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

[vit05]

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.

If they make Bitcoin illegal, how they will allow miners? Or how miners will get the money to sustain their business?

[Weawant]

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.

I don't know on what is the real story behind government for possible looking at that bitcoin mining is illegal doing, but maybe those mining rig operators hiding there hardwares to avoid to pay there taxes for operating that but if this one would really be happen then a huge part of bitcoin economy will fell down. And its so unlucky for chinese crypto stakes since they will be taken out an ability to earn with crypto's.

[mozillaspez]

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.

Really i don't know what they want they are keep jealousy from bitcoin because bitcoin is going upward and china is keep on fire so i would prefer that they should stay away from bitcoin because they are nothing to do with bitcoin.

[BartS]

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.

You probably don't know how communism (aka statism) works.

They do such things for displays of power. They rule through terror.

This, communism does not care about such silly things as creating value and free enterprise, they care about power and about showing their citizens they have power over them, to be honest I think miners need to begin to move their operations overseas before the Chinese government does this, it is obvious this is going to cut down their profits margin since electricity in China is very cheap, but it is better to get slightly less profits than to be shut down completely.

[BitHodler]

Really i don't know what they want they are keep jealousy from bitcoin because bitcoin is going upward and china is keep on fire so i would prefer that they should stay away from bitcoin because they are nothing to do with bitcoin.

If China wanted to prohibit all types of Bitcoin usage, they would have done it already, and this is something that people don't seem to understand ~ China is just buying time to allow themselves to properly regulate this industry.

I wish it was that simple where China would ban everything and they no longer participate in this industry, because if that was the case, we would likely see this market increase almost continuously.

Seriously, if we look back, all the dump fests after MtGox were all China related. It is no coincidence that at the time the price has gone up significantly, China pops up taking the price down again ~ it's almost a common occurrence.

[vit05]

China has just banned whats app
https://www.nytimes.com/2017/09/25/business/china-whatsapp-blocked.html?mcubz=3

People talking about liberty and business... They do not care about that.

[JanpriX]

It seems that Chinese government really do like to ban things from their country. Well, they just wanted to show that they absolute and that they can do whatever they want. I don't think they will ban the act of mining BTC in their country because they will lose the only strong connection that they have in it when they do that. But who knows, they might do it. 

In case that they indeed ban it, many countries will take that opportunity and get that market (mining) for their own benefit. Candidates for that would be Russia, USA and Korea. Heck, Japan might even consider of building a mining farm in their land if China do it. 

[exstasie]

In case that they indeed ban it, many countries will take that opportunity and get that market (mining) for their own benefit. Candidates for that would be Russia, USA and Korea. Heck, Japan might even consider of building a mining farm in their land if China do it. 

Yeah, there was even a governor in Russia that invited miners to his region following the Chinese ban rumors. See here: https://cointelegraph.com/news/bitcoin-mining-farms-invited-to-russian-leningrad-region

And we already know that Japanese conglomerates are jumping head-first into the mining industry, with GMO and DMM making major investments within the year.

I think it's still a bit too early to expect state-backed mining enterprises. If any country is likely to be the first to nationalize mining operations, it would probably be China.

[fabiorem]

It will do wonders if at least 25% of mining power in China go to Russia and Japan.

Russia have gas, they can use it for providing cheap electricity.

What use do we have when most users are outside of China, but most miners are still inside it? It's a risk for our bitcoin economy.

[farhaan]

The term "We" indicates here only the chinese miners who all would really be fucked up if china declares bitcoin mining as illegal.Its not an issue for us,bitcoin holders since bitcoins would be mined continuously in other parts of world.There might be a slight delay in transactions since most of the mining farms are in china.But japan's internt giant has announced that very soon,it would create its own ASIC miners.So,the problem of transactions getting confirmed would get solved step by step.

[CoinsCoinsEverywhere]

The term "We" indicates here only the chinese miners who all would really be fucked up if china declares bitcoin mining as illegal.Its not an issue for us,bitcoin holders since bitcoins would be mined continuously in other parts of world.There might be a slight delay in transactions since most of the mining farms are in china.But japan's internt giant has announced that very soon,it would create its own ASIC miners.So,the problem of transactions getting confirmed would get solved step by step.

Agreed--the Chinese miners would be the ones who are screwed.  If the link someone posted near the beginning is correct, then China is responsible for about 80% of the network hash rate.  If all of that disappeared overnight, the network would slow down by a factor of about 5, but once the difficulty retargets, things will be fine again.  The only danger there would be if other miners gave up on mining because of the increased block time, but it would be in all the miners' best interests to continue mining so their bitcoin is still worth something.

[pinky]

The term "We" indicates here only the chinese miners who all would really be fucked up if china declares bitcoin mining as illegal.Its not an issue for us,bitcoin holders since bitcoins would be mined continuously in other parts of world.There might be a slight delay in transactions since most of the mining farms are in china.But japan's internt giant has announced that very soon,it would create its own ASIC miners.So,the problem of transactions getting confirmed would get solved step by step.

Agreed--the Chinese miners would be the ones who are screwed.  If the link someone posted near the beginning is correct, then China is responsible for about 80% of the network hash rate.  If all of that disappeared overnight, the network would slow down by a factor of about 5, but once the difficulty retargets, things will be fine again.  The only danger there would be if other miners gave up on mining because of the increased block time, but it would be in all the miners' best interests to continue mining so their bitcoin is still worth something.

"Using home computers for mining" days are gone now professional mining  requires more stuff and knowledge.That's why some governments invite group of miners with making good promises.Also massive mining farm offers attract others to this countries.

[aardvark15]

https://twitter.com/yhaiyang

It's possible that if all mining in China stopped, it could temporarily disrupt Bitcoin transactions. There apparently are a lot of miners in China so other miners need to pick up the slack if that happens. It's also possible that the Chinese government wants to do all of the mining themselves. They may be trying to hoard as many Bitcoins as possible by mining rather than letting the citizens mine. Nothing would surprise me at this point with China.

[CoinsCoinsEverywhere]

Does anyone have any idea where a lot of the big Chinese miners are located?  Is it possible that they could move their mining operations elsewhere if China actually bans mining?  I'm guessing that they're not very mobile, so it may not be worth trying to move.  But that may be more appealing than trying to liquidate all of their equipment.

[vit05]

https://www.eobot.com/china
As you may have heard in the news over the last few weeks, China has implemented bans on ICOs (initial coin offerings) and now Bitcoin and other cryptocurrency trading. It is unclear if they are going to ban Bitcoin mining.

Eobot currently runs the majority of our Bitcoin mining in China. Depending on if, and how, they ban Bitcoin Mining (for example, they may let us ship the hardware out of the country to continue mining), Eobot may be forced to terminate Cloud Mining/GHS contracts early.

We hope this doesn't happen, but we are announcing this to our users to be fully transparent and allow the option to trade and sell their GHS early and before a China ban becomes a reality.

[AtheistAKASaneBrain]

We = Chinese miners.

We are not chinese miners, so we dont care. If the price crashes, then so be it, it will quickly recover as other parts of the world enter the mining game to get advantage of the decrease of difficulty. Bitcoin self regulates, remember that. You get rid of the hashrate in Part A, it becomes twice as profitable for Part B to start mining. It only re-organizes hashrate. At the end of the day the only ones losing are the stupid Chinese government and their poor citizens unlucky enough to be trapped on that shithole.

[exstasie]

We = Chinese miners.

We are not chinese miners, so we dont care. If the price crashes, then so be it, it will quickly recover as other parts of the world enter the mining game to get advantage of the decrease of difficulty. Bitcoin self regulates, remember that. You get rid of the hashrate in Part A, it becomes twice as profitable for Part B to start mining. It only re-organizes hashrate. At the end of the day the only ones losing are the stupid Chinese government and their poor citizens unlucky enough to be trapped on that shithole.

Mining is the roots of the Bitcoin economy. China is one of the largest world superpowers, with a super majority of the global hash rate under its jurisdiction. The PBOC rumors in 2013 preceded a 2-year bear market for Bitcoin. The price fell 90%.

Such a disruption to the mining economy has never been seen before. There are emergency hard forks coded in case of such drops in hash rate because the Bitcoin protocol is so badly-equipped to handle them. So, no, hash rate is not merely "reorganized." That only works where hash rate is relatively non-volatile.

Assuming that price will "quickly recover" is naive and indicative of someone who didn't live through the 2014-2015 bear market from the top.

[iamTom123]

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, the just 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 government.

Personally speaking, I don't care that much right now if eventually the Chinese government will eventually stopped all the Bitcoin mining happening within its jurisdiction. I am sure that if in case this will come true then new miners from other countries would be taking over the vacuum. Now, this also means that there is a big possibility that many miners based in China are already thinking of taking their business somewhere else as they can not be sure if they will be allowed to do the business in the coming weeks and months.

Kicking mining out of China can actually be good for the whole Bitcoin community as this can mean that the Chinese influence can be watered down so we can slowly get away from some sort of an imbalance in the Bitcoin decision making process. Moscow is right now opening its door for more miners and I am sure that there would be a resurgence interest especially by next year when the value of Bitcoin is expected to astronomically rise.

[mobnepal]

Looks like there is still panic and uncertainty among Chinese traders and miners which suggest that we might hit another round of dump really soon. When government will announce official ban on crypto mining than all china based mining farm will shut down with huge loss and they might start to sell their mining rigs for really cheap prices and they might also dump all bitcoin they have just after the official announcement.

I am still expecting a huge dump before all this uncertainty settles down. 

[vit05]

Looks like there is still panic and uncertainty among Chinese traders and miners which suggest that we might hit another round of dump really soon. When government will announce official ban on crypto mining than all china based mining farm will shut down with huge loss and they might start to sell their mining rigs for really cheap prices and they might also dump all bitcoin they have just after the official announcement.

I am still expecting a huge dump before all this uncertainty settles down. 

I hope that they start to sell the mining rigs cheap before the baning. That way people could start mining in other countries before the ban.