China Bans Bitcoin Mining - Is It Possible?

[Herbert2020]

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

yes it is possible to ban it. but nobody can take control of it, they can take the hashpower and use it themselves but what would be the point of it? that would be robbing people blind in broad daylight! i don't think their government is that bad...

If so, what are the impacts on Bitcoin?

even if they kill mining in China the impact will be a big drop in hashrate and consequently a big delay in finding new blocks but that would be fixed in no time when the difficulty adjustment is reached and things will go back to normal again.

[Catmony]

They might not ban bitcoin mining completely but they might issue special license to operate bitcoin mining in chinese territory which will add lot of tax on whatever miners will earn from mining and they might even ban them from selling bitcoin privately in p2p manner. All they care about is money laundering and taxes.

[Frank0209]

Do you kill your chicken if everyday it'll give you a gold egg? I think China will not ban Bitcoin mining cause almost biggest Bitcoin mining factories are located in here and the amount of money China government got from taxes from these factories every month is really huge so if China government is going to ban Bitcoin mining in their country I think it'll be a big loss.

[e-coinomist]

Do you kill your chicken if everyday it'll give you a gold egg? I think China will not ban Bitcoin mining cause almost biggest Bitcoin mining factories are located in here and the amount of money China government got from taxes from these factories every month is really huge so if China government is going to ban Bitcoin mining in their country I think it'll be a big loss.

Poor stricken chicken golden eggs weight a ton
Any reliable numbers regarding taxes that officially allready changed hands? Miners field service personnel, beeing officially employed, has to get paid and taxes going on top of that. But that is chicken feed from the reportages that are officially published.
Equipment manufaction can only get taxed like any hardware manufactoring. Govs know there is musik inside those products, but cannot stretch out their hands utilizing common legislative rules.
They first have to invent their new rules.

There is hope when looking at Russia since they made the first move in trying to tax miners. And Joeksei Averageowitch over there is commonly used and trained to doge things like that, they aren't that easy to rule people (compare the Chinese). China might want to watch these experiences beforehand, deciding their own move somewhat later. Give this one additional year, at least.

[InBTC4years]

No - it's not possible to stop BTC transfers which includes mining. You have to turn off the internet and no one will do that on purpose.

[J Gambler]

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!

I think that if a country would implement a ban and in that scale it is highly possible as some countries are able to ban from the networks they have some sites or links and it kight be possible that they van also do that on bitcoin and shut it from being used in China.

[TrumpD]

Have they banned mining yet? No. Can they do it? Is it possible? Yes and yes. The Chinese do as they please when it comes to bitcoin. They are number one in trying to regulate it. But as we have seen, their policies may impact the price in the short term, but I doubt it can do much in the long term.

[Macukica]

The head of a Chinese investment bank says he believes bitcoin's underlying technology is more important than the cryptocurrency itself.Fan Bao, the CEO of China Renaissance, said in an interview with CNBC that while bitcoin's market may be a bullish one, he believes that underlying blockchain tech is more attractive and "probably the most disruptive technology...in the financial services industry."I'm a strong believer in blockchain in terms of its wider application in our industry," he added.His comments came after bitcoin reached another all-time high over $6,100 last week, followed by a few days' fallback to around $5,500 as of press time.

[batang_bitcoin]

They will not ban mining, it's one of their biggest industry and their government is benefiting with it. And with the ban thing in China, I recently read that there are articles on social media that they are going to start opening exchanges again. But I don't know if that is just a false news or it's a real one since it's hard for us to gather what's really happening on China. But back to bitcoin mining in China, I can't see it happening.

[edisystem]

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!

It might be possible but i'm not sure it will happen in China because there are many big mining place in China. If you watch it on youtube, you can see a big house with full of mining rig and a huge fan to cool their mining tools. If China really bans bitcoin mining, it will be a big news for all bitcoin users in china.

[AngelInvest]

my general view on this is that China is either threatening to ban, or actually banning, all crypto-related activity, including mining. However, it's a short term play with a very specific purpose. It's in order to move the industry to a much more Government regulated position. It's hard to say 'everyone be regulated' if they have no control over the market. Suppress the market and allow people back in who are regulated. A regulated crypto economy is then an easier sell.

[NRF]

Maybe! China banned ICOs and now continues to prevent Chinese exchanges such as BTCchina, OKcoin, Huobi. I think China won't accept Bitcoin until they find out a way to control it. 

[syamster]

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

yes it is possible to ban it. but nobody can take control of it, they can take the hashpower and use it themselves but what would be the point of it? that would be robbing people blind in broad daylight! i don't think their government is that bad...

If so, what are the impacts on Bitcoin?

even if they kill mining in China the impact will be a big drop in hashrate and consequently a big delay in finding new blocks but that would be fixed in no time when the difficulty adjustment is reached and things will go back to normal again.

I don’t think so that china banned mining because I have a lot of chines friends and they all are using bitcoin it’s not a correct information that china banned any part of bitcoin they are using it and taking advantage of it and china is now going to extend bitcoin in other parts of china as well and even I have a proof that china is using bitcoins.

[Ucy]

Doubt mining will ever be banned or nationalize in China. The country isn't exactly a Communist Nation despite calling itself that.

Big Countries currently competing to become dominant in Bitcoin mining. China leading the competition. They definitely wouldn't afford to drop in the lead.

[mutampmid]

Terribly interesting idea. It has some fishy parts.  I will purchase.

[Spaffin]

Theoretically and practically, the Chinese government can legislatively prohibit the production of bitcoin. However, the whole question is how to implement this law, if the miners will mine it in different places on not large farms? Apparently, China is still deciding how to correctly deal with the crypto currency and whether it can be regulated at all. Soon we will see the result of various prohibitions of China. This will be a good experience for other states and for the whole of the crypto currency.

[starblocks]

Would probably rock the market a bit but as if the big mining operations wouldn't have contingencies in place for this sort of thing plus it would make it easier to mine which would be a big bonus

[MrCrank]

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!

It's impossible!
Dude, do you know that China produce antminer, bitmain.. this is BIG business today.
No one can stop it.
In this case China get huge profits.

[Saimabutterfly]

China bans ICOs and exchanges, did it hurt bitcoin? NO, bitcoin reaches to 6000$ from 4000$, the impact was just for few days and it was temporary.
If China bans mining it might hurt for a week or two, but bitcoin will recover solidly yet again. Bitcoin dont need any country, but fact of the matter is every country and people needs bitcoin.

[iyamoxjhian]

Only few countries allows Bitcoin. If China will do so, then they should be threaten as Bitcoin has a large and huge help in their economic aspects. We know that in some country it was not allowed as it was opposing the rights, jurisdictions and policies of other countries that may hinder the strategies of  graft and corruptions of the officials taking power and control in the government. If bitcoin will be ban in China, then China will loose it's large resources in increasing it's economical and financial incomes and some countries might take advantage of it. We know that there are alliances of countries that oppose China's decisions and economic plans. And we know that money takes control of power. If you are a Rich Country then you will not be easily control or manipulated by others and it was proven. So the Prime Minister of China should better think of banning the Bitcoins very carefully as it will implies huge impact on their authority and power.