Will Bitcoin Mining Farm in China be Closed?

[Btc@Yami]

Pictures of “Technical Preplan on Blocking Bitcoin overseas Transaction” were circulated in Wechat group and later posted on weibo around 18pm 16 September.
The document describes the preplan of blocking bitcoin exchanges and Bitcoin blockchain data-syncing, along with a list of overseas exchanges. 
The news caused panic sell, a daily low of 16,661 was observed on OKCoin around that time. Chinese Bitcoin community is vulnerable after the “exchange ban”.
Could things get worse like shutting down mining pool in China?
Although the screenshots or pictures cannot be verified without a reliable source, a report on Sina  confirmed the authenticity, citing support from “insiders”.

What do you think？

[yugyug]

there's no need to panic when one door closes, another doors open, this is the real case scenario when there is crisis there is a lot of opportunities to offer, if ever China shutting down its bitcoin mining farm and its bitcoin exchanges, there are other countries that are viable for mining farm like Russia and Iceland where electricity cost was very low and same goes to bitcoin exchanges. Japan, Korea, and other countries can take over the operation. As long as there is market adaptability, the show must go on.

[Btc@Yami]

there's no need to panic when one door closes, another doors open, this is the real case scenario when there is crisis there is a lot of opportunities to offer, if ever China shutting down its bitcoin mining farm and its bitcoin exchanges, there are other countries that are viable for mining farm like Russia and Iceland where electricity cost was very low and same goes to bitcoin exchanges. Japan, Korea, and other countries can take over the operation. As long as there is market adaptability, the show must go on.

YES, I DO AGREE WITH YOU, But There is no doubt that China has a big impact on the Bitcoin market。 IF Bitcoin Mining Farm in China be Closed,the the power of bitcoin cut back。
   

[bnkj76]

To me, bitcoin mining has become opposite of everything that bitcoin stands for.
It's centralized.

• the newest models are hard to buy. only a handful of manufacture make it. Bitmain is the most well known. it's always low or out of stock on the newest model.
• the older models are cheap and ebay has a ton of them. but the component are not very reliable, and replacement are expensive
• the fans are very very loud, like vacuum cleaners. it takes serious commitment to be running it 24/7
• for reasons above, Bitmain and other Chinese miners have dominated the mining market

My conclusion:
Average Joe should just mine alt coins, litecoins, ethereum, dodgecoins...etc with graphic cards in his home or garage.
More accessible machines and replacement parts,
more quiet fans by at least 10 times,
Average Joe in his home mining alt coins actually help decentralize cryptocurrency.

[mobnepal]

Despite that unofficial documents/plan getting circulated over social medias market is not dumping hard that suggest there is quite good buy support right now but if this will be officially announced than panic will be in new heights and we might see bigger dump than what we have seen few days ago.

China might add additional regulation on bitcoin trading but banning access to all bitcoin related platforms seems quite impossible but they are known for blocking access to several sites before. So we can't neglect this completely, we are in just wait and watch situation.

Chinese government just want full control over their citizens, they are bunch of axxholes....

[squatter]

Pictures of “Technical Preplan on Blocking Bitcoin overseas Transaction” were circulated in Wechat group and later posted on weibo around 18pm 16 September.
The document describes the preplan of blocking bitcoin exchanges and Bitcoin blockchain data-syncing, along with a list of overseas exchanges. 
The news caused panic sell, a daily low of 16,661 was observed on OKCoin around that time. Chinese Bitcoin community is vulnerable after the “exchange ban”.
Could things get worse like shutting down mining pool in China?
Although the screenshots or pictures cannot be verified without a reliable source, a report on Sina  confirmed the authenticity, citing support from “insiders”.

What do you think？

For now, the market seems to have priced in the ICO and exchange ban and is showing confidence in the face of the rumors. However, if it turns out the rumors are true, and the government prohibits mining, that will have very serious, detrimental effects on both the market and the network. An immediate ban could send the hash rate plummeting, causing network disruption and massive congestion.

Jihan Wu and John McAfee seem pretty calm and collected about all this, so I am not overly worried. But if it happens, I'll be ready to dump so I can scoop up some coins in the lower $2000s!

[Nawaytes]

If bitcoin mining farm in China be closed, it'll give enough effect to drop the price. But in my opinion we don't need to panic, just wait for the next situation - and now as we know, Japan is getting ready to replace the role of China.
For me if there is a massive dump, then it's time to buy until the next good news comes up.

[talkbitcoin]

Pictures of “Technical Preplan on Blocking Bitcoin overseas Transaction” were circulated in Wechat group and later posted on weibo around 18pm 16 September.

it is an impossible thing to do. i suggest posting a couple of links about the basic definition of a peer to peer sharing on your WeChat group.

what you said here is like saying "...block sharing stuff via torrent".

The document describes the preplan of blocking bitcoin exchanges and Bitcoin blockchain data-syncing, along with a list of overseas exchanges. 

blocking services (a website really) is not the same as blocking bitcoin (a decentralized peer to peer system).

The news caused panic sell, a daily low of 16,661 was observed on OKCoin around that time. Chinese Bitcoin community is vulnerable after the “exchange ban”.

Chinese exchanges are about to close in a couple of days, people have already withdrawn their money and stopped trading there. the orderbooks as a result are thin, a small dump means a great change in price.

by the way, Chinese price is already about $1000 below USD market price a little drop doesn't make any difference!

Could things get worse like shutting down mining pool in China?

no, because pools are not located in China, pools are servers that are in fact located in multiple places which people connect to.

[Javi_Anibarro]

what is going on with with you guys ?
they're only saying you can not do the trade in the exchanger for now.
but later on ?
it's a classic move man,they did not openly said it right ?
and until right now they did not make a law to prevent people doing Bitcoin trade and something like that.
so chill,it will not last long because we will see they are enabling it again and the price start to pump.
just take a rest for a month or around that.
so what will happen to the miners in the chinese ? obviously they will keep mining it and the goverment later on will allow it again.

[Adbitco]

what is going on with with you guys ?
they're only saying you can not do the trade in the exchanger for now.
but later on ?
it's a classic move man,they did not openly said it right ?
and until right now they did not make a law to prevent people doing Bitcoin trade and something like that.
so chill,it will not last long because we will see they are enabling it again and the price start to pump.
just take a rest for a month or around that.
so what will happen to the miners in the chinese ? obviously they will keep mining it and the goverment later on will allow it again.

There might be some truth in it considering the fact that if the government of China were to ban bitcoin completely why would they allow bitcoin mining farms to continue mining till now they would also have stopped them (the miners) from doing so at the same time when they banned ICOs, exchanges etc. I do think and hope too that it's just temporary and not going to be a permanent ban.

[FrueGreads]

Well it could be just just rumors to try to upset the market since we all saw what the ICO's ban and exchanges suspension did to BTC price. Since those ended up being true, the rumors on making mining illegal in China could also be true. From what I've been reading, if China is really planning on releasing their own virtual coin, then an attack on Bitcoin and all crypto is probably real. If they are not planning on doing that, then I don't think they will try to attack bitcoin, and are just trying to regulate it.

Either way I don't think we should really care about it. Yes the biggest mining pools are there, but Japan and many other countries around the world are starting to invest more in BTC, so if China goes ahead with this, it will only help BTC to spread along the world, and it will become less and less vulnerable to their FUD. I hope they stay of course, but if they don't, I don't think they can "damage" bitcoin price in the long run.

[btc78]

I think there's a possibility that the next target of their crackdown in the mining farms. If I'm a miner from China I will be nervous a hell. They have total control of the mining business, and a lot of them made millions already being a miner so if this crackdown will continue and they are the next target then China will lose their domination on the market and countries like Japan and South Korea will take over. We just need to a adapt and see the future without the Chinese in the bitcoin mining business.

[MrCrank]

Is it really?
If China will be closed mining farm, bitcoin will be "dead".. most percent of mining farm based in China, also they produce miners..
Close billions business? No one can stop this money machine..

[pedrog]

If/when something like this happens it's an opportunity for the rest of us to buy cheap coins and for a mining business to begin thriving in other countries.

We will be able to buy all the cheap hardware from these closed mining facilities at good price, probably.

Bitcoin survived some major trials, this is just another block in the road.

[Lauren Smith]

I find it hard to believe that China has that much control over it's people. Even if they did they will have to stealth mine kinda like when you stealth grow indoor Cannabis but this time with mining. The very thought is ridiculous and only the Chinese government would come up with such a strange and unrealistic way if control it's people and their finance. They obviously very worried and shiting themselves. This is the power of bitcoin. Even whole governments fear and respect it's glory.

[MrCrank]

TOR is blocked in China, you have to understand China is a big LAN, even VPN is illegal and blocked in China. China can basically block any protocol it wants.

Can China block any protocol? How it possible, could you explain to me..
I does not knew that TOR was blocked in China. Is it really?
But may say that mining farm is their business..

[Btc@Yami]

China isn't trying to kill Bitcoin. They're trying to own it, mine it, and control it. They're not banning, they're consolidating.

[vit05]

It will be blocked. The question is just when.

Just read all news before ICO ban, Than read all the News Before Exchange Bans, Than read all the news Before Bitcoin and p2p bans. It is all the same "news".

Communist Party of China hates everything they can not control.

[Sithara007]

China isn't trying to kill Bitcoin. They're trying to own it, mine it, and control it. They're not banning, they're consolidating.

Nope. I don't think that they are trying to control it. If they want to control it, then it is no big deal for them. They can just redirect all their military super-computers to mine Bitcoin. The 51% barrier will be easily broken, and the Chinese government will be able to do whatever they want with Bitcoin.

[gilangIDR]

Although china does ban on bitcoin I think the Chinese community will still do the mining. We know they already have a lot of mining tools and it is not possible if not used. There are many ways that can be done. Today's technology is very sophisticated. We can make network changes easily and the Chinese state may not be able to access such things.