But if China gov say mining is illegal, we are fucked. Haipo Yang‏ ViaBTC CEO

[Wind_FURY]

Are the Chinese exchanges and miners colluding with each other to spread FUD everywhere to pull Bitcoin's price down? The train will be leaving without them, I believe some of them are desperate enough to take everything down with them if they cannot join the fun.

Someone answer him back, "If the Chinese government says mining is illegal, then POW upgrade will be easier. Good bye."

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[vit05]

I'm not sure how mining can be illegal. By this analogy they can ban all producers of equipment also. This is ridiculous, cannot happen. Those kind of news are more FUD and they have their role in Bitcoin downtrend.

'We' as china.. not 'we' as #bitcoin

actually "We" as in "ViaBTC and bitmain who sells mining equipment" not even Chinese! people can continue to use bitcoin, even miners may be able to continue working fine but big companies that have been selling "cloudmining" aka ViaBTC or mining equipment aka Bitmain will be fucked.

Bitcoin mining is industry now and those large pools will just be allocated and will continue to work under less good conditions regarding to cost of electricity. But this will reflect on price. Miners won't dump under price..

it is China. Government can do whatever they feel it is right. They could ban people from using socks on the right feet...

They will make adm from chat groups and forums be responsible for everything that happens on there. And facing jail time if something wrong happened.

[gentlemand]

I haven't seen anything beyond a couple of screenshots to suggest this has any truth at all.

I certainly won't be sad if it is true. It would be the Chinese government's final parting gift to us all.

[Torque]

I certainly won't be sad if it is true. It would be the Chinese government's final parting gift to us all.

[SummerBliss]

There definitely would be a huge disruption in the market if Chinese Government tries to ban mining farms. Price might hugely fall. But because of that many other mining farms will open just in a month in various other countries because mining will be profitable at that time. Market will definitely recover but in that circumstances it would take more time. Many people might panic and withdraw their investments from Bitcoin and price might touch lowest point of the year. But in a period of some months, Bitcoin will come back on track.

[gentlemand]

There definitely would be a huge disruption in the market if Chinese Government tries to ban mining farms. Price might hugely fall. But because of that many other mining farms will open just in a month in various other countries because mining will be profitable at that time. Market will definitely recover but in that circumstances it would take more time. Many people might panic and withdraw their investments from Bitcoin and price might touch lowest point of the year. But in a period of some months, Bitcoin will come back on track.

The market doesn't give a flying fuck who or what is mining Bitcoin. Some of the richest traders probably don't understand the slightest thing about how it works. It's supposed to be invisible, not central to everyone's perception.

The only effect will be an increase in the time between blocks until the next difficulty adjustment unless enough miners elsewhere pick up the slack.

It would be one of the single most bullish things that could happen to Bitcoin. Chinese mining has been a cancer.

There might no doubt be an attempt by the usual whales to initiate a dip, but it's less than nothing compared to the closure of the markets.

[bamboylee]

There are other miners other than Chinese miners. I am sure we can survive it even if the miners in china closes their operation. Miners from other countries will pick up the slack.

[Koadharber]

https://twitter.com/yhaiyang

Cant still be fucked up.If they would be gone then for sure there would be countries would taking its place regarding on mining bitcoin.Even if they do have the largest mining operation on bitcoin it cant really totally shut down its operation and also there are still miners on it which means theres still miners would push through transactions but the issue on here would be the confimation times would be fucked up

[Asrael999]

Anyone would think you couldn't put all those mining machines on a boat/plane and sale them to Iceland or Scandinavia or Africa and stick them in a data centre next to some cheap power and turn them back on again.

[DeathAngel]

It's all just a ploy by the Chinese government to bs able to tax the fuck out of the bitcoin high rollers that live there. I doubt the Chinese government will miss out on the opportunity to make lots of money.

[mattimann]

I don´t get it. If China bans Ming, the hashrate and thus the difficulty wil decrease by aprox. 50%. Will it change anything in regard to the Blockreward ?
The only thiong that will change is that 60% of the dayly new Bitcoins are not mined by china anymore.
And if the difficulty decreases, will it not make mining attractive for others again?
Can someone enlighten me...?

[Barbut]

Anyone know the proportion of mining through countries?

I dont know how accurate this data is but its posted back in july 2017

https://www.buybitcoinworldwide.com/mining/pools/

Hope this will help you in something

Pool Concentration in China
Before we get into the best mining pools to join, it’s important to note that most mining pools are in China. Many only have Chinese websites and support. Mining centralization in China is one of Bitcoin’s biggest issues at the moment.

There are about 20 major mining pools. Broken down by the percent of hash power controlled by a pool, and the location of that pool’s company, we estimate that Chinese pools control ~81% of the network hash rate



China is home to many of the top Bitcoin mining companies:

F2Pool, AntPool, BTCC, and BW.

It’s estimated that these mining pools own somewhere around 60% of Bitcoins hash power, meaning they mine about 60% of all new bitcoins.

And if Chinese government makes mining illegal, what will happen? They will stop mining, and center of power will be moved on some other place? What will they do, can Chinese miners move all their equipment in some other country? They earned a lot of money until now, they can pay that moving. It will be interesting to see what will happen in China, today I saw the nesto about Russians, they support China actions, what ever Chinese do Russian will follow apparently. It's something I connected in my head, Russian bitcoiners with have to be prepared for that.

[gentlemand]

I don´t get it. If China bans Ming, the hashrate and thus the difficulty wil decrease by aprox. 50%. Will it change anything in regard to the Blockreward ?
The only thiong that will change is that 60% of the dayly new Bitcoins are not mined by china anymore.
And if the difficulty decreases, will it not make mining attractive for others again?
Can someone enlighten me...?

You have enlightened yourself. Bitcoin will be a bit slower for a while if there isn't other machinery ready to take up the slack. That's it. That's the only practical effect there'll be and then after a few weeks it'll be fine.

The spiritual effect will be profound. Bitcoin from then on will be mined by people who actually know what it is and give a shit about it.

[Junko]

If China makes mining bitcoin illegal, then those mining companies will just move their operations to more mining-friendly countries. Sure there will be disruption for a time while they relocate and set up shop and it will prolly cost those companies a lot to move, but I'm sure they will do what they have to do. Does anyone really think they will be like, "Oh man. China just banned us from mining this super-lucrative thing. Darn it. Oh well, I guess we'll just stop mining it then and go back to making peanuts producing cheap toys to export to the world."

Doesn't make a difference to me where bitcoin gets mined.

[Wind_FURY]

I haven't seen anything beyond a couple of screenshots to suggest this has any truth at all.

I certainly won't be sad if it is true. It would be the Chinese government's final parting gift to us all.

Why? Was it not China that made it possible for Bitcoin to go to new all time highs this year? I know they were also partially responsible for some of the FUD, but they also did their piece of the job in Bitcoin's bullish growth.  Would it not be better for Bitcoin to have them?

[Seansky]

I haven't seen anything beyond a couple of screenshots to suggest this has any truth at all.

I certainly won't be sad if it is true. It would be the Chinese government's final parting gift to us all.

Why? Was it not China that made it possible for Bitcoin to go to new all time highs this year? I know they were also partially responsible for some of the FUD, but they also did their piece of the job in Bitcoin's bullish growth.  Would it not be better for Bitcoin to have them?

It would really be better to have Chinese using bitcoin but even if they really ban bitcoin I would still be happy because the well known btc price manipulators such as Jihan Wu would be out of the seen I would miss their FUD if China government says that mining is illegal though. Maybe they wont do that after all, it improved their economy even if only for a little and it gave some of their people a good source of income.

[alyssa85]

There are other miners other than Chinese miners. I am sure we can survive it even if the miners in china closes their operation. Miners from other countries will pick up the slack.

This. Mining was manly outside of China before 2013 and the ASIC revolution.

If China bans mining, mining rigs outside of China will take up the slack (remember that the difficulty will simply adjust down after 2016 blocks, so it only involves a bit of pain for a month or so.

[Emelectrol]

How much do you think the price will drop if tomorrow they say mining's illegal?

[Karpeles]

"We" who?

Bitcoin difficulty is self adjustable by design, if they shut down, a new equilibrium would be found. Even BCC found one eventually.

In fact would make little difference, except for them.

[AlexM]

How much do you think the price will drop if tomorrow they say mining's illegal?

Surely this would be positive news. No more Segwit2x fud, no more bcash, no more miners trying to undermind Bitcoin to pump there own alt coin. No more miners trying to get rid of core and spreading fud about bloodstream because they posted a comment on a forum that got deleted by a mod.

Sure the network would slow down in the short term but in the long term this would be very useful for Bitcoin. So im pretty sure it won't happen.