China Bans Bitcoin Mining - Is It Possible?

[portalufonet]

Hello Friends, sorry for my faulty English.

Is it possible for China to ban Bitcoins mining? Nationalize, take control in some way???

If so, what are the impacts on Bitcoin?

Thanks to everyone!

[Vaflia]

I think it hardly happens. But even if it happens suddenly it won't have much impact on price.

[VitKoyn]

Is it possible for China to ban Bitcoins mining? Nationalize, take control in some way???

It is possible for any country to implement a ban on Bitcoin mining but they cannot totally stop mining. Why? since cryptocurrency mining is decentralized and requires a lot of electricity to work, the only way to track cryptocurrency miners locations is to find the location that use extremely high amounts of energy, but governements cannot track them if big miners started to spread their mining rigs between several locations.

If so, what are the impacts on Bitcoin?

China has the biggest population of miners in the world, If they plan and can find a better solution in totally stopping mining this has a huge impact in Bitcoin the hash power of the network will be lower, and the difficulty will get lower. This means Bitcoin mining will be profitable again.

[D.Anand]

China will not ban bitcoin mining operations but rumors are being propagated by large-scale in the media by few traders & their groups who are attempting to manipulate the bitcoin price.

[bitcoinmining]

This just a rumour and so bad to be true  First China should find the miners inside 1,4 billion people and after that they should find some logical reason to cut their electric off. Do you think is it possible to cut all of them off? Mining cryptocurrencies is non-stop until the end of the world

[Scorpion]

The biggest mining companies start and operating China, I think this just a scare tactic from the Chinese government to tell miner's they better not try to mine without paying their cut or else.

[Bitcoin786]

No they cannot ban Most of Big investers are from china and The all machinery came from china if they stop minibg operation this may impact their own Economy also

[cammie16]

China will not ban bitcoin mining operations but rumors are being propagated by large-scale in the media by few traders & their groups who are attempting to manipulate the bitcoin price.

Yeah, Im also thinking that those who manipulated bitcoins are from china too. They can ban but they cant stop miners in mining bitcoin. Im sure if they cant stop then they will do all possible ways to stop bitcon or manipulate it. If there's a wheel there's a way, So, maybe, It might still happen in the future. But lets not think negative.

[SUDARMONO]

I do not think that's possible, even if it happens, it's good news for other miners because it's probably the power to mine down on the mine network and I think it does not have a big impact on the price.

[pootutus]

If China prohibits mining. That would be bad news for the bitcoin market. But there's no news about it yet. In addition, mining is prohibited in China, will bitcoin is a very short, because the whole world is to me, not Chinese, mining, other countries will pay the miners supplement.

[NorrisK]

If they did something like this, the miners will simply move to a neighbouring country.

They have earned enough by now to move an operation like if things get hard.

[buwaytress]

Wouldn't make sense to aim to regulate crypto, and then follow up with a ban, especially if you only target Bitcoin. When BBC did a research tour of Bitcoin miners in China in 2016, it claimed that at least 70% of the global mining originated from China, and the miners there were already doing all of it underground - literally and in remote, hidden facilities. Perhaps more of security and trade secret rather than pre-empting a government ban. But I can foresee a potential ban pushing miners farther underground, deeper into the shadows. Sure, you could track them by electricity, but there are just so many ways people could mine from homes or hide the consumption behind larger industries.

But let's say they become successful. The network adjusts. Difficulty comes down. Beyond a temporary blip, blocks keep getting found at the same rate and transactions continue as usual. Network is arguably less secure if we assume miners also will shut down nodes, but the void will keep getting filled.

[jerowacik]

This just a rumour and so bad to be true  First China should find the miners inside 1,4 billion people and after that they should find some logical reason to cut their electric off. Do you think is it possible to cut all of them off? Mining cryptocurrencies is non-stop until the end of the world

Yes it is very clear is not the right thing and although the Chinese government to make a statement then I am sure it is a fool thing. I'm sure the Chinese state has other interests. which I imagine today is the country of china trying to take advantage of the chaos that exists in the world. they try to get bitcoin at a cheap price and then when the bitcoin price is high then they will make use of it. this is a naive view, but when I look at the evidence then I will be very sure to say this.

[dothebeats]

Very possible, and it would be less of a burden for miners who would want to start up their own business since the hashrate would decrease significantly, plus the threat of having a 51% attack coming from these miners would also decrease. Having said that, if there's any effect for bitcoin as a whole, that would be positive instead of negative.

[tundexijim]

I think crypto enthuasist are moving away from china because of the news of banning exchanges. Recent happenings shows that no one country can destroy bitcoin. I dont think China will ban minning though.

[Jaycee99]

I think it hardly happens. But even if it happens suddenly it won't have much impact on price.

Yup Thats how I see it as well mining is just a things where like in a place you dig coin. Like treasure hunting but as for bitcoin price nope nothing will happen.

[e-coinomist]

The biggest mining companies start and operating China, I think this just a scare tactic from the Chinese government to tell miner's they better not try to mine without paying their cut or else.

The biggest seem to be Mongolia located and somewhere on this forum there is a very extensive photo report about a mine located somewhere in the far easts. They moved truckloads of miners across the whole country. Locations aren't that cut in stone at all.
However private miners inside people's home would be harder to control by a central authority.
Safe to assume that money changes pockets since a while ongoing. Biggest miners having to pay their highest fees to local authorities, small miners able to avoid that. Equillibrium of that kind can redistribute hashrate across locations.

[boyrocky]

it will have an impact for sure. but a nationalized crypto is not sustainable in my opinion.

[mobnepal]

Yes it is possible for governments to either undertake control over bitcoin mining farm or ban it completely if those mining farms are ran by some registered company. But small miners who are mining at home or some remote area might remain in safe side. However it is just hypothetical situation, in reality no government will not ban bitcoin mining in china.

[markdario112616]

Everything is possible in China. They already ban ICOs, lets face it there would be a higher chance that the Government will *not actually ban mining* but limits it only to there selves. But if that's going to happen then not only the miners in china would be at risk but also to other miners as this could be the beginning of something much more darker that any of us can handle. Though, miners of china would probably shift to another country to continue their business but it's easy to say than done.