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

[ekoice]

Definitely,its a matter of serious concern for chinese miners.We know that largest number of miners are in china since electricity is very cheap and mining equipments cheap due to cheap labour.Bitmain is largest manufacturer of mining equipments which is from china.If bitcoin mining gets banned in china,then they have to start finding new customers globally to run their business.Don't know what miners would do as their business would get totally collapsed.China's domination in bitcoin market is only due to large number of mining farms there.So,if it gets stopped,then china would not be getting more new bitcoins.

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[Sylenth]

sadly but yes it is true that bitcoin will suffer due to this .china cheap electricity sources and great geographical locations make it a biggest hub for mining cryptocurrencies,but if they ban farms in china then Neighboring jurisdictions such as Mongolia and Hong Kong will emerge as notable alternatives to China for the nation’s existing Bitcoin miners, namely due to location.Hong Kong is already attempting to establish itself as a major global hub for crypto-assets and blockchain-related technology,but it is expensive to its high electricity rates.Another potential destination for miners may be China’s northern neighbor Mongolia. While operating costs may run a bit higher than China, it is much more budget-friendly than Hong Kong for miners that often time work on razor-thin budgets.Furthermore, it boasts fiber internet connections from China and Russia, ensuring miners have steady access to the network.

apart from this other countries like india and iceland can help due their cheap energy sources.japan and USA already already have expanded their efforts ,they will suffer little due to their higher input cost.

[darkangel11]

Here,the word we means only the miners and not all of us.If china bans bitcoin mining,then it is only the miners who have to worry about their future and not us since it will not affect us in any way.Even it would have an effect over the confirmation time of bitcoins only temporarily and as bitcoin mining starts to spread world wide,then it would soon get solved.

It will affect us because the speed of the network depends on miners. Of course we could argue that if Chinese miners will get banned they will either move somewhere else or shut down which will cause the difficulty to drop and other people to start mining more because it will be worth it, but that shift could take months. It would certainly be bad news for BTC, eat least temporarily until the market adjusts.

[panju1]

Here,the word we means only the miners and not all of us.If china bans bitcoin mining,then it is only the miners who have to worry about their future and not us since it will not affect us in any way.Even it would have an effect over the confirmation time of bitcoins only temporarily and as bitcoin mining starts to spread world wide,then it would soon get solved.

It will affect us because the speed of the network depends on miners. Of course we could argue that if Chinese miners will get banned they will either move somewhere else or shut down which will cause the difficulty to drop and other people to start mining more because it will be worth it, but that shift could take months. It would certainly be bad news for BTC, eat least temporarily until the market adjusts.

The difficulty adjustment will take only a certain number of blocks (maximum couple of weeks at the old hashing capacity, which could extend to a month when the hashing capacity drops). So it won't be the end of the world if the Chinese stop mining.

[BartS]

Is there any confirmation with this news? First of all, china doesn't own all mining companies in the world, and we are now used to this situation, that is, china is out of the picture, if they really do not have any trust in bitcoin, let us just, let them live with it, if they would illegalize mining, it will just be on their country, not around the world, and this time, there will be no effect on the price bitcoin if they do so, since the chinese investors already sold out there bitcoins, this is because of the banning of exchange and bannin of bitcoin. I think we should also recognize other countries that have miners, they are still mining and earning profit, we should just not mainly focus on china, they do not control bitcoin.

This was not a news this was just a commentary and we are free to speculate on it, China has not banned miners and I doubt they are going to do it, but if they were to do that then there is not a doubt that the bitcoin network will suffer, but like always we will be able to recover, miners will have to leave China and set up their mining farms somewhere else where there is cheap electricity.

[lumeire]

Any idea when they're gonna tax mining operations? They've been after exchanges for too long.

[Vaskiy]

Any idea when they're gonna tax mining operations? They've been after exchanges for too long.

With mining yet there is no misconception, so it goes on smoothly without any big problem from the government side. Very few problems have got encountered in terms of electricity stealing from for mining operations and so on. Maybe when everything gets a perfect operational format, government might focus on taxation of mining operations.

[ivanst776]

Here,the word we means only the miners and not all of us.If china bans bitcoin mining,then it is only the miners who have to worry about their future and not us since it will not affect us in any way.Even it would have an effect over the confirmation time of bitcoins only temporarily and as bitcoin mining starts to spread world wide,then it would soon get solved.

Exactly! I do not see why we are all fucked like the OP said, when it is just only going to affect the miners in China only.

Moreover, China is not the only place where mining activities are done, and they might just move away from China and continue their mining activities somewhere else or just sell their mining gadgets at cheaper prices on ebay and other miners will be ready to take it up from there. I don't know why some people keep feeling China is in control here.

[BartS]

Here,the word we means only the miners and not all of us.If china bans bitcoin mining,then it is only the miners who have to worry about their future and not us since it will not affect us in any way.Even it would have an effect over the confirmation time of bitcoins only temporarily and as bitcoin mining starts to spread world wide,then it would soon get solved.

It will affect us because the speed of the network depends on miners. Of course we could argue that if Chinese miners will get banned they will either move somewhere else or shut down which will cause the difficulty to drop and other people to start mining more because it will be worth it, but that shift could take months. It would certainly be bad news for BTC, eat least temporarily until the market adjusts.

The difficulty adjustment will take only a certain number of blocks (maximum couple of weeks at the old hashing capacity, which could extend to a month when the hashing capacity drops). So it won't be the end of the world if the Chinese stop mining.

It wont be, but panic is going to spread all over the community, unlike exchanges or icos, mining is fundamental to bitcoin, that will be a blow against bitcoin and it will show very clearly the intentions of the Chinese government if that happened, and if we think that people complain now with the speed of the network if that happened the speed will be so slow and the fees will go so high that the people outcry is going to be deafening.

[DrGuns4Hands]

If china would ban also mining. this will be good for us here in the thirdworld country. because the price of mining rig on our country is extremely expensive and also the bills of the electricity here is so expensive so if the mining rig can be reduced by a 50% of price i can use a 5 mining rigs instead of 2 mining rigs right now.

[hovrah]

If china would ban also mining. this will be good for us here in the thirdworld country. because the price of mining rig on our country is extremely expensive and also the bills of the electricity here is so expensive so if the mining rig can be reduced by a 50% of price i can use a 5 mining rigs instead of 2 mining rigs right now.

we can assume that all the problems in China, as well as the fact that the Chinese government has made a bid to ban the production of crypto currency, will benefit other users? I think that if this is true, then we will need to pay attention to the extraction of bitcoin from the very same. Maybe I will, because I have alternative energy in my yard. The power station from the wind helps me in the household, and will help in the extraction of Bitcoin.

[Unplugged]

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

China's government want to suppress bitcoin that much. The statement of Haipo Yang is referring to China's bitcoin mining alone not mining as a whole. As he said  "... We have our own sync network. But if China gov say mining is illegal, we are f*****". If this does push through the bitcoin mining in China will surely fall. Hence, making other countries want to invest in mining since one of its major player is down even it is not that profitable.

[BartS]

Here,the word we means only the miners and not all of us.If china bans bitcoin mining,then it is only the miners who have to worry about their future and not us since it will not affect us in any way.Even it would have an effect over the confirmation time of bitcoins only temporarily and as bitcoin mining starts to spread world wide,then it would soon get solved.

Exactly! I do not see why we are all fucked like the OP said, when it is just only going to affect the miners in China only.

Moreover, China is not the only place where mining activities are done, and they might just move away from China and continue their mining activities somewhere else or just sell their mining gadgets at cheaper prices on ebay and other miners will be ready to take it up from there. I don't know why some people keep feeling China is in control here.

Most miners are in China and while there are miners in other countries a ban of mining will cause a lot of trouble, also it is not like those that operate bitcoin mining facilities can move their operations overseas so fast, they need time, they have a lot of equipment and then they need to move all this equipment to a different country and probably pay taxes on it, so it is not as easy to move to a mining operation to another country.

[BitcoinPC]

Here,the word we means only the miners and not all of us.If china bans bitcoin mining,then it is only the miners who have to worry about their future and not us since it will not affect us in any way.Even it would have an effect over the confirmation time of bitcoins only temporarily and as bitcoin mining starts to spread world wide,then it would soon get solved.

So what will happen if china stop mining or even declare it illegal ? Nothing, the rest of the world will keep mining and bitcoin will never be stopped.
The point to realize is that china is not the owner of bitcoins neither Chinese owns all bitcoins. So what china does do it for itself and his people, rest of the world is not effected by it in the long run.

[ROT13]

Why would they ban it when they can simply co-oerce the miners to switch from bitcoin to another altcoin, one where they have control over the devs, the hash rate and can use regulation and co-ercion to force exchanges to prioritize it? They could even use regulation to create FUD, get everyone to dump it, accumulate it when its low, and then release new regulations and news to make it pump, putting them in charge of an extremely influential digital currency that could potentially threaten even bitcoin?

If anyone from the Chinese Govt is reading this I even have a suggested name for you to use- Bitcoin Cash.