, permissionless, censorship-resistant systems like Bitcoin more value. Chinese government widened the gap, Bitcoin is still here to fill it.

That is if they can leave the country though, aren't there a citizenship points employed in China right now meaning that the miners might probably have a really big deduction to their citizenship points because they are involved in something that the Party isn't in favor of. And one of the effects of low points is that they might be barred or not prioritized by the immigration to leave the country or anything.

This is the first time I hear about such a system of encouraging the Chinese population ... but if this is really so, then such a system has nothing to do with either individuals or legal entities associated with Bitcoin mining. Only for the reason that all these persons and companies for the most part have a Hong Kong passport or are legally registered there.

Just so you know the difference: "A HongKonger needs special permission from the Chinese authorities to enter mainland China". But returning to the topic of discussion, we can say with confidence that even after the relocation of Chinese mining capacities to the near abroad, these capacities still remain Chinese.

They do not even have to leave the nation, they just need to send the machines to another nation, hell they can even employee other people. So let's just give an example, you are a miner in china, you hire people to run it right? Otherwise how are you going to handle 1000+ machines? So what do you do when china bans it?

You send it to another nation, let's say Iceland, then you plug out all the machines in china, box them up, ship them to Iceland, hire a partner there, he takes care of unboxing all those machines and plugging them in and all the workers working on this, and you get your money anyway. So as you can see you do not even have to leave the nation to handle all of this, you could still do it all while sitting at home, might be making less profit but I rather make less profit than no profit at all. It is still a big loss to china for sure.

In few more months or year china will lift the ban once again, they have been doing the same for years for crying out loud, aren't you aware of that already? If they don't do this how will they buy BTC at cheap price? Also ask yourself why now? Why not ban when BTC was at 60,000$ china is one of the smartest country I know don't be fooled.

The concern is not crypto ban, the concern is "ban of mining operation". Mining operation is critical and when it comes to the largest mining farms then China have been on the top of the list. After they started ceasing the miner operations, the people involved started dumping their rewards, causing the terrific crash in market. In addition to this, network difficulty took the wrong turn pressing burden on the rest of the miners around the world. Obviously FUD was added syrup to the whole thing here. The history of china is obviously worst when it comes tot he crypto bans, but this time, everyone is in jeopardy.

Since China has been one of the largest contributors in Asia and in the world, it will surely make a significant change on bitcoin's price now that mining opreations have been shut down. It maybe one of their schemes, to let the value of bitcoin down and start buying huge amount of bitcoin on hold and start regulating crypto after being banned for a while. It is quite unfortunate for the holders yet we all know that some circumstances like this are supposed to happen and will happen eventually. Once the price drops, we should take it as an opportunity to start buying as much as we can and hold till bitcoin comes back strong once again.

With such kind of news the after effect with the current value really showned up, but like what you have said, the value will drop as expected since there are investors from China aside from those mining farm owners, there are rich millionaires who don't want to compromised thier investment.

This action from the government may not be permanent knowing how they treaed crypto/bitcoin before and how they changed it up after some time, maybe you are also true that they are just trying to create some shake and buy those cheap coins that will be sell out from the market.

This decision may have a bad outcome on the price for the short term, and we might see more of it before it starts recovering, but this might be a good solution to many people's problem that they have with how decentralized the bitcoin mining is since china has been the number one in mining business for a long time, as for many mining companies that were located in china they have already made their plans of moving elsewhere because this ban has been going on for a long time and it is only now that they are making some harsh action about it.

How can you be sure with that? we all know that they've been still in the crypto scene despite the news of them about banning ICO.

But this time it's entirely a different news, I guess they're trying to remove the competition towards bitcoin and what they've been doing for their CBDC.

So what exactly is he going to gain from banning bitcoin in China? I do understand that they (government) don’t like Bitcoin, but that doesn’t mean they should ban it, because there are lots of people there that I know for sure would be relying on bitcoin as their means of income on a daily, especially those people who are working as Bitcoin miners.

Most of these miners has invested a lot in crypto buying miners so that they will be able to mine bitcoin, and then all of a sudden they are being told that they cannot continue with their business because the government has decided to ban what they are doing for a living. From what I have understood, the Chinese government are just trying to ban Bitcoin as a way to push their digital Yuan.

This doesn't make any sense. The ban is on all crypto dealings, so you can't run a mine from China any more than you can run the mine in China. You really think that people are going to risk jail time over this? And it's not a loss for China because they're after something much more important the to the communist party- total control over the economy.  They can't risk tolerating a competing currency because it weakens the party, so they won't be lenient on anyone continuing to break the law.

Very funny, why said xi jinping beat crypto? We all know that's impossible assuming I'm a Chinese guy and crypto is the only way I used for surviving I will pack my things and leave the country immediately, china sold their rigs to other parts of the countries and people are buying them very fast, it's only a matter of months another china like country will take over