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Author Topic: Could China Ban Miners.  (Read 1031 times)
philipma1957
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September 16, 2017, 11:25:08 PM
 #21

Inner Mongolia belongs to china bitmain mines are in Inner Mongolia .

Hoping that whatever occurs works for BTC

ah. just goes to show how bad my geography is.

operations like bitmain must have war chests of tens or hundreds of millions. they must have come up with some type of alternate plan for this scenario that involved migrating their machines to the next cheapest country to operate in.

I wiki'ed it.

I found out outer Mongolia  was ruled by China then Russia and is now free.  But inner Mongolia  is still ruled by China

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AtraxPool
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September 16, 2017, 11:34:05 PM
 #22

Inner Mongolia belongs to china bitmain mines are in Inner Mongolia .

Hoping that whatever occurs works for BTC

ah. just goes to show how bad my geography is.

operations like bitmain must have war chests of tens or hundreds of millions. they must have come up with some type of alternate plan for this scenario that involved migrating their machines to the next cheapest country to operate in.

I wiki'ed it.

I found out outer Mongolia  was ruled by China then Russia and is now free.  But inner Mongolia  is still ruled by China

https://www.mnn.com/lifestyle/eco-tourism/stories/a-few-unclaimed-lands-still-there-for-the-taking

Anyone up for claming that section of the world and calling it BitLand?

Lots of sand - Sun & solar there in that part of the world..

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co0ler
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September 16, 2017, 11:40:32 PM
 #23

It looks like their government is considering Bitcoin to be a serious threat, so at some point they will go after miners.
But miners will always find a way to continue to do what they do best, either by mining anonymously or by leaving the country.
venusbits
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September 17, 2017, 02:04:47 PM
 #24

No, most of the hashrate comes from China. The Chinese government has repeatedly shown that it pays too much attention to profit (and it should!)

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shinchan888
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September 17, 2017, 05:17:30 PM
 #25

I guess the Government would find a way to tax them rather than ban them.
BitProNews
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September 17, 2017, 05:29:52 PM
 #26

Those shitty thoughts make me nervous. China can't stop the storm. China is the main part in Mining industry; can't ban it and if it does, the rest of world continue maintain the bitcoin blockchain. China is a part of the puzzle.

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pereira4
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September 17, 2017, 05:54:48 PM
 #27

So after all the news of regulation on the exchanges in china and the anouncemnet of VIABTC and BTCC closing down would it be a fair assesment to say that miners could be next in the line to be closed down?

Whats your views?
that you need to stop running around shouting 'The sky is falling! The sky is falling!"

China putting regulation and licensing structures in place for all crypto-currencies is A GOOD THING and shows that crypto-coins are being viewed and treated the same as 'Real Money'.
That means:
For exchanges, they must follow globally recognized AML and KYC laws when exchanging coins into fiat.
For exchanges with customer accounts that not only hold ccoins but also fiat, they must hold specified amount of cash reserves.

And then there are ICO's which in many countries are pretty much totally un-regulated stocks and as such are mostly pump-n-dump Ponzi's. Regulations for them should have been laid down long ago...

The regulatory structures are being put in place for OUR protection (well partly at least) and that of hopeful investors funding the ICO's. Interesting how so many folks want the totally-unfettered Wild West type of crypto-markets and yet if they suffer any losses they immediately hunt for legal recourse to get their money back. You cannot have it both ways...

Indeed, it is a good thing that people that want to exchange their fiat for BTC doesn't get scammed by the people setting exchanges and then running with people's crypto, but there's more than that happening in china:




https://pastebin.com/6vKp6rh6

This looks like a straight ban to me (if legit). The good news is, it's already priced in, so we can only go higher from now on. I doubt china would ban mining when it's still legal to possess BTC and OTC market happens all day.

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