China to restrain mining

[Duzter]

We might think that they make sudden rule changes and make it come to effect. But the contributions that they've made for the growth of bitcoin as well the cryptocurrency network as a whole is very big and truly if they haven't took it with such an willingness we could have never reached such a growth scaling in this short time frame.

[error08]

That is old news. People have already explained that China has some major power plants in locals that do not attract so many industries so it is great for the country put some Bitcoin Farms there.

What do you mean? After clampdown miners in there, China government want to establish their own bitcoin mining farms? LoL
Jihan Wu as Bitmain co-founder has moving their mining operational in the US, Canada and currently build a regional headquarters in Singapore.
Even if China completely ban anything relate to cryptocurrency, they can't ban people's will to adopt cryptocurrency, there will always a way to trade and mine bitcoin obviously.

[filharvey]

China’s central bank told a top-level government internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production, a source said.

Rather good news. "Gradually" is the key word, they don't intend to force miners to shut down immediately, just to cap their power usage over time.

That would be a shift in mining power, China will be gradually losing its % of hashpower, which is probably a good thing.

I completely don't understand the decision of Chinese government, by having majority of BTC hashpower on their territory - they have some sort of control over BTC (they could take over and attack BTC if it ever become a threat to them). Are they really that concerned that power consumption can get out of hand and cause shortage?

That would be really a great news for bitcoin world since chinese miners would no more be able to influence decisions which should be taken by core team.

It has already been discussed that china would not go against bitcoin mining since its a revenue for their country as mined bitcoins are sold to the whole world.They have already took strict actions against exchanges.And now,the decision comes against miners.

Bitcoin world would definitely face network congestion since majority of bitcoins are mined till now from china.But step by step,it would get clear as big companies start to shift their farms from china and set up it in other friendly countries whether cheap electricity is available.

[rickadone]

China’s central bank told a top-level government internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production, a source said.

Rather good news. "Gradually" is the key word, they don't intend to force miners to shut down immediately, just to cap their power usage over time.

That would be a shift in mining power, China will be gradually losing its % of hashpower, which is probably a good thing.

I completely don't understand the decision of Chinese government, by having majority of BTC hashpower on their territory - they have some sort of control over BTC (they could take over and attack BTC if it ever become a threat to them). Are they really that concerned that power consumption can get out of hand and cause shortage?

It is really a good thing like you said and with them losing a huge percentage of their hash power, which should really spread mining power.

You think they are concerned about the hash power, they are concerned about crypto at large and the threat it means to their socialist form of system and the level it can really affect them and shift wealth and power to some individuals, but that is none of my business anyway, as long as they end up being forced by their own government to dish out the hash powers.

[nl247]

Please read below article. I for one think that China completely leaving the Bitcoin world would be great so we can stop running across their pathetic rule changes.

https://www.reuters.com/article/us-markets-bitcoin-china-mining/china-central-bank-can-tell-local-governments-to-regulate-bitcoin-miners-power-use-source-idUSKBN1ES0TD

Honestly, that for me is a whole lot of good news. Enough is enough! The sort of negative energy that is always coming from that region first and foremost is preposterous and if their move can even make the hash power in China to reduce, that would really be a good one anyway. However, whatever the government may want to do, clamp down or any shitty thing they want to do, it cannot stop the crypto market from hitting every barrier.

[CryptoBry]

China’s central bank told a top-level government internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production, a source said.

Rather good news. "Gradually" is the key word, they don't intend to force miners to shut down immediately, just to cap their power usage over time.

That would be a shift in mining power, China will be gradually losing its % of hashpower, which is probably a good thing.

I completely don't understand the decision of Chinese government, by having majority of BTC hashpower on their territory - they have some sort of control over BTC (they could take over and attack BTC if it ever become a threat to them). Are they really that concerned that power consumption can get out of hand and cause shortage?

I am sure that China has a different thing in mind when it decided to also limit and soon kick out Bitcoin mining from its official jurisdiction. Anyway, this is a big good news to all of us in the Bitcoin community. China will not anymore have that power to control Bitcoin and we will not be under its threats and FUD. This can also lead to the  "deconcentration" of the mining power away from China which can be good in the long term. It is about time that the whole cryptocurrency market will forget about China though am sure that many of their citizens are still into this market. We can all survive and prosper without the big China market.

[Fedrey]

China’s central bank told a top-level government internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production, a source said.

Rather good news. "Gradually" is the key word, they don't intend to force miners to shut down immediately, just to cap their power usage over time.

That would be a shift in mining power, China will be gradually losing its % of hashpower, which is probably a good thing.

I completely don't understand the decision of Chinese government, by having majority of BTC hashpower on their territory - they have some sort of control over BTC (they could take over and attack BTC if it ever become a threat to them). Are they really that concerned that power consumption can get out of hand and cause shortage?

I am sure that China has a different thing in mind when it decided to also limit and soon kick out Bitcoin mining from its official jurisdiction. Anyway, this is a big good news to all of us in the Bitcoin community. China will not anymore have that power to control Bitcoin and we will not be under its threats and FUD. This can also lead to the  "deconcentration" of the mining power away from China which can be good in the long term. It is about time that the whole cryptocurrency market will forget about China though am sure that many of their citizens are still into this market. We can all survive and prosper without the big China market.

as today Japanese activity in the field of crypto-currencies began to develop, I am convinced that it is the Japanese that can replace the Chinese in this market. To date, in Japan, the crypto currency has been practically legalized and any actions will be legal, unlike China.

[Kemarit]

China’s central bank told a top-level government internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production, a source said.

Rather good news. "Gradually" is the key word, they don't intend to force miners to shut down immediately, just to cap their power usage over time.

That would be a shift in mining power, China will be gradually losing its % of hashpower, which is probably a good thing.

I completely don't understand the decision of Chinese government, by having majority of BTC hashpower on their territory - they have some sort of control over BTC (they could take over and attack BTC if it ever become a threat to them). Are they really that concerned that power consumption can get out of hand and cause shortage?

I am sure that China has a different thing in mind when it decided to also limit and soon kick out Bitcoin mining from its official jurisdiction. Anyway, this is a big good news to all of us in the Bitcoin community. China will not anymore have that power to control Bitcoin and we will not be under its threats and FUD. This can also lead to the  "deconcentration" of the mining power away from China which can be good in the long term. It is about time that the whole cryptocurrency market will forget about China though am sure that many of their citizens are still into this market. We can all survive and prosper without the big China market.

as today Japanese activity in the field of crypto-currencies began to develop, I am convinced that it is the Japanese that can replace the Chinese in this market. To date, in Japan, the crypto currency has been practically legalized and any actions will be legal, unlike China.

As of now, Japan is the new leader, it has filled the void when China left, no questions about it. And now they are also trying to enter the bitcoin mining by developing its own bitcoin mining hardware (GMO). And as what other posters have pointed out, it China decided to ban bitcoin mining, there will be short term effect, but for long term we can withstand it. It's really better for us to really removed Chinese from the bitcoin equation, yes, they have been very supportive of it but their government chooses to turns it back against it. Let's see how Jihan Wu would really react if China orders a full ban of all crypto related activities. I'm sure he has made tons of money and he can probably shift his operations if he still wants to go to the mining business. As for me, the earlier they go out and exit, the better for us long term.

[AidenCasanova]

China’s central bank told a top-level government internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production, a source said.

Rather good news. "Gradually" is the key word, they don't intend to force miners to shut down immediately, just to cap their power usage over time.

That would be a shift in mining power, China will be gradually losing its % of hashpower, which is probably a good thing.

I completely don't understand the decision of Chinese government, by having majority of BTC hashpower on their territory - they have some sort of control over BTC (they could take over and attack BTC if it ever become a threat to them). Are they really that concerned that power consumption can get out of hand and cause shortage?

actually, i dont understand about how BTC price go down with this news besides microsoft abandon BTC payment
when less miner go into this business, dont you think it should be less supply will enter the market or exchange
when less supply, it should be higher price when demand is stable
i just dont understand about this market yet 

[arpon11]

Please read below article. I for one think that China completely leaving the Bitcoin world would be great so we can stop running across their pathetic rule changes.

https://www.reuters.com/article/us-markets-bitcoin-china-mining/china-central-bank-can-tell-local-governments-to-regulate-bitcoin-miners-power-use-source-idUSKBN1ES0TD

I will advice that Chinese governments should come out openly to state their mind about bitcoin and others cryptocurrencies for us to find out what is it their are really looking for as this their today we are friends and tomorrow we are enemy relationship will be well defined. If the government decision is to continue creating fud in other for them to buy cheap and for panic traders to keep running at lose is not a healthy strategies for the development of cryptocurrencies. After banning exchange we hear their banned ico and now mining! I think they should take a position so that bitcoin can move on.

[leopard2]

Really great news, whohooo!!!

You see, until now, most blocks were mined in China, and sold abroad so that a current of foreign exchange was flowing into China.

Now they are closing the money-tap, much stupidity so funny, wow!!

This means, after a little difficulty adjustment, money will flow elsewhere. Maybe Norway? They don't put political opposition into concentration camps, or occupy neighbouring countries.

Thank you god.  

What happened last time they banned Bitcoin exchanges? 3000->18000, so where are we heading now? 

Cheers
leo2

[Blockfolioz]

Mining has been lead by China during the early days, and later due to some sort of economic issues that prevailed around the globe regulatory acts has been getting effective. Mining is getting more and more spread around the other parts of the world and the same will not affect even when China get out of the same.

[Omega Weapon]

China’s central bank told a top-level government internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production, a source said.

Rather good news. "Gradually" is the key word, they don't intend to force miners to shut down immediately, just to cap their power usage over time.

That would be a shift in mining power, China will be gradually losing its % of hashpower, which is probably a good thing.

I completely don't understand the decision of Chinese government, by having majority of BTC hashpower on their territory - they have some sort of control over BTC (they could take over and attack BTC if it ever become a threat to them). Are they really that concerned that power consumption can get out of hand and cause shortage?

China and their massive amount of coal and hydro power do not get worried about that at all, we must understand that this decision comes from many perspectives, not only they do not want something like bitcoin since they cannot control it, the Chinese have a long history of trying to control what their population does, it does not matter if there we emperors or communists in power, this is a reflection of that.

[naidray]

It's weird how they're regulating mining's power use though, rather than mining itself. If their plan really is to reduce and hurt mining, this is a rather roundabout way of doing it. This seems like it will have more loopholes and such. Is the writer sure China simply doesn't want to regulate its overall power consumption? It's just weird.

I don't have any strong feelings regarding China's position in the Bitcoin market, but I would prefer the hashrate to be distributed among countries better. We need every country if we want Bitcoin to reach mass adoption.

I would rather prefer that as well than a whole country having a huge percentage of the hash power and that is what gives them the power to somehow want to attack bitcoin. With this happening and with china making the whole mining activity uneasy for the miners, this would gradually spread the mining hash power to other countries rather than having just one country holding a large chunk of it all.

[Topaz72]

I have seen an interview of BTCC Ceo stating that China might at some point revert its previous actions against Bitcoin, but that it might take years if they ever plan to really do so.

I hope not. I am quite sure that the majority of the people here are happy that China's role in this market has diminished to the absolute bottom in a fairly short period of time. They are nothing more than an obstacle.

Just think back at how much of a problem they have been each time the market was increasing. It always was just a matter of time before they announced something that would then cause the market to plummet.

People thought that China's partial exit would result in severe problems for this market, but guess what, we have done better than ever before from the moment Chinese exchanges were forced to shut down. I am happy.

bitcoin is such a currency which is trying to help every country we know that china and Indonesia ban bitcoin but  I know very well still in many part of china bitcoin is still suing because they know how bitcoin is important for them bitcoin is the only currency which is good for rich and also for poor countries because its price is very high than any other currency so I’m sure that in future china will welcome bitcoin once again and if china accept bitcoin so its price will go high again.

[Victorycoin]

I completely don't understand the decision of Chinese government, by having majority of BTC hashpower on their territory - they have some sort of control over BTC (they could take over and attack BTC if it ever become a threat to them). Are they really that concerned that power consumption can get out of hand and cause shortage?

It goes without saying that China topmost priority or rather anxiety borders on protectionism of its Yuan against the intimidating presence of Bitcoin from the background. To Bitcoin enthusiasts, it turns out that is rather a welcome development as anything that relinquishes China's grip on the cryptocurrency industry is a relief and answered prayers. Interestingly Japan is now in the picture of things and we know they have the capacity and will to see Bitcoin survive and excel.

[orions.belt19]

It's weird how they're regulating mining's power use though, rather than mining itself. If their plan really is to reduce and hurt mining, this is a rather roundabout way of doing it. This seems like it will have more loopholes and such. Is the writer sure China simply doesn't want to regulate its overall power consumption? It's just weird.

I don't have any strong feelings regarding China's position in the Bitcoin market, but I would prefer the hashrate to be distributed among countries better. We need every country if we want Bitcoin to reach mass adoption.

Then it may mean that China doesn’t want to regulate mining but instead, minimize the power used for it. I find China to be acountry that are control freaks, they always want everything at their hands and within their control so this regulation may just be an act so as to have some control over the mining in China. Although China is really big country that would really help and contribute if they are able to mine at full power, there’s nothing we can do with a regulation like that.

[Vladv26]

Their purpose is just to gradually reduce the minig from China because the power used for it is pretty big. Somewhat for them it is a good thing but I dont really think this help them.

I dont understand why they want to do this because CHina produces the biggest quantity of bitcoin and this help the country in some way because people bring a lot more money to the economy of China. It is probably because they know they cant fully stop it or people doesnt pay any taxes for mining. I dont think they have a problem with the electricity since it is profitable and they can anytime bring more electricity if there isnt enough wich I doubt

[iv4n]

Their purpose is just to gradually reduce the minig from China because the power used for it is pretty big. Somewhat for them it is a good thing but I dont really think this help them.

I dont understand why they want to do this because CHina produces the biggest quantity of bitcoin and this help the country in some way because people bring a lot more money to the economy of China. It is probably because they know they cant fully stop it or people doesnt pay any taxes for mining. I dont think they have a problem with the electricity since it is profitable and they can anytime bring more electricity if there isnt enough wich I doubt

Did you saw recent situation in South Korea? First news were that South Korea plans to ban trading with cryptos, and after few days, yesterday, some government officials said that they don't have such plans. That was the reason why price dropped to 13500 dollars and now recovering. Spinning the news is very popular, in Asia they do it a lot apparently, or do they do it or someone else? Long ago I stopped to believe in many news, I check, then double check if I wish something to find out.
This is similar, stories from China and their government are different every day, and still they are doing the same. Who knows are they trying to drop the price to buy more or they have some other agenda.