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

[onlybest]

Its impossible to ban mining.

[Scorpion]

Nah. There's to parts to this, and unfortunately China's government is corrupt as hell. They want regulation on exchanges and a way to track and tax ICOs before they're an accept them as a form of funding new companies and technology. They might realize soon they're hindering their bright and talented people from keeping up with the rest of the world when they attempt this.

[Sasuke102001]

CHINA banned domestic Bitcoin exchanges in their country which affected the Bitcoin price due to some reason but that would be solved soon I guess. What I heard was chinas ban on Bitcoin was temporary they will soon start Bitcoin exchange and actually, that would not be a big of a problem due to VPN and proxy IP use people of China can still trade their bitcoins for now. I do not think that CHina is soon planning to ban the miners as well but if they do that can be a problem because from what I have heard is China has the highest no of miners and a large amount of Bitcoin is mined in China. Anyways their ICO ban is temporary so I do  not think that they would ban Bitcoin mining as well.

[Searing]

Its impossible to ban mining.

Not only that mining in my view brings HARD CASH into China....they are trying to stop HARD CASH from leaving the country...

also Avalon, Bitmain, Innsilocon, pinidea, panda  and ibelink I think all are China HARDWARE makers.....thus again the HARD CASH

coming in argument ...also lots of high ups in the China communist party are into mining big time from what I hear

so, imho it is unlikely mining will be targeted...and if it is ...they simply will make them mine to China fiat daily, if that is possible? , again imho

it does not have to be a crypto cash cow...it could be regulated to be a daily convert to fiat cash cow instead

but what do I know..at one time I drank the butterfly labs kook-aid in 2013

[ryo03800]

actually what is china plan ?? news stories are like being dramatized by parties wanting to destroy bitcoin. as I know, china was a country that has raised the name of bitcoin and cryptocurrency, then what do they do now? if china will forget the result of their struggle so far !! seems unlikely.

[radeone]

bitcoin has dipped in china harder than it has in the US or other countries about 3 times now to 4k because of this news. most people expect bitcoin miners and traders going decentralized minus the big players. they want to regulate them.

[MostHigh]

To ban mining is pretty difficult to impossible. This are the reasons, in mining personality is protected, i can be mining from anywhere in the world and no one can regulate that. So if China decides to ban mining then they have to get surveillance cameras in all rooms around the country to note who is still doing it. Quiet impossible Aah. FYI US banned mining long ago but majority of miners are in this country.

[AwpDragonPoor]

Well, since they ban the exchange, i doubt that the mining services will still e active, at least not the popular and active ones. This might affect us slightly, but i doubt it. There are many more miners across the world that can also mine. The real question is will they do it illegally if they ban the exchange/ mining.

[Searing]

actually what is china plan ?? news stories are like being dramatized by parties wanting to destroy bitcoin. as I know, China was a country that has raised the name of bitcoin and cryptocurrency, then what do they do now? if china will forget the result of their struggle so far !! seems unlikely.

other interesting things in China that seem harder to ban the bitcoin exchanges (thus my view they can probably ban China folk from bitcoin exchanges due to below)

https://www.theguardian.com/world/2017/jul/11/china-moves-to-block-internet-vpns-from-2018 China to ban VPN'S (so much for that work around to exchanges)

https://techcrunch.com/2017/08/27/china-doubles-down-on-real-name-registration-laws-forbidding-anonymous-online-posts/ wants real names on chat etc in  China

anyway...if China can ban VPN's and require everyone to use real names and/or locked to their IP they probably can ban China exchange action by their citizens

not sure what it means...but China seems to be cracking down all over the place (or in bitcoin's case trying hard anyway)

All the above stuff also does not bode well for Hong Kong....they are gonna throw a fit if any or all above is applied there imho.

[bryant.coleman]

Well, since they ban the exchange, i doubt that the mining services will still e active, at least not the popular and active ones. This might affect us slightly, but i doubt it. There are many more miners across the world that can also mine. The real question is will they do it illegally if they ban the exchange/ mining.

I have checked the hash rate of various mining pools for the last 2-3 weeks. There has been no decline in the hash rates for various mining pools from China, such as AntPool, BTCC Pool, F2Pool, and BW Mining. So it looks like, at least for the immediate future there is no threat for the Chinese miners. But I am not very happy with their dominance. Miners from a single country accounting for 70% of the hash rate can never be a good thing.

[harmunian]

The ban will only apply to trading of cryptocurrencies on exchanges, according to people familiar with the matter.But there is no official China announcement on this issue.

[darewaller]

Its impossible to ban mining.

Lol, it’s possible that what the op said is correct, and he didn’t say they’re banning mining as a banning everyone in the world from mining, just Chinese. By the way, I don’t think they banned Bitcoin, what they banned was ICO. So, I believe Chinese are still using bitcoin peacefully, including mining.

[voztata]

CHINA banned domestic Bitcoin exchanges in their country which affected the Bitcoin price due to some reason but that would be solved soon I guess. What I heard was chinas ban on Bitcoin was temporary they will soon start Bitcoin exchange and actually, that would not be a big of a problem due to VPN and proxy IP use people of China can still trade their bitcoins for now. I do not think that CHina is soon planning to ban the miners as well but if they do that can be a problem because from what I have heard is China has the highest no of miners and a large amount of Bitcoin is mined in China. Anyways their ICO ban is temporary so I do  not think that they would ban Bitcoin mining as well.

There are some questions that comes to my mind when I hear of Bitcoin being banned in a country– what about those that invested their money into Bitcoin, what are they going to do? So they will just lose their money like that I guess. It’s too bad. Someone has to be careful while investing into all these things.

[zarados]

Its impossible to ban mining.

Lol, it’s possible that what the op said is correct, and he didn’t say they’re banning mining as a banning everyone in the world from mining, just Chinese. By the way, I don’t think they banned Bitcoin, what they banned was ICO. So, I believe Chinese are still using bitcoin peacefully, including mining.

It isn't impossible dude. If you're reading a news that china   is blocking the internet, vpn and other connection , you will believe that mining in china could also be stopped or banned. Mining need a connection, if they dont have a connection, there will be no mining. And yes they dont banned bitcoin ,but the goverments of china already stop bitcoin trading on Huobi, OkCoin BTCC etc. I don't think they're still use it peacefully.

[ivrynx]

China banning bitcoin miners, think this is toonfar from reality, we all knkw that the chinese already invrsted on miners, why would they just ban bitcoin, furthermore the chinese knows that having a lot of bitcoin is better than having petrodollar, if we check on the news way way back, both the chinese and russian government no longer wanted to trade oil, with the usr of petrodollars, instead they want to make use of gold, this us the reason why, some american oil companies doesn't want chinese products, but though they didn't like it, they can't help but avail of the setvices, since the cost is cheap compared to their local counterparts.. The move of the chinese, that they want to use gold as transactions only gives a deeper reason, why would they not want miners to be ban, because bitcoin is gold 2.0, and we may not feel or see it today, that the world is slowly changing, sooner or later more and more countries will be legalizig bitcoin, and at some point may use bitcoin as payment for ttansactions, this has a higher chance of probability, since a lot of countries are in debt with the world bank, why nit use another alternative for transactions, and that being said, the more bitcoin you will have in the future, the more powerful your country could become, just like what had happened with gold, right now it is considered that the state of vatican is powerful and infuential, not because of its religion, but because of the gold hidden in vatican, that we all know about. If the chinese will be banning, something that they know will be worth more than gold, and something that will give them more power in the future, they will certainly regret their decision, since they can mine and get a lot of bitcoins, it might be even for free, comsidering their ingenuity.

[alyssa85]

Back in February 2017, a Chinese bitcoin mining company opened a branch in Sweden:

https://www.cryptocoinsnews.com/chinese-bitcoin-mining-firm-canaan-to-open-10-mw-facility-at-node-pole-sweden/

China-based Canaan Creative, a bitcoin mining firm commonly known by Avalon, its bitcoin mining chip brand, will open a data center powered by hydroelectric power at the ‘Node Pole’. Owned by power companies, the technology infrastructure hub is situated in the Boden region near the Arctic Circle n in Sweden.

Canaan, which manufacturers ASIC microprocessors, claims to be the first Chinese bitcoin company to open a data center in Europe. The facility will operate at 10 MW at its initial stage, leaving room for expansion in the future.

So they at least are preparing for the possibility that China will ban bitcoin mining and are setting up operations abroad.

[Monnt]

Back in February 2017, a Chinese bitcoin mining company opened a branch in Sweden:

https://www.cryptocoinsnews.com/chinese-bitcoin-mining-firm-canaan-to-open-10-mw-facility-at-node-pole-sweden/

China-based Canaan Creative, a bitcoin mining firm commonly known by Avalon, its bitcoin mining chip brand, will open a data center powered by hydroelectric power at the ‘Node Pole’. Owned by power companies, the technology infrastructure hub is situated in the Boden region near the Arctic Circle n in Sweden.

Canaan, which manufacturers ASIC microprocessors, claims to be the first Chinese bitcoin company to open a data center in Europe. The facility will operate at 10 MW at its initial stage, leaving room for expansion in the future.

So they at least are preparing for the possibility that China will ban bitcoin mining and are setting up operations abroad.

If it is true then nothing can be better for the future of bitcoins. China cannot be trusted anymore definitely. They keep on making bad announcements about bitcoins which affect the newbies very hard. People have sold out bitcoins in last few days. However, if I am not wrong, China banned bitcoin trading in December 2013 also.

[alyssa85]

Back in February 2017, a Chinese bitcoin mining company opened a branch in Sweden:

https://www.cryptocoinsnews.com/chinese-bitcoin-mining-firm-canaan-to-open-10-mw-facility-at-node-pole-sweden/

China-based Canaan Creative, a bitcoin mining firm commonly known by Avalon, its bitcoin mining chip brand, will open a data center powered by hydroelectric power at the ‘Node Pole’. Owned by power companies, the technology infrastructure hub is situated in the Boden region near the Arctic Circle n in Sweden.

Canaan, which manufacturers ASIC microprocessors, claims to be the first Chinese bitcoin company to open a data center in Europe. The facility will operate at 10 MW at its initial stage, leaving room for expansion in the future.

So they at least are preparing for the possibility that China will ban bitcoin mining and are setting up operations abroad.

If it is true then nothing can be better for the future of bitcoins. China cannot be trusted anymore definitely. They keep on making bad announcements about bitcoins which affect the newbies very hard. People have sold out bitcoins in last few days. However, if I am not wrong, China banned bitcoin trading in December 2013 also.

And don't forget that Japan's biggest internet provider GMO intends to enter the bitcoin mining space as well. Because anyone can mine, if the Chinese drop out, some other entrepreneurs from other countries will take over the mining and bitcoin will march on regardless. That's the beauty of a decentralised system.

[Smarty14392]

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.

The banning of exchanges is not fake news but I really don't care about what JPMorgan thinks about bitcoins or you can say his statement has no affect on me because bitcoin is no fraud that will blow up. I will sit back in silence and let bitcoins prove him wrong.

Back to China, it banned exchanges because it was becoming a threat to Yuan by their own people. However OTC transactions are still possible.

[zarados]

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.

The banning of exchanges is not fake news but I really don't care about what JPMorgan thinks about bitcoins or you can say his statement has no affect on me because bitcoin is no fraud that will blow up. I will sit back in silence and let bitcoins prove him wrong.

Back to China, it banned exchanges because it was becoming a threat to Yuan by their own people. However OTC transactions are still possible.

Have you heard before that china will also block the cryptocurrency transaction? Network, IP, VPn, and etc will unable to use. If its truly happening, what will the miners do, while they will unable to mining again? Correct me if im wrong.