Bitcoin Forum

What do bitcointalk’s community and users think and speculate about this latest news development? Would anyone consider that the Chinese government might be recognizing that they have made a mistake and might be ready to unban mining for bitcoin and other cryptocoins?

https://i.ibb.co/QnYdvFy/59489507-862-B-4-C53-B5-D3-0-A20-E0420-FE3.jpg

According to CoinTelegraph, China’s National Development and Reform Commission (CNDRM) is now seeking public opinion on the inclusion of crypto mining in its list of “phased-out” industries, after seeing that the ban helped the U.S. to become the world’s dominant crypto mining nation.

It looked like China’s stance regarding crypto mining was finally cemented with the ban imposed in May this year, after it had been going back and forth on the issue since 2019, but now, they are skeptical after most of the Bitcoin hashing power was relocated from China to other states, helping the U.S. become the leading hashrate provider.

Read in full https://digesttime.com/2021/10/24/china-is-thinking-about-unbanning-bitcoin-and-started-a-new-research/

One thing I know is that they don't care what we think and want, because they are Chinese. The moves represent an attempt by the world's second-largest economy to eliminate risks in the financial system, launching an ambitious campaign to save energy and cut emissions. But the problem is that we are on a very strong development, and they banned it :) , I have to be more honest that the news does not affect my pursuit of this market and many others.

If you are still afraid of China's crypto ban issue, you should live in China to understand it better, I'm not a Chinese citizen and I support crypto.

Is this a reliable news article? It seems the news does not have anything solid to say. It is purely speculation. This is like one of the many crypto-related articles that are published on online news sites for the sake of having released a new article.

It even says, "China’s plan to crash the Bitcoin value appears to have backfired." I doubt they have a source for this claim. Did China plan to crash Bitcoin's value? Was there such intention as this from China?

If I were those miners who already migrated to other countries and managed to establish my new mining facility, I don't give a second thought to going back to China where their government is unpredictable and will issue another decision about cryptocurrencies about a year later. I think it's better for those people not to care about their decision and move on wherever in the world they are currently building their new bitcoin mining facility.

"...is now seeking public opinion", what the hell China. Are you joking or are you a joke yourself? ;D
I gotta say they have put 14 year old on the national development body and he is not able to make the mind on how to develop the nation!

Whatever this CNDRM is, they should have been clever enough to take this opinion before they banned the crypto industry from their nation. Not after the damage has been done dude. Imagine how much crypto money chinese lost already and how they might have sold off their hardware, leased contracts might have been forfeited, employment gone and what not.

This is a serious joke now, that they are asking the same peeps, whether to bring back the crypto or not. I mean who is going to believe on them now?

They done fucked up didn't they? lol. I guess it makes sense for them to be banning something they can't have control of, but if this industry accelerates in growth they'll be missing out on a lot of economic activity.

I believe that they will unban it in the future but for multiple reasons, not only with the price.
It's like, "They hate you coz they ain't you". For sure these past few days, they starting to realize their decision for banning bitcoin mining in their country. With their recent decision, it's just an example that Bitcoin is standing on its own, no one can control or affect Bitcoin, power of decentralization.

Fuck them in the ass. Assuming the news is true, I don't know if any of the miners who left there are getting the urge to go back. The energy there is cheaper, but there is such a thing as legal certainty, and going back to China to mine is playing roulette. You never know if the authoritarian government there is going to prohibit you from mining again. I would not go back.

somehow i still believe , they want bitcoin, they want it as much they can buy as cheap as possible. just think , US as the strong rival didn't ban the bitcoin which mean of course US can get income from it, which it tax or whatsoever, and the latest news , Russia as a friend of china also didn't ban crypto , which mean china is the real clown on this topic :D

Assuming the news is true, I don't know if any of the miners who left there are getting the urge to go back.

I'd take with a grain of salt the news articles published by Cointelegraph because they sometimes post an outright nonsense or unverified false rumors. According, to the following article (https://www.theblockcrypto.com/post/121893/china-not-unban-bitcoin-mining), for example, "Its purpose is to keep the public up to date on industries that the country wants to encourage, retain or eliminate so that provincial and municipal governments can take subsequent action.

Any periodic revision will go through public consultation before a final version is released. As a result, anyone who opposes the crypto mining crackdown orders from this past summer can voice their opinions — but it's highly unlikely such input will influence the decision-making process."

Even if they really decided to unban the mining industry, it wouldn't encourage the miners who already left to comeback.

There'll be lots and lots of business connected with the bitcoin mining. Just because the government doesn't have control, China made a ban on cryptocurrency mining. Maybe they've experienced slight fall in the economic inflow of money that happened through mining related businesses. Also the growth acceleration is taking place with fluctuation, but end of the day there is always some forward progress.

I don't think Chinese government will go with public opinion. Right now it looks like they're in a compulsion, because more countries are showing green signal for cryptocurrency related activities and the same could boost their economy.

for any government to have any control, licence, regulation on who can do something. they first need to ban it completely to then have the control to choose who to allow it.

so its standard practice to ban first, licence second
technically the 'ban' still exists, unless you meet the requirements of the licence

history has shown this.
alcohol is banned(prohibition). but then licenced where you have to be over a certain age. and if your a alcohol brewer, you meet certain requirements to sell it legally

same with soft drugs like cannabis. banned first. then licenced to allow dispensaries to sell "for medical use".

the banning then licencing allows them to make laws about claiming tax off the item. even if the government does not manufacture the item themselves.

NY banned bitcoin.. then 'bitlicence'

what most people in 2021 dont realise is these events even happened. the just think alcohol brewing, driving, cannabis, bitcoin, gold mining, has always been something people can get into. heck most dont even think that a licence/permit is actually a 'ban exemption' they just see it as a worthless bit of paper

after strictly banning bitcoin mining, now they are starting to have doubts about the policy they made yesterday. this is ridiculous for such a big country. they seem to want to disturb the USA as the country with the largest hashrate. then what about the miners who just moved their mining equipment. would they gladly accept this offer if it later came true?

its not about "disturbing USA".. i think its always been the plan to ban, then licence.
so not a mistake to ban, but a standard government process to licence

america didnt want to ban bitcoin trading years ago, for eternity... they just wanted to gain control to regulate and licence bitcoin trading in NY

i can see china putting in limitations like different licencing levels for how much GW a bitcoin farm can utilise. excise tax, etc

The decision to ban Bitcoin mining in China was a political decision to take back control over their citizens and to protect their fiat currency, not a decision to increase profits and taxes.

So I doubt if they will even consider a reverse decision to benefit from an increased Bitcoin price. The Chinese government will do anything to control their citizens and Bitcoin was a threat to their power. ("people's democratic dictatorship")  ::)

china is not actually as controlling as you think
propaganda makes it a belief that all citizens can only transact using a government approved app. where everyone is using a single app to live from. this is highly untrue. and if you want proof without leaving your town. go to a local currency exchange in your town and just buy some chinese currency. you soon learn you dont need to declare your life history or have a chinese government app to get chinese currency.

take other propaganda
china as a % have less people in detention camps than america. yep as a % of population china is more relaxed of detaining people. (china 0.07%: america 0.12%)

take world trade. everyone knows china does a heck of alot of trade. more then most countries. china do not santion rival countries. yep china make more products and allow more products to cross borders than other countries. the US for instance has more sanctions and product bans with other countries. where USA want to limit its own citizens from trading cross border. heck america even banned a highly branded chocolate egg, citing a choking hazard. yet the UK have been giving these kids these chocolate eggs without a problem

im not a chinese resident (im british white) but the propaganda of trying to make china look like evil dictators is a media problem not a political problem

The problem with Chinese news has always been the lack of verifiablity. Just like the fake "China banned news" that have been coming out every couple of months for the past 7 years. This news is not different from any of the rest, just because some news website says it doesn't make any difference.

But I think that this is bound to happen. I said this years ago that when China established their own digital Yuan (whether it fails or not) they will start looking into adopting bitcoin. That includes mining, trading, etc.
Luckily for us this process will take a long time and by that time price is already too high and the trillions China is going to invest is not going to matter to us accumulators since we would be done accumulating by then.

Miners are already scattered to different locations and will not move back as i think because why would a miner who already is having btc mining favourable conditions again move to China and get fucked up any time they change their mind? So china has already messes up things for them and now playing cheap tricks to create FUD and gain profits but no more this time.So live long and boost economy with your central backed up Digital Yuan and btc in dreams.

If BTC will also make a country prosperous any country will adopt BTC. It's not a question of whether it's Bolivia or China or whichever country that is. As long as its government sees that it may help them get out of the rabbit hole, they will adopt.

We may hate China but if they unbann BTC mining, it's a good strategy for them still and it will help the BTC price also by how big the population is considering there are lots of Chinese billionaires.  If they don't unbann BTC mining, they will really lose their chance to fight inflation.

I also think that this news is more like gossip and speculation,so here's my two cents.
I think that crypto mining was banned  in China mostly because of the energy consumption.
There was a short term energy crisis in China and they had to cut all the energy consumers that weren't considered important.Now,the energy crisis is solved and China has enough electricity,so they might want to bring back crypto miners,because the crypto miners are buying electricity and no electricity provider wants to lose customers.However,this is just my speculation about the subject.
Most likely China doesn't want to allow crypto mining,because they don't care or they simply hate cryptocurrencies and want to clear the space for their digital yuan.

we have learned by all other countries.
governments dont care about bitcoin impact on their fiat. they have tax, minimum wage, legal tender laws to keep their fiat active and priority. bitcoin wont replace their fiat

as for energy. since 2014 bitcoin mining has not been a 'environmental  harm'.. most chinese mining farms used renewables from the beginning. they also were not "taking" electric away from residents because most farms were buying from the "excess" allotment not the residential/industrial allotment. this scheme of buying the excess was actually making a hydro power plant more money to then upgrade/expand because without buying the excess, the power would just go to waste.

its like having a vegetable farm. where by supermarkets only buy the quality veg, leaving the wonky veg. then a food producer buys the wonky veg. the act of buying wonky veg does not take anything away from supermarkets.

what china do not want is the residential hobby miners trying to run multiple asics on residential electric networks. causing brownouts.. so my two cents are mining licences which ban anyone from mining more then 3kwh from home.. and require a business licence and industrial electric contracts if they want to be farms

I really hope so. Crypto currencies became such a big part of our everyday lifes. Why should a country with more than 10% of the World population be completely against it? I understand that China has a different mindset than western countries and is very protective of its economy an currency. But free world trade only works if countries open up their markets. The exact same goes for crypto currencies. The world will move on without you. I believe that China realises they can't stop cryptos and need to find a different approach now. Like the saying goes of you can't fight them, join them. Instead of outright banning cryptos it would be so much better to work on tight regulations and profit of the boom. Because no ban will mean a 100% stop of the activities, there will always be a black market as long as there is demand.

The China government can change their regulation from the prohibition of crypto mining become allowing crypto mining after they see what happened to the world and the countries that allow crypto in their country. They already made a mistake by prohibiting crypto in their country and if they want to allow people to use crypto and mining crypto, that will be their decision.

I do not think much about them, whether they revise their regulations or still prohibit crypto because that will not impact the crypto to grow. The other country allows crypto while they prohibit so they need to think twice because of their decision.

The ban of crypto in China really didn't made much of a negative impact for a period of time since mining farms from other countries managed to produce more and Bitcoin easily recovered in a month and unbanning it (if OP's source is legitimate) won't really make much of an impact anymore, we really don't need China's help as it looks sustainable even without them.

whether this is true or not, I don't think China will influence the crypto market anymore, so let them think about the decisions they have made so far, even if they don't ban bitcoin mining in the future I can only laugh at that

Only this part of this news which seems to be true (after using google transaction on the source (https://hd.ndrc.gov.cn/yjzx/yjzx_add.jsp?SiteId=372)), while the rest is opinion/speculation. I doubt there'll be any drastic action anytime soon.

I'm glad to see that there are still people who think for themselves and don't blindly believe in what third-rate crypto portals like this are writing, and just for more profit trying to make a sensation out of every little thing. Bitcoin has never been dependent on China or the US, so it's really not clear to me why a good portion of the crypto community is so excited about what China will do about Bitcoin, or what it won't do.

If people still think that China has lost some profit because it has banned crypto trading and mining, it should look at how much Chinese GDP actually is and how much crypto has contributed to that. If we take the simplest example, miners mine about 27 000 BTC a month and earn a certain fee income - @stompix has calculated the exact amount somewhere, but even if China holds 100% of the mining capacity, the amount they would earn is quite trivial overall.

I thought they issued the ban because of their CBDC but some members also pointed out they were really after complete regulation which I also find logical. Personally, I don't care what they do over there anymore. The entire market already moved on and if they plan to catch up, then so be it.

China ban Bitcoin and mining multiple times and they unban those activities many times too.

In the last year, China realized that they have problems with energy supply for the nation that triggered their serious actions against Bitcoin mining. Crisis comes and goes so we can not predict with their crisis will end and when they will unban Bitcoin mining but they will unban it.

I can't think of anything on this. China just banned bitcoin and crypto this year. however, if due to rising prices, China plans to unban bitcoin or crypto, that sounds like an unwise decision. it also does not guarantee whether China will continue to accept bitcoin or not. I think, in the future, it will affect the price of bitcoin again in the future. well, this keeps happening over and over again.

At best, there's a discussion about it. I can see the article mentions they're seeking public opinion. But given how authoritarian China is, I'm not sure what 'public opinion' means. What if they only expect people to say that mining should stay banned and will censor anyone who has a different opinion? What if it's just a democracy stunt, not a real attempt to change anything?
I can see how China might be upset that the US is taking away this market, but I don't trust in public opinions in China.

ok, why are we so concerned about what China does or doesnt do?

They banned Bitcoin this year as so many have posted above and apart from a
very short term pull back in the markets, order has been restored. The same goes
for this current "News" article, if its true, fine, China is friendly to Bitcoin again,
things will move on as they do and we will wait until they ban it again.

There have been countless "China" themed threads on the forum and all related
moves by China to date have done little to Bitcoins growth.

This is the joke of the century and the Chinese government must be one of the most naive/goofy governments in the world for thinking to unban Bitcoin after banning it before.
I think they believe in the naive understanding of some people that the Chinese controls Bitcoin that's the reason why they are placing a ban on Bitcoin every time they wanted and the good thing is that their ban on Bitcoin mining which they are now planning to unban will make the mining system more decentralized.

Maybe I myself if I can remember about crypto issues, especially Bitcoin in China, have discussed it many times, I often say China is sneaky in trading, they justify all means to achieve the greatest possible profit, the proof is: now they want to show news about not banning miners there, it's a reason that they are already at the peak of profit.

How many times do i have to say every news published by china banning bitcoin, it's bullshit, they don't care how many victims, what they do and their actions spread negative news, the important thing is that they make big profits, it's chinese, slicker than America, remember that.

Chinese are business minded so expect that they will do this since knowing how huge the profit they can get with crypto and they need to create hype right now as the market is so bullish so for sure they are earning on the current situation of the market. But be careful on the return since once they settle they will spread again the fuds about banning bitcoin,crypto or anything what they can use. So for that its good not to listen on what China said about in that article.

If there is one thing that I have learned about China through all these years in this industry, it is that there is no sense in taking their announcements about crypto currencies any seriously. only thing you should do with the things they say is use it to take advantage of the market since a lot of people are also doing so along with the people who still genuinely believe what they say.

This China re-thinks its crypto strategy is bullshit posted by market manipulators. Nothing, absolutely nothing, indicates that China becomes more friendly to crypto. And that is good. Crypto and China just don't fit.

This does not look like China, but the moment has been missed, many miners have migrated to neighboring countries or even sold equipment.To put it mildly, trust has already been lost, and I think miners will think several times before deploying mining farms in China.

They should not have done that in the first place. China being the highest ranked mining hub, could have been different world when the prices hit the ATH last week. Just imagine if they still had those miners in the country then they would have earned handsome money. In the process considering the Chinese tracking system they would have easily traced the unattended taxes and gotten paid for the same. They would have flourished in all different ways I would say. There is no point in the current decision making process. Once you loose the faith from the regulatory bodies then you are literally left out with negativity.

I will rule out the validity of this news, because basically China is just a toxic country for the crypto community.

It's a collective request for advice and feedback. So, news speculation ahead: The Chinese government will set up a bitcoin mining farm with artificial solar energy to rival Elsalvador with its volcano resourced energy?


Is there anyone who wants to spam this form (https://hd.ndrc.gov.cn/yjzx/yjzx_add.jsp?SiteId=372) by filling in the feedback text with "We don't care"?

I am buying cheap bank stocks.

Both crypto and traditional finance now.

With the number of farms disappearing almost completely in China, even if they have thoughts to reverse and switch again, the farmers also no longer have the courage to entangle and prolong with the government, China wants to remove the decision is easy but it is not easy for farmers to move their entire factory, every day is to lose a lot of money, moving facilities back is too scary and risky. However, it is also impossible to think that their lifting of the ban cannot create ripples, this crypto house is also no ordinary person and lacks influence, rebuilding reputation is also very fast

Someday we will hear china will unban bitcoin & crypto currencies.  That's the reason we should not take much notice if any country ban crypto. If they do it, they will soon realize their mistakes.
Only the people of china who deal with crypto are sufferings from this ban. Think of people investing in mining farms and later they know that they can't operate them because it now illegal in the country.

I doubt it has to do with China's return to bitcoin support.  It is best to stop bringing bitcoins to slaughterhouses in China.  They shot themselves in the foot in the battle for the top spot in the world trying to crash bitcoin.  Except the reasons behind them need to be explained.  But bitcoin doesn't need any support from them from now on, bitcoin is freedom

I'm not sure if they will do such a thing anytime soon, they are still trying to ban crypto in new different fields, and in my idea changing the reactions is possible for China and other countries, also this was maybe even a part of the plan to firstly ban bitcoin and then get into in it in the right place, But considering what we know about economic communism that's not really possible to see China making such decision anytime soon.

I created this thread to test everyone. I am very happy to know that everyone has has become skeptical with mainstream news media and cryptonews media. 3 years ago i reckon many people would be larping on that fake news hehehe. The real environment for energy in China is Beijing is fighting for carbon neutrality. The ban on mining will never be lifted.

How many times that several situation happens? banning and Unbanning like what India does in Bitcoin and other related crypto issues?
i think China is only trying to check their power over bitcoin but now that the market prove they are not that powerful? this is what happened .
I think they unbanned or banned who cares? the world cares nothing about their action towards crypto now.we survived and increased value without them .

Too late for that. Mining pools around the world are starting to ban Chinese IP addresses of miners and CCP is not going to force pools to start unbanning them. Maybe they should've thought twice on how such a ban would've affected their political standing (and that of their rivals) before hastily pushing on with it.

Besides, it would interfere with China's carbon-neutral ambitions.

I'm not sure if they are actually banning IP addresses, these pools just changed their terms of services to have that new rule so that they are not liable in the future.

Agreed. China would never surrender on their fight on carbon neutrality. They have stopped their importation of thermal coal from Australia already and this is causing an energy shortage. Also, we may discover that China’s ban on mining is not because they think bitcoin is a threat. They did the ban possibly because they might be expecting more energy shortages.

I have my doubts about this news and how right it is, the reason why the Chinese government have banned the use and mining of crypto currency was obvious, it was not to cut on energy use or anything of that sort but it was because they are unable to control it and with how big it started becoming it was creating a threat to the government since we know how they are well known for restricting freedoms and forcing their people to use their own versions of everything just so they can control them, and i really doubt that they will be bringing it back unless they have been planning for this all along where they wait for the price to go up and gets more popular and than they unban it.

There is still some percentage of fools who will be diverted again with all these chinese bullshits but the majority has already seen their scenic dramas that they don't care anymore.China is like that spoiled brat who only wants to be in limelight but due to many stupid actions now nobody cares what they are currently doing or planning to do.The world btc mining is satisfied and now they don't give a fuck to CCP actions and they enjoy their digital Yuan.

Honestly, if I am a miner, I would never trust the government that does not have faith in bitcoin.

Banning, then unbanning, I think that tells how incompetent the government is, and there's no security from the government as they could ban it again.
So, it's better for the miners to stay in a country where policies give assurance that they support crypto mining as that would help the investors to gain confidence in running this kind of business.

China better stays with their policy banning bitcoin as people have moved on already.

What strategy is China currently pursuing? After a while banning bitcoin circulating in China, now China allows mining. I can't understand China, China has gone through the worst days in the crypto market and made the crypto market unstable.

After the recent bans, an interesting thing that I just discovered is that the Chinese people (a small number) have started to protest against the government and ask for the ban to be lifted.
If you are in China, you can visit the Huobi office :) to understand more. Assuming a China lifts the ban, I think we all need to thank President Xi for having such a fantastic market drive.


 ~.~

It's kind of fishy how China, bans and unbans bitcoin. They cannot simply ignore the importance of bitcoin in the future. The fact is that every time they do, they hugely impact price. It seems to me that it is all a planned move to get major Chinese investors to buy more coins at lower prices.

Honestly, I don't really give a crap since I am not a Chinese citizen and I don't like the Chinese government. They have made it pretty clear that they dislike cryptocurrencies and I don't think they will change their stance regarding this matter.

BTC and other popular cryptocurrencies don't require the support of major governments and history has proven that.

Wow, what a surprise. China has completely lost their minds.

And which government has faith in Bitcoin other than the El Salvador government at the moment? Do you think that at some point the rulers of Russia and the US will not turn against Bitcoin in the same way that China did?

Things are not quite as they seem, so although some countries may seem crypto-friendly, there is a very thin difference between allowing something and possible bans at any time. I always refer to the statement of a US congressman who said in a discussion about FB Libra that Bitcoin is just a small baby, which means that it is not dangerous for the existing financial system and that is how they treat it.

They ban, they unban, they ban, they unban, they ban, they unban. These CCP has lost their minds aren't they with their decisions for their country :D.
Maybe this is also the reason why the market went down so hard right now. Markets turning red, Bitcoin under $60,000 again and ETH at least maintaining the $4k for now.

TBH, I don't really care since I'm not a Chinese citizen nor a miner from China. I don't know too if this move will make the miners from China who went from other country to mine again to go back there and continue their mining. If I'm a miner from China and went to other country to continue mining, after what they've did to them I will not return there. :D

El Salvador is the first country that fully legalized and adopted bitcoin because they consider bitcoin as a legal tender, and as a miner, I think it's enough for me that the government of a country where I am operating is regulating bitcoin, of course, they could ban bitcoin in the future but knowing they will unlikely gonna do that because they are benefiting from taxes is enough for me.

Two countries with different treatment on bitcoin.

El Salvador, = legalized
China = ban crypto.

However, I believe that majority of the world will eventually adopt bitcoin although not as strong as the adoption of El Salvador.

the moment they release the banning of Mining for Bitcoin  I know the reversing will happen soon , China knows what Bitcoin and crypto can bring them as years passed that they are the biggest Bitcoin mining in the world.
so losing the chance to earn from crypto is what they wanna prevent .
They tried to check the market if  this will survive without them and now realization comes as they are not needed at all lol .

Im 100% sure that decision its not because the price its going up (right now its going down  :'() its because a lot of internal and external investors "leave" the country, and to be honest i dont think that will remove "the cross" from the heads, because if they ban it once, they can do it again...

It's more likely some people want fake news to pump the crypto prices and sell their crypto assests. Just see the crypto prices today... I guess so.

After hurricane China passed they started to raise the issue again to keep prices swayed by the issue.  Whatever he says, it would be much better if bitcoin is not in China anymore so that its price development is purely due to supply and demand, not just the impact of issues.  Far away from China will provide stability to Bitcoin rather than continue to be toyed with conflicts of interest in the country.

Exactly, setup is very important here. If someone already had made his setup in another place, it will be difficult for him or her to make another decision for going back and I don't think so it will be a wise decision to go back. If possible to run from a new place, do it successfully and hope for the best.

Its so funny to think that after they ban crypto and spreading negative views, now they want to be part of crypto again. Lol maybe their digital currency didn't give them a good return after all the efforts that they invested in it such those criticism about crypto to obtain more attention around the internet wherein even they're a out of crypto and cannot influence the market anymore.lol  But obviously it's epic fail that's why they want to embrace it again.  ;D

Whatever the reason and whether the news is true or not, I can only conclude that if it is true it will have a positive effect on the price of bitcoin.
and if not, bitcoin will continue to grow and develop without support from China and also the price will continue to increase because of a lot of good or positive news about bitcoin which I think will continue.
I think all investors are aware and also think smart in response to news from China and don't really care about any questions even if it's positive, because bitcoin will be accepted in other countries and miners will move to bitcoin friendly countries.
So better don't mind any news coming from China to stay focused and keep believing that bitcoin will be fine without China.

No it would be better if China retains their ban on cryptocurrencies for good. At least we can have have a sustained growth in crypto marketcap if China is not involved in it.
Because we know how the Chinese government is. Even if they plan to remove the ban from cryptocurrencies, at some point in future they might ban it again.
Thus it would again create a panic in the crypto market and will cause a dump in bitcoin's price. So we are better off without China isn't it ?
Although it is good to get the support of as many countries as possible, we have seen China banning crypto and then removing the ban again and again.

This article is very misleading same with other news outlet that giving wrong interpretation of China recent statement. They just need to unban Bitcoin Mining so that they can add it to there updated 2019 catalogue for the list of industries that should be phased out.

In short unbanning just to update the ban list to classified it properly. Meaning there still no China in crypto. Media outlet just want to use it to hype the exhausted market by giving there own interpretation.

Reference: www.theblockcrypto.com/amp/post/121893/china-not-unban-bitcoin-mining

I'm still puzzled how including it in the list of phased-out industries acts as a complete reversal of the ban?
What the hell is this, Reverso world? Who the f word writes these articles, monkeys that are still not able to peel a banana?


Now that the test is starting to completely get out of hand with people claiming that China is reverting this because without Bitcoin they will end like Somalia and all their economy is going to crash I think it's about time to lock this one and start a poll on the number of users reading more than the title. My bet is less than 30% and diminishing by half for every page.


Be honest, for you bitcoin mining is like coal mining, right? Some other mining farms just got a new excavator and miner more!

Damn.  China has become a country that has vehemently abandoned bitcoin and current explanations contain any commitment to a penance when feeling lonely ::).  Lol, please don't bring bitcoin back as their next test. It is too late to issue disclaimers with meaningless explanations.  Who will accept?

I believe it is a bit of a marketing gimmick. This is because, since bitcoin has recently been used in illegal transactions, people will judge it immediately, and most people will not judge it until the price rises. It's ironic that they used to criticize it, but now they want to join in because they're looking for a good investment as well as passive income. It is similar to China in that as long as big money is involved, people's choices and thinking change. However, it is still speculation whether they will unban it, so let's wait and see.

The only thing I have to say is good luck with that, the Chinese governments obviously did not liked the development we are seeing but what I wonder is what did they thought it would happen? Did they thought the miners will just turn off their machines and they will accept to loss their investment of millions of dollars just because they said so?

Miners just did the rational thing, they relocated to countries with cheap electricity and that will let them work without the threat of their activities being banned every single month, now they are seeing they could be losing some revenue and a lot of the excess electricity they were producing that was used by miners now is wasted and now they want them back, but I am sure many miners out of principle will refuse unless they have no other alternative as who wants to run a business under those conditions.

The funny thing is their decision, it seems we can guess at the end. Looks like we don't need them in Bitcoin Growth and other cryptos. I don't really like those who seem to have no stand in making decisions. The reason was simple, they had turned off and kicked out all minners and it looked like they had gone overseas. So it's about time China didn't become a country with a big influence on Bitcoin.

First of all, we need to see whether this news comes from some credible source or it's just a speculation, I think just speculation.
Secondly, the Chinese govt doesn't break out its official news so easily. Lastly, Chinese government is not that weak in front of BTC that its willing to realize its mistake. We must stop giving importance to China govt, Musk and other entities for BTC price. 

That would be their choice to make for themselves, really I am starting to get tired of all these Chinese this and that. If they decide that it is best for them to life the ban on cryptocurrency, then they should go ahead and do that and allow people to continue to mine cryptocurrency in their country, but if they still think that cryptocurrency is bad for them in their country, then they should go ahead and ban it for good and stop moving back and forth.

For me, whatever Chinese thinks doesn’t stop me from making use of crypto currency and we have seen that their decision will not affect the market anymore from what we have seen so far, the market kept moving despite everything that has happened.

I think they write those article just to answer the speculation like this thread thrown away at them after there statement of unbanning it. Chinese regulation is indeed very complex and they regularly update there catalogue for the list of they want to phase out due to intensity of illegal activities happening there. Maybe this kind of action is common on a communist country since they control everything and mainstream media is just making the issue worst just to give an impact to cryptocurrency valuation.

Personally I’m pretty surprised that China would be considering this as I would think they would just be happy with doing their own mining and collecting bitcoin for its own use (the government/dictatorship of Chinas use). But then again little makes sense to me over there.

I don't think any right thinking miner who had already set up their mining equipment in their new abode will rescind or reverse their action even if the news unbanning mining in China is true. The authority didn't seek public opinions before placing the ban consequently their miners moved their equipment to their major rival country making them to have more world power, of course the Chinese government thinks the decision to ban mining in their country will have great impact on bitcoin nevertheless the impact on its price was minimal.

If at the moment they think like that of course the decision they have made at that time harms their own country because very many miners from China have moved all their mining facilities to a safer country of course to return to their country they have to think twice because they do not want them to continue to face the same problems while the mining process is doing, Whereas China is one of the countries that many miners so the government does not see the benefits they get so it bans crypto as it is today, and in the future we do not know what they are planning.

China has demonstrated its influence in crypto, from ban issues to mining licensing issues.  I think China doesn't want to miss the opportunity to make a profit in crypto, this makes China always have a controversial policy in crypto

Oh so China is taking a “u-turn” by considering to unban Bitcoin mining? I would assume that it’s not just gonna be mining alone, but trading of cryptocurrencies as well. I think they just realized that they’ve missed the big boat by means of outright banning Bitcoin mining.

However, I am not convinced of China’s motives. However, I do believe in the “change of heart”, but not this kind of news. So yes it’s a good thing that they are going to research and educate themselves about the positive and real use cases of Bitcoin rather than seeing it as a threat to the digital yuan.

No matter how many times they spread FUD and crackdown stuff, BTC always bounce back bigger than ever. They can’t beat BTC.

I don't doubt the source of the information is legit. It really looks like China is trying to check how its reputation is right now at crypto market among investors. They dropped the bait, if the market pumps, China can consider it is due to them being opened to rethinking their position regards crypto currencies, what would mean they are still influent here. If nothing significant happens, well, they will have to think in something smarter to get the importance they had before the final ban.

As I see China is behaving similar to the girl who keeps despising the boy who likes her, but once the boy forgets her, she will do everything to attract his attention back.

I have a question about this. Is China ready to spend electricity on mining? I am afraid that this question is especially acute now.

To avoid such situations, in China you just need to do the way it is done in all civilized countries: the issue of legalizing or banning the circulation of cryptocurrency should be considered at the legislative level and its essence should be set out in the relevant law. While we have a situation that the mining of cryptocurrency was prohibited at the government level, the People's Bank of China made the announcement of the recognition of transactions in cryptocurrency illegal, and the question of the expediency of continuing the mining of cryptocurrency is raised by some commission or committee.

I know that these kinds of events have a greater impact on the market but to be honest, I’m done with any crypto news that is about China banning or removing their ban on bitcoin. I think China is that one country who just doesn't want any other country to benefit from some big technology. You can’t say they are against Bitcoin just after seeing them banning the mining activities.
We can never know what they are up to. If you have faith in the crypto market, keep it strong and let them do what they want to do in their country.

China could have reversed its policy on banning cryptocurrencies when they realized that banning Crypto could harm them. However, they may remain steadfast in their stance on the policy if they see cryptocurrencies that can be abused by its citizens.

They thought banning crypto mining from China would cripple the crypto space but to their dismay even the United States who was strongly against crypto in the initial stage happens to give room, I think it is time they put an end to their hide and seek game and make a decision where they want to be in the crypto space, crypto will survive and move on with or without China, that has been made clear to them.

People can be so petty, I think we all have went through something like this, you are in a relationship and suddenly your partner wants nothing to do with you, since you have no other option you respect their wishes and you leave, and after some time you begin to date someone else, and then when you met your previous partner they are mad that you moved on, but what did they expect? Of course you moved on.

And while it may seem odd this is exactly what it maybe happening at China, they are mad the miners simply moved on and they found other ways to be profitable and now they have almost no influence in the market, but all of this was their own doing so they must suffer the consequences.

Yes, And now china realized that the bitcoin is future of the World.And more When  china has started crackdown against bitcoin traders bitcoin minars than we saw a little bit market crash and I saw on that time the bitcoin this crash is temporary and bitcoin will grow soon and we saw bitcoin again grow and break his all time High.Things will not end their bitcoin will create the history very soon it will touch $100000 very soon.

It's about time for the Chinese government to come out straight whether they are in support of Bitcoin or not. Am tired of hearing them banning and un-banning Bitcoin each passing year.
I like the fact that Bitcoin has been skyrocketing in price without their involvement this time. The Chinese government has now realised that they can't halt the flow of Bitcoin globally. If this un-banning of Bitcoin by the Chinese government is true, then it's a welcome development for Bitcoin to skyrocket more this time to about $80k before January.

China is the bigest country of world according to the population. And sometimes china banes Bitcoin mining and now they said they allow. So, please clarify the exact situation that they support Bitcoin or not. Because their one news impact on Bitcoin price. So, if Chinese government unban Bitcoin mining then price of Bitcoin will increase.

Because the Chinese government is too confident that banning Bitcoin will destroy the crypto world. It turned out that their plan did not go well,
it was proven that Bitcoin continued to skyrocket without China's involvement. Maybe finally the Chinese government is starting to realize what
they're doing is wrong, the Chinese government bans Bitcoin only makes other countries benefit more and Bitcoin continues to grow rapidly.
I also believe that if the Chinese government changes its mind and will unban Bitcoin mining, it will push the Bitcoin price even higher.
It seems that by the end of this year Bitcoin will reach the price of $100k as many had hoped.

The CCP is a very erratic and unreliable form of government, prone to swinging in the direction of whatever Dear Leader has decided is the flavor of the month. Last month they were concerned about energy shortages, after they blocked Australian coal (in a stupid act of spiting themselves) and suddenly realized they couldn't get enough to run power plants. They tell the world that China is going green instead of admitting they have disastrous economic policies which falter when someone "offends" the Chinese by not going along with their messed up wishes. So it will not be a surprise to see them do a 180 turn around and allow miners back in, because they actually offer convenient money making ability in the downtime periods where energy demand is lower - Hopefully the miners won't be foolish enough to move back.

I still can't find any further news about this.
but if this is true and can be trusted I'm not too excited about this because indeed they will definitely do it again. and things like this have happened over and over and the cycle is almost the same.
they banned bitcoin from making fud everywhere and made negative news about bitcoin, investors panicked and sold their assets, after a while the bitcoin price rose again and china began to legalize it again.
This cycle is always repeated and if it continues like this, the actual effect produced is getting less and less

Idk about USA but in my country (which is very small) there already came up to 20K Chinese people in our 2rd largest country where they hired hotels/apartments with their families and transferred all the mining equipment. So, since these people have moved out with their families and we can say that they have already found their place and transferred the business, why China thinks that by unbanning bitcoin mining, they'll really benefit? China's action looks like when the person Buys bitcoin at 60K and sells at 30K, doesn't use the chance of DIP and then tries to buy again at 67K.

I would call China a silly country, in fact, they are really very smart, this applies to their government but really, all the stuff they do around cryptocurrencies is just out of logic and does nothing good for them.

Few rumors coming out about these things but still uncertainty around as well because they are now confused with price rise other thing is also good now they understand China factor is not having any impact on crypto and bitcoin so just because of this rumours working around crypto world about China unban and allowing mining again.

One thing is sure if China going to allow this all again then surely we will have some good impact and this price can go in very good rise most chances we will touch this magic figure $100K which is really important for this community.

As this could be first milestone for going much higher in future which is predicted many times but still less time from dead of Bitcoin.

China is always full of drama. The drama that was made this time was able to provide strong pressure for the development of Bitcoin and destroy miners in China who eventually moved to countries that were pro-bitcoin.

Even now China is no longer influential and will not put any pressure on the crypto world because of China's attitude which continues to ban crypto.
The mining industry experienced massive growth and China dumped it, and now the US is the highest hashrate provider because China dumped its miners. This backfired on China.

This is normal, of course the Chinese government sees many benefits and great opportunities from cryptocurrencies so now it is unbanned mining and allowing cryptocurrencies, and this is a strong indication that cryptocurrencies will shine even more so that it will make the market bull run soon.

If this news is true, its means a like a boomerang for China because they indirectly lost one step to America in economic factors, it will be interesting if China will legalize crypto miners in the future. yes, in conclusion, anything that benefits their country will certainly be the best option to take the step of unban mining bitcoin

actually I'm not too worried about the price of bitcoin whether it's $100k or not for now I don't really care about that because I'm sure sooner or later it will touch that price.
but the problem is that China always wants to match it even though it won't be possible.
and now they want to legalize bitcoin again. actually I'm not too excited about this because sooner or later they will surely do it.
on the other hand actually they now have no power anymore whether it is in the matter of tires or not because even though their economy is strong but Bitcoin is a different thing.

I don't really follow the latest news about china but if it happen then that's a good thing. we know that China is one of the countries that prohibits crypto and caused an uproar about the news. I don't know what the reason is but if it happens then that's good news and I hope that in the future countries that prohibit crypto will start to open up and accept crypto. crypto is starting to spread its wings and many countries are already accepting crypto and making good use of it. but again, every country has its own policies to accept or prohibit the crypto.

I think it is all but another HEADLINE.

Nobody wants to recognise that they have been wrong and certainly not such a high level mistake. For one, I do not trust this speculative news, and it is a situation that would have become visible right from the start of making this decision you can't return from. Even if China becomes crypto-friendly, people will straight up know that's not entirely legitimate and why would miners return from a place they've been forced to leave? The news is all a 'what if', looking for reactions - that's it!

I find this hard to believe that China wants to unbanned bitcoin mining, to me I feel this are simply rumours and purely speculated news.
This won't be a bad idea though,that is if they simply have plans to unbanned bitcoin and Crypto currency activities,this will up the level of the bitcoin Price.

from the topic of OP, i already knew that it was just a mere speculation. How can we know what China is thinking? why will china be sharing their thoughts? Does anyone really care anymore what the Chinese government decides concerning btc? i don't think so. People's mind including that of some Chinese citizens have already been made up towards btc. Some like me have made strong decisions to HODL for as long as we can, truth is we no longer pay too much concern to whatever any government thinks.

oh... and one extra little nugget.
although china banned trading/mining and such MONTHS AGO
they are now opening a consultation period about reforms and changes to the rules
https://hd.ndrc.gov.cn/yjzx/yjzx_add.jsp?SiteId=372
so definitely not a "ban, end of story"

I think th Chinese government never anticipated this level of price growth for bitcoin after their sentimental crackdown on miners, now the USA has taken the lead and the world are saying "bye bye China". Well, China Communist party sometimes don't care.

If this is true, it means that China is starting to open up to technology outside its home country. But my question is could there be a certain meaning behind all this?

Maybe they (China) had thought that banning Crypto in their country will crash the price of Bitcoin. Unfortunately, the reverse was the case as their ban was quite inconsequential to the price of Bitcoin. Instead of price falling, the price has surged.

No, it can't be serious and China has been banning crypto mining several times, and then one day we heard a rumor like this, it is really ridiculous and that sounded like a joke. Well, let see if that is true, can't verify it now, or just I miss something but I don't have to believe it easily.
With the current sentiment and price hike without China will imply that the crypto market doesn't need their support either. Perhaps, Bitcoin will still grow and many countries will help it out and to prove that China is wrong.

I think the rising price of Bitcoin has influenced the Chinese government not to ban Bitcoin mining, but China sees this as a very good opportunity for the people there. Not only for the people there but Bitcoin is a very good business to do, in this time of pandemic it is difficult to find work and income from work is very low. But the rising price of Bitcoin provides new hope for people who want to contribute in the field of cryptocurrency.

This is only a kind of news manipulation. I am not thinking negatively, but let's see how long this news will last and will influence the market.
As far as I know, the news of China related to Bitcoin and cryptocurrency generally always become updated news that is utilized by certain parties to pump or dump the price.
And once this news is gone, they will rise up again bad news.
This is like a cycle, isn't this?  :D

Exactly, they or other parties related to this issues like making this as a joke, like what they want, they do it whatever the ways.
We know how China so far to crypto, and we also know how some certain parties utilize the news about China to again (manipulate) market.

They must have realized their mistake on banning the bitcoin mining in their country. This decision only resulted in the movement of the mining farms out of china and thus decreasing their own revenue. There was hardly any significant impact on the bitcoin price and that china news dump was for a very short period of time.

Agreed. There is a chance that this ban might be very temporary, however, the miners might have to wait for China to win their fight for carbon neutrality. According to some articles, Beijing’s target year is the year 2060. There should also an energy surplus from renewable sources. I hope we are very much alive on 2060 for this beautiful event hehehe.

I am not sure that China will take such a big decision so soon. It’s banned story is still too fresh.

It really isn't that fresh. China has been cracking down on bitcoin miners (and others involving bitcoin such as traders) for a very long time which is actually the source of almost all the FUD we have heard through the years.
Whether or not they are going to regulate bitcoin mining is a different thing and I wouldn't take any news I read seriously until either they regulate it or someone from China can explain it to us.

It's a good plan. Because with the rumors make me personally as a trader happy. Even if there are no regulations. It's bittersweet when I heard in 2019 crypto is no longer used for transactions and stamped illegal in china. Every country and good citizen they develop officially and do not exploit. Crypto is healthy both mining.trading and investing is everyone's right. What do you think beyond the news for the advancement of crypto?

it has never been about carbon neutrality..
most of the chinese mining since 2014 has always been on hydro, where they buy the excess.
(thus not impacting the residential supply)
this whole banning thing is standard politics.. you cannot regulate something and licence/permit it/control it unless you ban it first and then you can make rules about who is acceptable to use it.
its as old a story as the alcohol prohibition era. the gun laws(pre 1700). the war on drugs.
ban first the regulate permits

yes china dont want hobby miners in residential neighbourhoods blowing the local circuits of their street. but to permit large farmers using allowed excess electric. they first need to ban it to gain the control to make allowances.

take wild west america. when anyone could have a gun.
they had to ban guns in certain states to then offer gun licences

I also read the article that was posted by OP, it seems that the author of the said article was just guessing about China's unbanning mining or other crypto-related transactions just to reclaim its position that was filled by USA's miners and it's not valid or solid enough to know that China is indeed planning to unban.
Same here @pooya87, I will know if it's true if the government of China itself will release a news regarding of unbanning bitcoin and other cryptocurrency.

I don't think this is a credible news to believe in. They have so many claims and assumptions that aren't backed up with enough evidences, which technically says that the content is just a speculation and not a fact. In journalism, claim of fact is important. We should know how to distinguish the claims of the news outlets. Certainly, we should be wary of claim of value and policy that should not be the basis of a news most especially if it targets to inform because it could relay false information to the readers. In this case, I think claim of policy was done in order to release a so-called 'article' for the sake of clicks.

But to focus on the topic, if ever China really have plans to reverse the banning, definitely they thought it was a bad move because bitcoin is still soaring high. Since it is not something to be controlled of, 'maybe' they have made up their mind to just use bitcoin and its mining to their advantage. However, I don't think miners would be enticed to go back because it's so hard to move and act in a space that screams uncertainty. They'll just waste time and effort if ever things go chaotic again. This is just my speculations though.

However, 53% of coal as an energy source is in China. They want to reduce this reliance on coal so they have begun reducing their importation of thermal coal from Australia. This caused their manufacturing sector to presently experience power shortages so they needed to ban the most unessential consumer of energy in the country.

Unless there is some positive crypto news coming directly from a chinese government-owned news source, or in other words: a chinese news source, then theres no need to get excited.

Sorry but you are a bit out of touch with reality. I suggest you google Falon Gong organ harvesting and Uyghur camps.

China has banned its citizens from accessing the internet (except their own) and only allows certain individuals (government workers and government owned news) to bypass this restriction. China threatens and harasses family members of chinese individuals who are living in other countries, if they do something China does not like. China does not care about whether if the people want something. It cares about saving face and making the PRC party look good. Also, only the PRC dictates which candidates can or cannot be voted for. So democracy is not the word I would use for anything chinese.
They support brutal regimes like North Korea and spy/steal western technology. I recommend you take a look at China Uncensored on youtube, if you want proof and actual facts.

@goldkingcoiner. That might be true, however, China’s ban was never because the politicians in Beijing hate bitcoin. They have proper reasons for doing these bans. For bitcoin mining, it is the fight for carbon neutrality and to manage the power shortages. The bitcoin news media has only made the ban appear like a toxic religious war hehe.