Will Chinese mine anymore for cryptocurrencies ?

[crocko]

China's central bank warned in early December that Bitcoin was not legally protected and had no "real meaning", and barred financial institutions from using the currency.
The central bank extended that ban to payment companies, and gave them until Chinese New Year, which begins on 31 January, to comply.
Bitcoin remains legal to use in China, and the central bank is standing by an announcement that individuals are free to trade it at their own risk. But without third party payment providers, new purchases of the currency are virtually impossible.
Bitcoin remains legal to use in China, and the central bank is standing by an announcement that individuals are free to trade it at their own risk. But without third party payment providers, new purchases of the currency are virtually impossible.
That raises doubts about the future of Bitcoin mining in China and some good questions too:
Will Chinese mine anymore for cryptocurrencies ?
 If not, will difficulty decrease?
 Will the price of the Bitcoin raise again ? The large boom in value that the Bitcoin has seen this autumn is widely thought to be a result of Chinese users adopting it. As Chinese support has since waned, so too has the price.

[jamesc760]

That's an interesting question. I doubt Chinese miners will continue their mining operation now that their government has banned its people from putting money in. In China, bitcoin's wings have been clipped. Most Chinese recognize this fact. But, don't you worry! The slack will be taken up by stupid Americans and Europeans who continue to spend huge amounts of fiat and btc on worthless pre-orders.

[Takeshi_Kovacs]

Surely, if the new rules make it harder for Chinese people to obtain BTC by putting money into an exchange, they will be more likely to keep mining as that route is still open to them as a means to obtain BTC?

[JimiQ84]

Don't forget, that Hong Kong is sovereign enough to not ban money exchange for bitcoin. So Chinese people still have opportunities to change their juans for bitcoins

[GoldSeal]

I think Hong Kong uses HKD.

[cxboyminer]

YES!!! Hong kong people uses HKD. Hong kong is too good to be governed by those (cough) chinese people.

I dont think lots of hong kong people mines bitcoin after bitcoin was on the headline in TV news and loads of newspaper. My parents 'kind of' banned me from mining, so the only way to mine is to mine in the uk during school terms.

I predict BTC will continue to fall for a few more weeks.

[Its About Sharing]

The Chinese government did not ban people from transferring money into exchanges via banks. They banned banks from buying BTC - don't confuse the two.
They banned 3rd party service (e.g. Dwolla) from transferring money into exhchanges.

The problem stems from BTC China temporarily suspending (in their words) deposits from banks. So, I think we need a few more days to see what comes of the "ruling" and reaction.

Regarding mining, considering the above, I say mining GREATLY increases in China.

IAS

[crocko]

The Chinese government did not ban people from transferring money into exchanges via banks. They banned banks from buying BTC - don't confuse the two.
They banned 3rd party service (e.g. Dwolla) from transferring money into exhchanges.

The problem stems from BTC China temporarily suspending (in their words) deposits from banks. So, I think we need a few more days to see what comes of the "ruling" and reaction.

Please read my post carefully, I wrote the same above 

[nexus99]

They will mine more than the rest of the world combined.