China is preparing to wind down blockchain-related mining

[Theb]

~snip

I HOPE Inner Mongolia DOES ban and shut down existing cryptocurrency mining in their region. Excess electricity generated under the current capacity WILL be wasted, and revenues will fall. Other regions will be happy to allow it, and profit.

That's what is happening right now I can't find it again but the article that I have read yesterday is that the miners in Inner Mongolia have prepared to move out from other regions ahead of the ban so they are really flexible when it comes to laws in China. Of course Inner Mongolia's government won't know it but they have missed a good opportunity by maintaining and supporting the crypto miners they have in their region.

~snip
Inner Mongolia just like Hong Kong is another one of those Autonomous regions that has their own government so their decision is most likely independent and not something that can influence the other mainland regions.

They’re not truly Autonomous, read about the Hong Kong protests. The hand of Beijing is everywhere.

I don't know if Inner Mongolia and Hong Kong have the same case because from what I have read so far the police of Hong Kong is siding with the mainland government which I think is the main reason why Hong Kong is powerless with their own laws. Inner Mongolia is not in the same situation as Hong Kong.

[aysg76]

https://www.163.com/dy/article/G4BMAUMI0511A641.html

https://finance.sina.com.cn/roll/2021-03-13/doc-ikknscsi2912248.shtml

Bitcoin computing power is about to fall dramatically

The hashrates have already reduced and miners are shifting to other places for mining and China is moving down the list of key players of Bitcoin mining.They have already said such things a lot of times and introduction of China CDBC digital Yuan which will have no utility in future.A report suggest mining rates in china are reducing drastically due to such problems by the Chinese Government to the crypto enthusiast residing there instead of collecting huge taxes from them.Bitcoin mining cannot be stopped unless 2140 when 21 million coins will be mined inspite of any actions taken by government across the globe as miners will find a optimistic solutions for them globally.

[Kakmakr]

Do you guys remember back in the days when the Exchanges was in competition with each other and when they manipulated the trading volumes to create the impression that they were doing very large trading volumes? The Asian governments then stepped in and they closed down some of these Exchanges to force them to be transparent and to stop this practice.

Well, everyone said back then that it was the end of Bitcoin and the price dropped significantly back then... in reaction on this news. Well, look where we are now.... those Exchanges re-opened and the price skyrocketed to $60 000 .... so do not over react with news like this.  

[7788bitcoin]

China does have mining farms and as everyone here mentioned this is nothing new as we are hearing these news for a very long time. If China clams down on mining farms there are other farms around the globe and it will not affect the network and the only thing that needs to be done if there is a disparity is lowering the difficultly rate and everything will be back to normal.

[Yamifoud]

China does have mining farms and as everyone here mentioned this is nothing new as we are hearing these news for a very long time. If China clams down on mining farms there are other farms around the globe and it will not affect the network and the only thing that needs to be done if there is a disparity is lowering the difficultly rate and everything will be back to normal.

Indeed, after China announcing about banning crypto mining, a lot of countries filling the huge damage that it cost to the market dumps and we able to cope up not so long. If they are still doing it again, this never gives them worries because isn't China holds the future of crypto and we still survive without them, without their miners.
Let us see how this affects the market and let's see also if panic selling still visible or people just keep holding.

[Twinkledoe]

China does have mining farms and as everyone here mentioned this is nothing new as we are hearing these news for a very long time. If China clams down on mining farms there are other farms around the globe and it will not affect the network and the only thing that needs to be done if there is a disparity is lowering the difficultly rate and everything will be back to normal.

Indeed, after China announcing about banning crypto mining, a lot of countries filling the huge damage that it cost to the market dumps and we able to cope up not so long. If they are still doing it again, this never gives them worries because isn't China holds the future of crypto and we still survive without them, without their miners.
Let us see how this affects the market and let's see also if panic selling still visible or people just keep holding.

If China will seriously do this banning, it is their loss not ours. There are other big companies outside China that are into crypto mining and some that are venturing also. It may affect at the beginning of their total  closure bitcoin or crypto will not die because of them. But I doubt, they will totally crack down crypto mining. Maybe, their government just wanted to increase the tax that they are paying right now. A lil bit of negotiation and they will be back in business. If you know Chinese how they deal with business matters, then, you know, whatever they said is not final. They just need negotiations here.

[Searing]

So...

Big Whoop! Not!

Just means 'de-centralized' other miners in the world outside China...will be happy as hell with them being gone and $$$ going 'outside' china

on mining. This is what 'de-centralized means. Actually, on reflection..it would probably mean a pump in price on such a 'consolidation

[MCobian]

I'm getting bored with all the FUDs that come from China, they really want to make a lot of people have a negative view of cryptocurrency.
Maybe they are doing a black campaign so that the digital Yuan they create can be accepted more quickly. After all, as many members of
this forum have said, this is not new news. It has often been heard that the Chinese government has made statements that it will prohibit
mining of cryptocurrencies. But the fact is crypto mining is still going on and the price of Bitcoin has gone up, even the price of Bitcoin
managed to reach $ 61k.

[Wind_FURY]

~snip

I HOPE Inner Mongolia DOES ban and shut down existing cryptocurrency mining in their region. Excess electricity generated under the current capacity WILL be wasted, and revenues will fall. Other regions will be happy to allow it, and profit.

That's what is happening right now I can't find it again but the article that I have read yesterday is that the miners in Inner Mongolia have prepared to move out from other regions ahead of the ban so they are really flexible when it comes to laws in China. Of course Inner Mongolia's government won't know it but they have missed a good opportunity by maintaining and supporting the crypto miners they have in their region.

Then prepare for updated news of, either they’re not going to be banned, OR they are banned then leave, BUT are invited back in again. Bitcoin mining is good for business.

~snip
Inner Mongolia just like Hong Kong is another one of those Autonomous regions that has their own government so their decision is most likely independent and not something that can influence the other mainland regions.

They’re not truly Autonomous, read about the Hong Kong protests. The hand of Beijing is everywhere.

I don't know if Inner Mongolia and Hong Kong have the same case because from what I have read so far the police of Hong Kong is siding with the mainland government which I think is the main reason why Hong Kong is powerless with their own laws. Inner Mongolia is not in the same situation as Hong Kong.

Everyone bows to Beijing. It would be stupid to assume Inner Mongolia doesn’t follow orders from Beijing.

[Lorence.xD]

What is the connection of computing power of bitcoin going down to the title about winding down of China to blockchain related mining? I don't get why people still spread old FUDs despite being debunked or not remotely true, they still spread the story as if it will be enough to make people sell their bitcoin altogether making the price crash down, to everyone that is trying this shenanigans, you are 10 years too late and companies are already considering investing in bitcoin.

[Argoo]

https://www.163.com/dy/article/G4BMAUMI0511A641.html

https://finance.sina.com.cn/roll/2021-03-13/doc-ikknscsi2912248.shtml

Bitcoin computing power is about to fall dramatically

However, this should not be construed as a fight against bitcoin. The Chinese authorities are too pragmatic. They do not like the fact that too much cheap electricity is consumed from their hydroelectric power plants, and some miners even manage not to pay for it at all. The Chinese government is simply putting things in order in this area of business and trying to stop the revealed abuses. If it was a fight against bitcoin, it would be complex and we would clearly see that these measures are directed against bitcoins.

[cabron]

https://www.163.com/dy/article/G4BMAUMI0511A641.html

https://finance.sina.com.cn/roll/2021-03-13/doc-ikknscsi2912248.shtml

Bitcoin computing power is about to fall dramatically

However, this should not be construed as a fight against bitcoin. The Chinese authorities are too pragmatic. They do not like the fact that too much cheap electricity is consumed from their hydroelectric power plants, and some miners even manage not to pay for it at all. The Chinese government is simply putting things in order in this area of business and trying to stop the revealed abuses. If it was a fight against bitcoin, it would be complex and we would clearly see that these measures are directed against bitcoins.

Its purposely being represented that its a fight against Bitcoin my the media. However China seems to have more plans for the kind of distraction to them.

It would appear that they are trying to make it look like they are setting example for greener energy. As China’s Solar Industry Is Set Up To Be The New Green OPEC

[Wind_FURY]

https://www.163.com/dy/article/G4BMAUMI0511A641.html

https://finance.sina.com.cn/roll/2021-03-13/doc-ikknscsi2912248.shtml

Bitcoin computing power is about to fall dramatically

However, this should not be construed as a fight against bitcoin. The Chinese authorities are too pragmatic. They do not like the fact that too much cheap electricity is consumed from their hydroelectric power plants, and some miners even manage not to pay for it at all. The Chinese government is simply putting things in order in this area of business and trying to stop the revealed abuses. If it was a fight against bitcoin, it would be complex and we would clearly see that these measures are directed against bitcoins.

Its purposely being represented that its a fight against Bitcoin my the media. However China seems to have more plans for the kind of distraction to them.

It would appear that they are trying to make it look like they are setting example for greener energy. As China’s Solar Industry Is Set Up To Be The New Green OPEC

It’s called the China FUD, and it has been used by the nocoiners with an anti-Bitcoin agenda for YEARS. Zoom out the chart from 2012, and mark all the points/dates from when all the China FUD was posted. Nothing “killed” Bitcoin from $100 to $50,000. Honey Badger don’t care.

[Searing]

https://www.163.com/dy/article/G4BMAUMI0511A641.html

https://finance.sina.com.cn/roll/2021-03-13/doc-ikknscsi2912248.shtml

Bitcoin computing power is about to fall dramatically

However, this should not be construed as a fight against bitcoin. The Chinese authorities are too pragmatic. They do not like the fact that too much cheap electricity is consumed from their hydroelectric power plants, and some miners even manage not to pay for it at all. The Chinese government is simply putting things in order in this area of business and trying to stop the revealed abuses. If it was a fight against bitcoin, it would be complex and we would clearly see that these measures are directed against bitcoins.

Its purposely being represented that its a fight against Bitcoin my the media. However China seems to have more plans for the kind of distraction to them.

It would appear that they are trying to make it look like they are setting example for greener energy. As China’s Solar Industry Is Set Up To Be The New Green OPEC

It’s called the China F
UD, and it has been used by the nocoiners with an anti-Bitcoin agenda for YEARS. Zoom out the chart from 2012, and mark all the points/dates from when all the China FUD was posted. Nothing “killed” Bitcoin from $100 to $50,000. Honey Badger don’t care.

2013 China FUD/Crackdown https://www.bbc.com/news/technology-25233224

2014 China FUD/Crackdown  https://www.coindesk.com/bitcoin-price-declines-following-false-report-chinas-bitcoin-ban

2017 China FUD/Crackdown https://www.reuters.com/article/instant-article/idINKCN1BJ1US

2017 China FUD/Crackdown https://www.lawfareblog.com/understanding-chinas-crackdown-bitcoin-and-icos

2018 China FUD/Crackdown https://www.scmp.com/news/china/economy/article/2132119/beijing-bans-bitcoin-when-did-it-all-go-wrong-cryptocurrencies

2019 China FUD/Crackdown https://cointelegraph.com/news/chinas-crackdown-on-cryptocurrency-trading-a-2019-recap

2020 China FUD/Crackdown https://www.coindesk.com/china-exchanges-crackdown-binance-huobi-okex

2021 China FUD/Crackdown https://forkast.news/inner-mongolia-shut-down-crypto-mining-china-bitcoin-miners/


So it goes, the effort to 'regulate' the 'decentralized' blockchain that is Bitcoin. IF by some 'miracle' BTC is ever 'regulated' into submission by the use

of power/law/gov't crackdown/or whatever. That will be my 'clue' to become like the young people and become a 'minimalist'. I'd sell everything and

travel..because once ANY decentralized blockchain BTC/Crypto can be un-de-centralized through the use of 'regulation' and power by the wealthy

banking/traditional wealth/gov't etc...well, all hope is lost. IMHO, we would be looking at 'serfdom' in 100 years. Can you 'imagine' if Satoshi had

patented Bitcoin and made it a 'centralized banking coin'! I mean you can move 1 Billion dollars for like $2.80 I think I read, imagine the money you

could make in banking, where ..hell...most? of their money is made in fees of one sort or another. I'm pretty sure they'd still keep the $40k or whatever

it would take to move $1 Billion dollars and just pocket the change. We'd have Trillionaires in 10 - 15 years...with so much concentration in wealth every

frigging country in the world would be an Oligarchy and a Banana Republic, so power concentrates..unless something grassroots pushes against such.

Sh*t, just went and scared myself!

The 'struggle' will continue well into the next 2 decades on this push/pull of decentralized wealth (BTC/Crypto) and centralized traditional wealth and power.

Brad

[Wind_FURY]

https://www.163.com/dy/article/G4BMAUMI0511A641.html

https://finance.sina.com.cn/roll/2021-03-13/doc-ikknscsi2912248.shtml

Bitcoin computing power is about to fall dramatically

However, this should not be construed as a fight against bitcoin. The Chinese authorities are too pragmatic. They do not like the fact that too much cheap electricity is consumed from their hydroelectric power plants, and some miners even manage not to pay for it at all. The Chinese government is simply putting things in order in this area of business and trying to stop the revealed abuses. If it was a fight against bitcoin, it would be complex and we would clearly see that these measures are directed against bitcoins.

Its purposely being represented that its a fight against Bitcoin my the media. However China seems to have more plans for the kind of distraction to them.

It would appear that they are trying to make it look like they are setting example for greener energy. As China’s Solar Industry Is Set Up To Be The New Green OPEC

It’s called the China F
UD, and it has been used by the nocoiners with an anti-Bitcoin agenda for YEARS. Zoom out the chart from 2012, and mark all the points/dates from when all the China FUD was posted. Nothing “killed” Bitcoin from $100 to $50,000. Honey Badger don’t care.

2013 China FUD/Crackdown https://www.bbc.com/news/technology-25233224

Let’s use Bitstamp’s price history because it’s the longest.

Date of news, December 5, 2013. Bitcoin’s price - $1,035.67

2014 China FUD/Crackdown  https://www.coindesk.com/bitcoin-price-declines-following-false-report-chinas-bitcoin-ban

March 21, 2014 - $570

2017 China FUD/Crackdown https://www.reuters.com/article/instant-article/idINKCN1BJ1US

June 23, 2017 - $2,685.05

2017 China FUD/Crackdown https://www.lawfareblog.com/understanding-chinas-crackdown-bitcoin-and-icos

October 5, 2017 - $4301.09

2018 China FUD/Crackdown https://www.scmp.com/news/china/economy/article/2132119/beijing-bans-bitcoin-when-did-it-all-go-wrong-cryptocurrencies

February 5, 2018 - $6,874.27

2019 China FUD/Crackdown https://cointelegraph.com/news/chinas-crackdown-on-cryptocurrency-trading-a-2019-recap

December 30, 2019 - $7,220.24

2020 China FUD/Crackdown https://www.coindesk.com/china-exchanges-crackdown-binance-huobi-okex

November 13, 2020 - $16,335.58

2021 China FUD/Crackdown https://forkast.news/inner-mongolia-shut-down-crypto-mining-china-bitcoin-miners/

March 5, 2021 - $48,739.21

Plus Bitcoin has been running for 11 years. ELEVEN YEARS! How much longer should the protocol run before it gets the recognition it deserves?

[jjdub7]

https://www.163.com/dy/article/G4BMAUMI0511A641.html

https://finance.sina.com.cn/roll/2021-03-13/doc-ikknscsi2912248.shtml

Bitcoin computing power is about to fall dramatically

In general, it is about the Mongolia Region in China, which plans to ban new projects for extraction of cryptocurrencies and to create existing "mines" for such.

China accounts for about 65% of all bitcoin production worldwide, with only 8% of global bitcoin being mined globally, as is energy. In comparison, the US accounts for 7.2% of bitcoin production worldwide.

Inner Mongolia, located in the northern part of China, is failing to meet the goals of the Central Government for the future of energy in 2019. In response, the commission for development and development in the region has outlined plans to reduce energy consumption.

[bryant.coleman]

A lot of FUD is being spread around this news. The reason why Inner Mongolia is discouraging Bitcoin mining (and other high-electricity intensive industrial activity) is due to rising pollution levels. Most of the electricity comes from coal-fired power plants and the local administration therefore want to reduce the consumption of electricity. It has nothing to do with any sort of ban against Bitcoin or other cryptocurrencies. For now, it looks like the mining rigs might have to shut down their operations, or move towards cleaner energy.

[posi]

China taking down blockchain related mining is out of the attention of the cryptocurrency market because the Chinese government is not stupid, if they want to take it down they would have done it long ago when they ban Bitcoin and the reason why they ban Bitcoin is because they believe it a threat to their CBDC and power since they are marxism country.
With that been said, if China bans crypto mining today it won't affect cryptocurrency but it will pave way for solo mining.

everything aim for regulation and the interest of the government. Chinese leaders are learning about blockchain as well as cryptocurrencies to find a way out, they're no stipid.
I think in the end, China will accept bitcoin together with mining, but they'll develop a pertinent law on all those stuff.

The Chinese government have learned about block chain and crypto currency long ago before the creation of their Central Bank Digital Currency (CBDC) or else they won't have to create it without full awareness of cryptocurrency. But I don't see them accepting Bitcoin in the future due to their communist rules and regulations and they have already supported what they will support about cryptocurrency which is mining.

[Searing]

I just watched a video regarding this just a few hours ago and here is the link. It might be the same.
https://www.youtube.com/watch?v=4hZU7qska34

Base on the video, looks like they want to wind down Bitcoin mining for the environment because they are spending too much electricity on Bitcoin mining that it destroys the environment (at least that is what they said). One thing more is that, the CCP wants to focus the people on thing that the Communist can be controlled. Bitcoin can't be controlled by them that is why they released their own digital currency that they can be controlled and it is called Digital Yuan. Well, with regards to the price of Bitcoin and base on the date they released that untranslated statement looks like that it pumped after the article has been released.

Non-China miners are celebrating.....if this comes to pass...more $$$$ for them in the rest of the world

[Sithara007]

Non-China miners are celebrating.....if this comes to pass...more $$$$ for them in the rest of the world

Nothing to celebrate here. It's all just pure FUD. Hardly any truth in these rumors. From what I have heard, the autonomous region of Inner Mongolia has placed restrictions on electricity usage, to combat the worsening atmospheric pollution. Industries that consume a lot of electricity (most of it generated from thermal power plants) are being told to shut down their operations. And by no means it is specific to the Bitcoin mining farms.