If China Bans Bitcoin Exchanges, will they also ban Bitcoin mining?

[Btc@Yami]

HI, My name is Yami from china。Be happy here！
In 2015, I gave maximum attention to it,and took part in it !
Now，China didn't Bans Bitcoin Exchanges，and didn't ban Bitcoin mining
But the government has releasd policy that all the Bitcoin Exchanges be regulated。


My Telegram: +8615900457893
My Email: btc2017yami@gmail.com

[Sithara007]

If they do that, then it will be good for the Bitcoin users. Because mining pools such as Antpool are wasting the block size by not filling their blocks completely. A lot of times, their blocks are just 200 KB or 300 KB in size. They are trying to artificially increase the tx fee by delaying the transactions. This can't be allowed to proceed.

[Wong Gendheng]

I'm sure no, of course there will be a refusal from the mining companies, in fact bitcoin has been able to reduce unemployment in China so I'm sure the Chinese government will not be banned bitcoin mining company.

[Wind_FURY]

Seems like it's time for Bitcoin to ban China.

Hahaha. That would certainly be good to see in the headlines. But you really cannot blame China's move though. They are feeling threatened by the all the disruption the cryptocurrencies are bringing in finance. There must be powerful people out there who are are trying to put the pressure back on Bitcoin by making threats of their own.   

[Asyifiah]

 1 = http://fortune.com/2015/11/04/jamie-dimon-virtual-currency-bitcoin/ ( Jamie Dimon: Virtual Currency Will Be Stopped )
2 = https://www.cnbc.com/2017/09/12/jpmorgan-ceo-jamie-dimon-raises-flag-on-trading-revenue-sees-20-percent-fall-for-the-third-quarter.html ( JPMorgan CEO Jamie Dimon says bitcoin is a 'fraud' that will eventually blow up )
3 = https://www.forbes.com/sites/laurashin/2017/05/22/jpmorgan-chase-to-integrate-zcash-technology-to-its-enterprise-blockchain-platform/?c=0&s=trending#72682f397a33 ( JPMorgan Chase To Integrate Zcash Technology To Its Enterprise Blockchain Platform )

here we know who is the strongest in society , once JP Morgan said as in the news but look what has been done for some time now.
really funny this guy.
 

[Juggy777]

So, recent news that China is either going to ban bitcoin exchanges, or they already have ... If that's the case, will that include miners?  Or will mining become pointless if they can't exchange BTC to pay their expenses?  I keep hearing that China has cheap energy, so I was wondering all along if China would discover these energy hogs and either tax them, or shut them down.

What sort of effect would this have on Bitcoin mining if China gets shutdown?  Catasptrohic? Or the difficulty goes down and we get on fine without them? 

People are just loosing their cool cause it's come from China, their every move is being scrutinized like Bitcoin only depends on China, it doesn't, China is acting stupid let them, I am sure normallcy will be restored and people we will have prices up. I don't think so they can ban mining cause lots of money is already invested by people, even if let's say it is banned, they will be able to sell their hash and their coins on foreign exchange, I am this is a temporary situation and things will improve.

[maydna]

i wonder why people is panic and over react with the negative news and we don't know yet if its true or not. if china is bans bitcoin mining then i think many china mining company will collapse. in the other side, i am sure that there will be many country will allow bitcoin in their country and if china really banned bitcoin, i think they will regret it because bitcoin have big community today and they will give support for bitcoin to stay for a long time.

[MattHoo]

Recently, many news reported that china is going to ban bitcoin  exchanges on a mount of sites, but i don't think this will happen as bitcoin is the world cryptocurrency, and there isn't any news from china official website announcing it will shutdown the bitcoin exchange. So the bitcoin mining is still running well.

[rafzalan]

After a few days of lower BTC/CNY price vs BTC/USD , now
I can see BTC/CNY volume goes up and its price reach the other pairs, what happened to ban?

[SoulBargain]

Bitcoin does not depend on one country anymore. If China bans Bitcoin, it is already legal in Japan and parts of US. So, Bitcoin, mined at China, can easily be sold at those exchanges.

A decentralized system it is. China has been a great asset in Bitcoin's economy but if suddenly it would disappear then it would not disrupt the economy of Bitcoin itself due to its decentralized nature. Also, it is now more distributed across the world compared before which is a bit focused to one place especially China.

[Karpeles]

Would be needles to ban Bitcoin mining. If you can't sell your bitcoins then there is no point in mining because you need to pay electricity and other expenses, specially if you are a professional, and Bitcoin mining isn't for amateurs anymore, and a ban of BTC exchanges would be enough to scare most people to stay away from Bitcoin because China is far from being a democracy.

But there is no evidence that China will ban exchanges, only rumors based on anonymous sources that probably doesn't even exist

[btc_angela]

Seems like it's time for Bitcoin to ban China.

Hahaha. That would certainly be good to see in the headlines. But you really cannot blame China's move though. They are feeling threatened by the all the disruption the cryptocurrencies are bringing in finance. There must be powerful people out there who are are trying to put the pressure back on Bitcoin by making threats of their own.   

I also felt that this is the logical explanation why China became anti-bitcoin suddenly. They thought that bitcoin will not reach this height so they allowed bitcoin and other related industry without any regulation. But starting this year, they started to bust it up specially now that the price is going to $4000-$5000. They feeling that their Yuan is being threaten by the emergence of bitcoin in their country. As a communist nation, they need something to stop this madness and took control of everything.

[TitanGEL]

So, recent news that China is either going to ban bitcoin exchanges, or they already have ... If that's the case, will that include miners?  Or will mining become pointless if they can't exchange BTC to pay their expenses?  I keep hearing that China has cheap energy, so I was wondering all along if China would discover these energy hogs and either tax them, or shut them down.

What sort of effect would this have on Bitcoin mining if China gets shutdown?  Catasptrohic? Or the difficulty goes down and we get on fine without them? 

The bitcoin and the ICO is now banned in the China. China has many reasons why they ban the bitcoin and the ICO. I think it has only small effect to the price of the bitcoin.

[richardivan]

Would be needles to ban Bitcoin mining. If you can't sell your bitcoins then there is no point in mining because you need to pay electricity and other expenses, specially if you are a professional, and Bitcoin mining isn't for amateurs anymore, and a ban of BTC exchanges would be enough to scare most people to stay away from Bitcoin because China is far from being a democracy.

But there is no evidence that China will ban exchanges, only rumors based on anonymous sources that probably doesn't even exist

From what I read here one of exchanger gonna ban China IP from trading there, I don't know if another exchanger will follow this exchanger to ban China IP. And AFAIK China didn't ban mining so the miner still can rent VPN then sell in exchanger. CMIIW

[rafzalan]

Seems like it's time for Bitcoin to ban China.

Hahaha. That would certainly be good to see in the headlines. But you really cannot blame China's move though. They are feeling threatened by the all the disruption the cryptocurrencies are bringing in finance. There must be powerful people out there who are are trying to put the pressure back on Bitcoin by making threats of their own.  

I also felt that this is the logical explanation why China became anti-bitcoin suddenly. They thought that bitcoin will not reach this height so they allowed bitcoin and other related industry without any regulation. But starting this year, they started to bust it up specially now that the price is going to $4000-$5000. They feeling that their Yuan is being threaten by the emergence of bitcoin in their country. As a communist nation, they need something to stop this madness and took control of everything.

If you check "https://coinmarketcap.com/currencies/bitcoin/#markets" simply discover that trading volume on BTC/CNY is high and price is recover to normal vs BTC/USD
These are the most active exchanges on BTC/CNY:  
https://www.okcoin.cn/
https://www.btcchina.com/exc/trade/cnybtc
https://www.huobi.com/
Also this new "https://www.cryptocoinsnews.com/chinese-bitcoin-exchanges-take-diverging-paths-amid-regulatory-uncertainty/" tells that maybe we will not see any exchange to be down.

[timerland]

So, recent news that China is either going to ban bitcoin exchanges, or they already have ... If that's the case, will that include miners?  Or will mining become pointless if they can't exchange BTC to pay their expenses?  I keep hearing that China has cheap energy, so I was wondering all along if China would discover these energy hogs and either tax them, or shut them down.

What sort of effect would this have on Bitcoin mining if China gets shutdown?  Catasptrohic? Or the difficulty goes down and we get on fine without them? 

Firstly, China has not officially announced that they will shut down any exchanges.

No exchanges have been shut down, none of the owners of these exchanges have been contacetd by officials to let them know about what will be happening in the coming days/weeks that would indicate any sort of change in operation from right now.

Even if they do ban all exchanges, it is simply impossible for them to ban all mining. Bitcoin and bitcoin mining is decentralized, and there are always ways around restrictions.

[hitlab]

They have not said anything about banning bitcoin mining. It is only a news website saying they will ban exchanges without any official sources. Still speculation at this stage imo.

[magneto]

So, recent news that China is either going to ban bitcoin exchanges, or they already have ... If that's the case, will that include miners?  Or will mining become pointless if they can't exchange BTC to pay their expenses?  I keep hearing that China has cheap energy, so I was wondering all along if China would discover these energy hogs and either tax them, or shut them down.

What sort of effect would this have on Bitcoin mining if China gets shutdown?  Catasptrohic? Or the difficulty goes down and we get on fine without them? 

There has been no word from actual regulators regarding the rumours. Thus we can probably take the news as just FUD.

Even if China does ban all exchanges then trading will just move to P2P - this is the beauty of bitcoin as it is decentralized, and people can trade it without a centralized platform(since there is no single point of failure). Shutting down exchanges does not shut down all trading activity.

I don't think that they will ban bitcoin mining. Firstly bitcoin holding is still legal. Secondly there is no way for them to actually enforce their rules.

[tiggytomb]

Fake news, but effective fake news as the price has dropped quite a bit and then JPMorgan come out and call bitcoin a fraud and that it will blow up, looks like some big boys want in on bitcoin at a much lower entry point.

[Pursuer]

since China is not going to ban bitcoin exchanges and has never planned on banning it despite all the fake news saying so, I say there is no reason they ban bitcoin or bitcoin mining. in fact bitcoin mining is one of the things they like most.
do you know how many new jobs bitcoin mining has created?
it is a big industry and a big part of Chinese economics now, from the big manufacturers and distributors of equipment to all the small electric companies that are staying alive and earning money because of bitcoin mining. not to mention all the employees.

besides, they investigate exchanges because they are doing shady activities and launder money. you can not do anything shady with mining!