How will chinese miners pivot from their exchanges shutting down on the 30th?

[radeone]

Any thoughts from bigger players in the scene of how they will change it up since theres a ton of hashing power coming out of china. I understand that the japanese are taking advantage of this and I have been seeing a surge of bitcoin going into japanese exchanges. I just want to understand whats going on with all that hardware. Thanks.

[hatshepsut93]

I'm sure that most miners won't quit since it is very profitable now to mine. Bitcoin itself is not illegal, so there won't be any legal trouble for simply mining it. Some miners will find loopholes that will help them circumvent the closure of exchanges - for example, they might sell BTC on some foreign exchanges for USD or other currency or maybe they will have to visit other country to do so. They also might be able to just sell Bitcoin privately to other people. And of course there will be shadow exchanges.

[HabBear]

Bitcoin is cash with wings.

Miners can choose what exchange they want to work with...anywhere in the world. If you mine in China you don't have to use an exchange in China.

That's the beauty of Bitcoin. It's also why the Chinese government action doesn't really hurt Bitcoin other than momentary bad press.

[CryptoBry]

Any thoughts from bigger players in the scene of how they will change it up since theres a ton of hashing power coming out of china. I understand that the japanese are taking advantage of this and I have been seeing a surge of bitcoin going into japanese exchanges. I just want to understand whats going on with all that hardware. Thanks.

I don't think that mining is affected as it is not being banned --yet -- and so is the whole of Bitcoin. People can still do peer-to-peer transactions and they can still get their Bitcoin to exchanges outside of China. People can get so creative so we have to wait for some days and people can find ways to address this problem without violating the restrictions imposed by the government. I do hope though that this situation can be exploited by other countries. Cryptocurrency can all live without the presence of China.

[DRVX]

Any thoughts from bigger players in the scene of how they will change it up since theres a ton of hashing power coming out of china. I understand that the japanese are taking advantage of this and I have been seeing a surge of bitcoin going into japanese exchanges. I just want to understand whats going on with all that hardware. Thanks.

But they can still mining if i'm correctly understand it.
Mining is not banned. Only exchanges is not allowing (and still there are some decentralized exchanges)
So no worry, they will continue mining! 

[richardivan]

Any thoughts from bigger players in the scene of how they will change it up since theres a ton of hashing power coming out of china. I understand that the japanese are taking advantage of this and I have been seeing a surge of bitcoin going into japanese exchanges. I just want to understand whats going on with all that hardware. Thanks.

But they can still mining if i'm correctly understand it.
Mining is not banned. Only exchanges is not allowing (and still there are some decentralized exchanges)
So no worry, they will continue mining!  

From what I heard China didn't ban mining Bitcoin or Bitcoin itself, China only ban ICO to prevent their people invest their money on scam ICO. If China ban exchanger then miners still can rent VPN to sell Bitcoin or sell it P2P from another country

[Sithara007]

Any thoughts from bigger players in the scene of how they will change it up since theres a ton of hashing power coming out of china. I understand that the japanese are taking advantage of this and I have been seeing a surge of bitcoin going into japanese exchanges. I just want to understand whats going on with all that hardware. Thanks.

How they are going to transfer the money from Japan to China? Doing so will incur additional expenses and formalities. Also, given that Chinese hardware us cheaper than the Japanese ones, they may be needing the money in CNY rather than JPY.

[radeone]

check your sources because i read that all centralized bitcoin exchanges in china have until september 30th.

[Juggy777]

Any thoughts from bigger players in the scene of how they will change it up since theres a ton of hashing power coming out of china. I understand that the japanese are taking advantage of this and I have been seeing a surge of bitcoin going into japanese exchanges. I just want to understand whats going on with all that hardware. Thanks.

I think Bitcoin has taken in what would happen cause of price going down, and if you look at the prices, it's up even after the news has come, so for me it's a big positivity. Now if you read articles on exchanges it, says to be compliant you need to stop trading, so basically you can't trade in China, but other countries yes, also China has a huge indirect investment in mining industry and I don't think they will just let it go, I feel something is cooking and it will be good, I am positive that something postive is coming from this China mess.

[Sithara007]

check your sources because i read that all centralized bitcoin exchanges in china have until september 30th.

Are you sure about the dates? Because OK Coin and Huobi have announced that they will stop CNY-BTC trade by October 31, which is still almost a month and a half away.

You can check this:

https://www.okcoin.cn/t-2510731.html

But the most important thing is that the exchanges are not closing down. They will continue to operate with BTC-Alt trading.

[krishnapramod]

check your sources because i read that all centralized bitcoin exchanges in china have until september 30th.

BTCC, ViaBTC and Yunbi would be shutting down their services by September 30, but Huobi and OKCoin, two biggest exchanges will suspend CNY trading pairs on October 31, might be because they hadn't not listed any ICO tokens. They have paused yuan deposits and announced more information regarding the suspension would be made public before September 30.

China hasn't banned bitcoin or mining, it's about ICOs and new regulations and obtaining licenses. It is highly likely that other exchanges would resume their services after obtaining licenses.

[spadormie]

I don't know about this but I know the reason behind banning ICOs in their country, it is just that they want to create their own bitcoin. And I don't think that they can create a bitcoin that will match the bitcoin itself. And if they are to launch a new coin they need to have an ICO right? So it has a contrast on the idea of banning ICOS.

[Sithara007]

I don't know about this but I know the reason behind banning ICOs in their country, it is just that they want to create their own bitcoin. And I don't think that they can create a bitcoin that will match the bitcoin itself. And if they are to launch a new coin they need to have an ICO right? So it has a contrast on the idea of banning ICOS.

Nope. That was not the reason. The authorities were concerned that a lot of unaccounted money was being pumped in to the ICOs and they asked the exchanges to verify it. At least some of the exchanges are saying that the closure is a temporary one, until they could reach some sort of a compromise with the government authorities.

[klf]

I don't know about this but I know the reason behind banning ICOs in their country, it is just that they want to create their own bitcoin. And I don't think that they can create a bitcoin that will match the bitcoin itself. And if they are to launch a new coin they need to have an ICO right? So it has a contrast on the idea of banning ICOS.

All these bans are not done for that reason. Chinese tried their best to regulate these bitcoin and other coins but they didn't succeed in it until now and they want to stop all the illegal transactions happening currently. So first stopping these things and later they may come up with some other rules to run these exchanges.

[dothebeats]

Exchanges are what's going to be banned and not the mining scene. They can still trade freely using some overseas exchanges if they want, so that hardware is not going to waste. China wouldn't be completely deleted off the scene; they just need to readjust on what's happening due to their gov't pressing regulations strictly.

[btc-facebook]

Any thoughts from bigger players in the scene of how they will change it up since theres a ton of hashing power coming out of china. I understand that the japanese are taking advantage of this and I have been seeing a surge of bitcoin going into japanese exchanges. I just want to understand whats going on with all that hardware. Thanks.

My expert trader said that Chinese just want to make a regulation, not permanently ban so bitcoin still have chance to exist on China in future.
I'm also heard that there are some exchanger that still exist, of course not a big exchanger

[Herbert2020]

Any thoughts from bigger players in the scene of how they will change it up since theres a ton of hashing power coming out of china.

Chinese and all the rest of the miners will continue to do whatever they were doing before. the small time miners don't usually sell their coins since their costs are not that high to want to cover it by selling precious bitcoin. they mostly hold and if they want to sell there are many was to do it still.

for big time miners like the big farms, they always had their own way of selling. they rarely used exchanges. using exchange lets the government also know how much you have earned! so they will continue using what they have been using before.

I understand that the japanese are taking advantage of this and I have been seeing a surge of bitcoin going into japanese exchanges. I just want to understand whats going on with all that hardware. Thanks.

the Japanese volume went up a long time ago when they started talking about legalizing it and then the volume went to the moon when they actually did legalize it. then it grow even more when the biggest Forex broker in the world which happened to be in Japan added bitcoin trading. and finally it grew a little more this time when they removed taxes on bitcoin payments.

[EmmanCryp]

Bitcoin is cash with wings.

Miners can choose what exchange they want to work with...anywhere in the world. If you mine in China you don't have to use an exchange in China.

That's the beauty of Bitcoin. It's also why the Chinese government action doesn't really hurt Bitcoin other than momentary bad press.

Yeah I thought as much too. Chinese Miners should not really be affected. The media or press FUD is even hurting bitcoin more than the news action itself. It's so frustrating !!!!

[tyuner4]

Bitcoin is cash with wings.

Miners can choose what exchange they want to work with...anywhere in the world. If you mine in China you don't have to use an exchange in China.

That's the beauty of Bitcoin. It's also why the Chinese government action doesn't really hurt Bitcoin other than momentary bad press.

Yeah I thought as much too. Chinese Miners should not really be affected. The media or press FUD is even hurting bitcoin more than the news action itself. It's so frustrating !!!!

Agreed. There are other ways the Chinese can sell their BTC, I don't think this will hurt the mining industry.

[Adam]

most likely they will legalize their mining or pay a large tax.