AGAIN: China says it wants to eliminate bitcoin mining

[senin]

All governments in the world treat negatively cryptocurrencies and Bitcoin as alpha-currency, they are afraid of financial capital leaving the country's budget in the shade.
My opinion is that China is simply taking another step towards Bitcoin legalization, there can be no complete denial ...

Back in 2017, the Chinese government stated that it considers a decentralized cryptocurrency a threat to its economy. In the future, it will periodically take measures to restrict the circulation of cryptocurrency, and it seems that it has already been banned from mining it several times. Many Chinese have already found other countries for mining, in particular, the province of Quebec in Canada, where the cold climate is suitable for this and Belarus, where preferential legal conditions are created, and in other places. So, in my opinion, these are not the first threats, and the Chinese have long been ready for this.

[proTECH77]

Whenever Bitcoin price starting to rally china always release a news statement that they will ban anything about bitcoin or cryptocurrency.

During the 2017 bull how many bans and restriction they announce and it didn't stop the bull from raging the market.

That's the point, the China have been playing their games around the world of cryptocurrency and in particular Bitcoin because, they are in charge of the mining equipment of Bitcoin and other cryptocurrency. They have done it before and never worked, not even now that the market has started to recover that it will work. Since the news feeds in the market still growing. China politics will not work on Bitcoin and cryptocurrency in general.

[hyunee]

I've heard of this news but I don't know how that thing did not affect bitcoin price? Usually when China wants to create a FUD just like last 2017 to ban cryptocurrency on their country, it affected the price and made the price of bitcoin go down. Do you know why did this happen?

[mkcjeewantha]

  my opinion is they are scared of BTC because they can't control this currency like the way they control everything so they want to get away from this. but China is not the only country in this world so there is nothing to worry BTC will be mining where ever, whenever need! so I'm not worried about it!  BTC has recovered well so let's enjoy it! I wish all my crypto loving friends all the very best!  

[vit05]

I do not believe that today the impact of this news can affect as much as it could have affected in the past. In 2017, rumors were that they would banish it altogether. Strangely at that time the price only increased, of course, motivated by several other factors.

By 2017, China had a crucial role in all aspects involving Bitcoins. It was the largest producer of mining hardware. They were where the biggest miners were concentrated. It had large exchanges that were responsible for a considerable slice of world volume.

We had some drops at that time, and then we had significant highs.

Today the entire mining structure can be easily transported. The equipment can get a little more expensive if produced in another country, but it is unlikely that they will ban the production of it. The price impact, if any, will be minimal.

[bitcoin-shark]

i believe that all governments try to prevent the spread of something that is not under their control and does not bring benefits (taxes) to the state, but it will not be so easy to block the miners, i believe many of them come from China and mining is their main entry...

[Ucy]

This would not be happening If people were mining on Pc or small devices. Proof of Stake is not an option though. It just doesn't feel right.


This should serve as warning to those whose blockchains are trillion of terabyte in size. If they keep growing at this rate the blockchains will eventually lose their censorship resistance which should be an important feature of a real Blockchain. Blockchain shouldn't be approaching this size unless we're certain that storage devices will keep increasing in capacity, becoming cheaper and smaller.


Large scale mining should be avoided by all means. Capitalism doesn't work so well on this kind of thing.
Would be great if wealthy miners can create & provide services via permissionless online mining hubs for millions of globally distributed miners and charge the miners certain amount of their profits. Much safer than having too many miners concentrated on a place.  And Ofcourse the wealthy miner should not be able to censor transactions using the hubs

[DreamStage]

“I believe China simply wants to ‘reboot’ the crypto industry into one that they have oversight on, the same approach they took with the Internet.”

This would be a good thing if it would be better then Blockchain i would go with it.

“Bitcoin mining wastes a lot of electricity,”

Well in fact China is getting his polution levels lower each day now which is a good thing. Maybe that's some reason why they want to ban mining to prevent some "additional polution".

[MakeMoneyBtc]

i believe that all governments try to prevent the spread of something that is not under their control and does not bring benefits (taxes) to the state, but it will not be so easy to block the miners, i believe many of them come from China and mining is their main entry...

If they want to do something you gotta be sure they will probably achieve it because China's government is one of the biggest and most powerful in the world. Of course they csnt stop each and every miner existing in their country but most of them will quit mining if China announces to restrict it because if they get caught they risk to get huge fines or face prison.

[pixie85]

That's one side of the story. If we consider pollution by country.

BUT, and there is a big but, if we take the other stats, from the same page you took the graph, it paints a different story.

2015 per capita carbon dioxide emissions from fuel combustion (metric tons)
https://i.imgur.com/7LZ0Vw4.png

India may pollute 1/3 of the US but the average Indian only does 10% compared to an American or Canadian.

Fine, but those polluting aren't average citizens of a country but governments. An average Indian or Chinese doesn't produce much pollution just as an average American. It's not their choice to have a coal power plant or a car factory nearby.
It doesn't matter how many Indians or Chinese people live in the area. What matters is the number of pollutants like factories power plants and refineries.
If you build a very big factory in a very small country you will top that per capita statistic like Saudi Arabia is.

My goal wasn't to compare countries but to show that one of the biggest pollutants in the world has no right to say they care about the environment and therefore fight bitcoin mining.

[Widya0986]

All governments in the world treat negative cryptocurrency and Bitcoin as digital currencies, they are afraid of financial capital that makes the state budget under shade. Seeing this situation is what makes the bitcoin situation increasingly threatened and makes the value of bitcoin fall rapidly because China is one of the biggest Bitcoin exchanges in Asia. Just wait for it to continue, if it is closed it means there is a possibility that bitcoin and altcoin will fall rapidly.

[michellee]

“I believe China simply wants to ‘reboot’ the crypto industry into one that they have oversight on, the same approach they took with the Internet.”

This would be a good thing if it would be better then Blockchain i would go with it.

“Bitcoin mining wastes a lot of electricity,”

Well in fact China is getting his polution levels lower each day now which is a good thing. Maybe that's some reason why they want to ban mining to prevent some "additional polution".

They want to ban mining, but they still allow some company or individuals to mining bitcoin. I guess that they are not serious with that because they see the potential to mining bitcoin and the other coins. They will do this again and again in the future, and even they stop or ban the mining process, I think it will give a good impact for the other because one big competitor is reduced and it gives a chance for the other to do mining and try to be the next bigger mining company.

[coin-investor]

Can they really do it and can they totally wipe mining in their region, Chinese have proven that there is huge to be made in mining Cryptocurrency, they will find a conducive location, they are very enterprising and even if locating to other countries will be one of their location, but let's see how it goes.

[mustangy]

Ohhh yea they lost all exchanges and billion flies away when they fight with them.
Now miners China is new superpower who is not aware yet. Politics are idiots.
thousands of smart financial analyzers and coders gone to japan and korea or malta from china.
my guess this is good news and  better for bitcoin decentralization. 
fck Jihan scammer

[dentolas]

well, I'm getting used to the constant news about China... they just seem to keep banning and accepting BTC in a cycle...
China is very closed, and crypto is a small community in which a lot of interests move... so ....
For me it is hard to think about the motherland of Bitmain leaving BTC mining, and just a few weeks ago, I've read something about the government issuing one more mining license for bitmain to operate on an additional province...
And have you seen chinese rivers, cities air quality, etc?... do these guys seem worried about the environment?
have you seen that the leading solar power manufacturer is china, and they are rising really fast in renewable energy production capacity?
well, better to wait and see  

[shesheboy]

All governments in the world treat negative cryptocurrency

not all meyt  . recently i saw a statistic made up by some user which say that there are now 110 countries that allows and legalize the use of cryptos and the rest 10 countries are under review  .

Seeing this situation is what makes the bitcoin situation increasingly threatened and makes the value of bitcoin fall rapidly because China is one of the biggest Bitcoin exchanges in Asia.

there was a news on the past that say china had ban crypto and ico's  but the price did not fall too hard  . now if the banning will happen , i dont think that the price will fall too much  .  chinese will always find a way to use thier cryptos  even if its risky  .

They want to ban mining, but they still allow some company or individuals to mining bitcoin.

if they allow some to continue mining then that is not a total ban  . the ban can only be happening on several region or cities  . there is a good chance that the bad is only for temporary purposes  .