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

[alyssa85]

They will be affected and the only solution for it is to find another country where they can continue their operation. I don't they will just agree to the government by saying "hey, mining is ban and almost everything in bitcoin is ban." Possibly that they have Plan B on it now and looking for possibilities where they can continue their full operation, they are worried as they know the consequences but not totally for all of us.

If china suddenly declares mining as illegal,then there will be a huge problem in confirmation of transactions since most of mining pools and mining farms are located in china.We might face a huge volume of transactions unconfirmed.It may take even week for a transaction to get confirmed.But it would not exist for a long time.New mining farms might get set up in other countries thus decentralizing the mining industry.Then,every thing would get normal but we might have to remain patience for some time.But,it would be good for bitcoin progress on a long run.

If that happened the mining difficulty would adjust downwards in just 2016 blocks. So at most there will be problems with transactions confirming for a month. Then things go back to normal.

[1714709720]

1714709720

[NUFCrichard]

They will be affected and the only solution for it is to find another country where they can continue their operation. I don't they will just agree to the government by saying "hey, mining is ban and almost everything in bitcoin is ban." Possibly that they have Plan B on it now and looking for possibilities where they can continue their full operation, they are worried as they know the consequences but not totally for all of us.

If china suddenly declares mining as illegal,then there will be a huge problem in confirmation of transactions since most of mining pools and mining farms are located in china.We might face a huge volume of transactions unconfirmed.It may take even week for a transaction to get confirmed.But it would not exist for a long time.New mining farms might get set up in other countries thus decentralizing the mining industry.Then,every thing would get normal but we might have to remain patience for some time.But,it would be good for bitcoin progress on a long run.

If that happened the mining difficulty would adjust downwards in just 2016 blocks. So at most there will be problems with transactions confirming for a month. Then things go back to normal.

It only adjusts slowly though. Look at Bitcoin Cash when it split off, it took quite a long time before it got back to 10 minutes per block.
China is a powerhouse in mining, if they are banned it would be a nightmare for Bitcoin short term.

If it is banned, I can imagine other countries doing the same at some point too. If bitcoin got so big that it threatened national currencies, they could just ban mining. Even western countries could just slap a big tax on it, that would end that.

[djsugar]

They will be affected and the only solution for it is to find another country where they can continue their operation. I don't they will just agree to the government by saying "hey, mining is ban and almost everything in bitcoin is ban." Possibly that they have Plan B on it now and looking for possibilities where they can continue their full operation, they are worried as they know the consequences but not totally for all of us.

If china suddenly declares mining as illegal,then there will be a huge problem in confirmation of transactions since most of mining pools and mining farms are located in china.We might face a huge volume of transactions unconfirmed.It may take even week for a transaction to get confirmed.But it would not exist for a long time.New mining farms might get set up in other countries thus decentralizing the mining industry.Then,every thing would get normal but we might have to remain patience for some time.But,it would be good for bitcoin progress on a long run.

If that happened the mining difficulty would adjust downwards in just 2016 blocks. So at most there will be problems with transactions confirming for a month. Then things go back to normal.

Exactly, in case of mining ban in China. We will experience a huge transaction backlog and higher transaction fees. Transactions would need long waiting time to get confirmed in such circumstances. Within a month all will come to normal as other countries will take it as an opportunity to increase their hashing power. Russia increasingly working in that direction. Due to all this disturbance, price will fumble and might experience a dump but that would be short lived.

[alyssa85]

They will be affected and the only solution for it is to find another country where they can continue their operation. I don't they will just agree to the government by saying "hey, mining is ban and almost everything in bitcoin is ban." Possibly that they have Plan B on it now and looking for possibilities where they can continue their full operation, they are worried as they know the consequences but not totally for all of us.

If china suddenly declares mining as illegal,then there will be a huge problem in confirmation of transactions since most of mining pools and mining farms are located in china.We might face a huge volume of transactions unconfirmed.It may take even week for a transaction to get confirmed.But it would not exist for a long time.New mining farms might get set up in other countries thus decentralizing the mining industry.Then,every thing would get normal but we might have to remain patience for some time.But,it would be good for bitcoin progress on a long run.

If that happened the mining difficulty would adjust downwards in just 2016 blocks. So at most there will be problems with transactions confirming for a month. Then things go back to normal.

It only adjusts slowly though. Look at Bitcoin Cash when it split off, it took quite a long time before it got back to 10 minutes per block.
China is a powerhouse in mining, if they are banned it would be a nightmare for Bitcoin short term.

If it is banned, I can imagine other countries doing the same at some point too. If bitcoin got so big that it threatened national currencies, they could just ban mining. Even western countries could just slap a big tax on it, that would end that.

It only took a few weeks. Anyway, I'm sure all these Chinese mining operations are looking to shift their business abroad in order to continue - there are other places in the world with cheap electricity.

[Torque]

Any major Chinese bitcoin mining operation that *hasn't* planned for redundant or backup systems elsewhere outside of the mainland deserves what they get, IMO.

It's a no-brainer if they want to stay in business long term.

[Wind_FURY]

If all of China's hashing power suddenly stopped mining then the difficulty adjustment in Bitcoin will take around 2 weeks at a time before it can find an equilibrium. The more power that is taken out the longer it will take. Think of a Bitcoin block mined once for every 3 days or maybe more? I do not know the math but it would be good for a miner to comment.

BitcoinCash has the emergency difficulty adjustment that made it easier for their blockchain to adjust when losing a lot of hash rate.  

There are plenty of S9s outside China and then there's Bitfury too who had a quarter of the hash rate at one point. I think they sell most of it to other people now.

I think an absolute worst cast scenario would be BTC slowing by a 2/3rds, but even then there's a lot waiting on the sidelines outside China. It would be a sluggish few weeks and then a gradual return to normal.

You believe it could slow down by only 2/3rds, but most of the biggest miners are in China. It surely could be higher than that, and the network could go a lot slower by more than just "a few weeks". There is a chance that it may not recover.

Try to imagine how much transactions would be in the mempool.

[Febo]

It would be extremely dumb for them to do it.  consider they are creating tremendous value out of both the mining and the sales / development of mining equipment.

Totally agree. Bitcoin is solving a problem in China right now. In some regions there are Electricity plants build but there is no electricity network built to transfer that electricity to regions where is needed. Bitcoin solve this, since they just mine BTC with that electricity surplus, and with that way sort of store electricity.  there is zero chances they will do that. All China will do is to mimimize ICO scams. Same as USA is already doing and all other countries will follow.

They wont really do such thing and they are making money out of it i dont think that they would stop such thing.Even if they would decide to ban bitcoin they cant do anything about it and would stood still as long there are people who do make use of it.I do somehow agree on regulating ICO instead it did might affect the price but i eventually like the regulation that they made.

LOL

The Communist Party do not care so much about money. They care way more about control. China will ban mining.

Money is control. all that matters Chinese politicians is now GDP growth. Because of last decades with +10% yearly growth people are disappointed when growth is only +5%.  But everyone with at least tiny bit of brain knows you cant keep +10% yearly GDB growth forever and you cant avoid recession (2 quarters with negative GDP growth in a row).  They are not stupid! Even is partia is one party, it dont means inside that party are different groups of people with different visions.  Trust me when China gets in first recession, whole government will change and whole top members of partia.

[pereira4]

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

This. I hope china bans mining so bad. I don't care if there is a temporal market correction. I just want to see all these chinese miner idiots that have caused so much damage to bitcoin with their hardfork stupidity to fall and file for bankruptcy. These bunch of idiots have had way too much power on their hands for doing nothing but being born in a country with ridiculously cheap electricity. Well, now it's time for them to leave and let other people mine bitcoin, and mine the real bitcoin, not a nonsensical hardfork that nobody even uses (just look at the BCash blocks, they are like 10kb big, it's ridiculous).

[Basmic]

I don't care about China's problems. Even if this is not the rumors of bitcoin will quickly restore power. If China will cease to dominate among miners and traders, the bitcoin community will only benefit from this. I believe in bitcoin and I am sure that the Chinese government does not do nothing. They're definitely up to something and it will increase the price of bitcoin.

[Eric Cartman]

If they said mining is illegal they could not assemble and sell mining gear for the rest of the world

[dothebeats]

If they said mining is illegal they could not assemble and sell mining gear for the rest of the world

Then someone else would be willing to do it knowing that there will be a large demand in miners after China is out. Imagine how much hashing power would be lost when Chinese miners leave the scene. That means difficulty will go down and (potentially) mining would be profitable again. Machines could be manufactured by Russia, the US or any other countries out there that has the money and the means to deliver cost-effective miners. A new door of opportunity will open after the Chinese has closed their doors and that's for sure.

[btc-facebook]

If they said mining is illegal they could not assemble and sell mining gear for the rest of the world

Chinese have many idea to earn and making something profit.
But I'm just read that China only want to make a new regulation for bitcoin so people able to use it once again on the future

[Idrisu]

Chinese governments was able to make over 149 millions of its citizens rich because of the open mind the government has towards technology advisement and in the next 15 years Chinese government will like to sustaining this development. Bitcoin currently is the greatest human technology achieve! It is the only decentralized system that has not fail the blockchain technology is one of the best in the world. China banned mining activities is actually one of the dumpest thing to do.

[SM23031997]

China won't ban mining as they are earning from it, they supported this that is why the china is leading the world in mining and they won't ban things which they supported for years only because there are fake ICO are coming daily to rip people off.

[leopard2]

if 50% of mining power goes offline, we are not fucked, just Chinese miners are. It will just mean a bit of delays finding blocks until difficulty adjusts.

China top criminals might try to seize the mining equipment for a 50% attack, of course.

Sheeple ignored centralization in China, now the day of reckoning might be close. But no worries, a hardfork to another algo will fix that LOL honey badger doesn't give a shit  

temporarily ETH or DSH or other non-ASIC coins could moon, while BTC price would drop like a rock....

[CyberKuro]

if 50% of mining power goes offline, we are not fucked, just Chinese miners are. It will just mean a bit of delays finding blocks until difficulty adjusts.

China top criminals might try to seize the mining equipment for a 50% attack, of course.

Sheeple ignored centralization in China, now the day of reckoning might be close. But no worries, a hardfork to another algo will fix that LOL honey badger doesn't give a shit  

temporarily ETH or DSH or other non-ASIC coins could moon, while BTC price would drop like a rock....

Totally agree.
Actually we are not fucked even though China ban bitcoin or mining activity, yes, the market will react and the price will drop, but it just temporarily and then bitcoin will rise again. We just left China market, and soon Japan or Russia will take over the biggest mining pools.
Consider one thing that will be profitable, if China ban mining, miners have no choice but to stop their mining activities and cut loss by selling their hardware cheaper, so others could buy it and continue to mining bitcoin.

[magneto]

They may be fucked but frankly it wouldn't impact bitcoin much.

All there will be is an adjustment period where the blocks are very slow, just like when bitcoin cash first split from bitcoin. After that bitcoin will run as usual.

Actually if China banned all mining then it's actually better for decentralization of bitcoin, and that's the main reason why i think price of bitcoin won't actually be affected much. If it happened now i doubt btc will even drop to under $3k. Plus, this is all rumor and nothing to back it up tangibly. Take it with a grain of salt.

[hatshepsut93]

So far the possible ban of mining was just a baseless rumors and quite possibly fake, but we can theorize about what effect it would have on Bitcoin's network. By Bitcoins design hashpower goes hand in hand with Bitcoin's value, and although usually it's the value that influences the hashrate, the opposite link is also possible. If hashpower would radically drop due to Chinese mines closing down, Bitcoin's network would become less secure after difficulty adjustment, so technically someone malicious would be able to launch double spending attacks easier (even though we might actually never see them on practice even in this scenario). But as Bitcoin markets are very speculative, traders will view this as a very negative news and would try to profit from it by shorting Bitcoin, thus causing the crash similar to what we've seen recently. But in the long run it would be a great test for Bitcoin, and if it will pass it, it will continue growing, as people will see how resilient Bitcoin is.

[edmond_dantes]

mining banning would be bad really really bad

This is why centralized mining is terrible for any coin

[shield132]

Very bad for china if their goverment say mining is illegal, they wil be only loosers because it means saying goodbye forever to bitcoin and crypro. For me this means saying no to future development in one of the main part of virtual world.
I think they won't ban mining, theyvjust want to stop using of bitcoin in their country to avoid many illegal activities. (no pay = no job).
Think twice before you start business in china if you have such goverment.