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Author Topic: Damn, China started BAN/SLAP bintcoin miner  (Read 251 times)
blackcoiner
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November 14, 2017, 02:43:11 PM
 #1

I Just read this article, china starting take action. They ban miner from low cost energy: https://www.cryptocoinsnews.com/china-bitcoin-ban-to-extend-to-low-cost-mining-local-report/

This could be good or bad for bitcoins....
there 2 scenario could be happen:
1. Transaction Fee become higher and higher
2. Miner stop/reduce mining operation which will make network slower


We should think solar anergy for mining
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November 14, 2017, 02:50:29 PM
 #2

Solar mining??Are you serious, man?LOL
It's just a small announcement in China. Don't worry too much. Relax.But the cost of electricity in China is really low. I know some people whose electricity price is only about 10% of Europe's.

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blackcoiner
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November 14, 2017, 02:55:08 PM
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Solar mining??Are you serious, man?LOL
It's just a small announcement in China. Don't worry too much. Relax.But the cost of electricity in China is really low. I know some people whose electricity price is only about 10% of Europe's.

How i'm not worried with china shitty government tricks.
=> First, they ban ICO
=> They ban bitcoin exchanges
=> Now slapping miners
=> What's next? I smell shitty plan here. This seem strategic plan by their government.

Like or not, if China make silly regulation regarding bitcoin, other country will watch it and maybe follow it.
GreenBits
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November 15, 2017, 05:02:10 AM
 #4

I Just read this article, china starting take action. They ban miner from low cost energy: https://www.cryptocoinsnews.com/china-bitcoin-ban-to-extend-to-low-cost-mining-local-report/

This could be good or bad for bitcoins....
there 2 scenario could be happen:
1. Transaction Fee become higher and higher
2. Miner stop/reduce mining operation which will make network slower


We should think solar anergy for mining

this is more designed to remove the little guys from the equation, before they make strategic partnerships with the majors (bitmain). notice how long it took to hear about regulation concerning miners; the ico ban, and subsequent bitcoin ban were very immediate in comparison. there is also the issue of the little guys burning the fuck down because they are fond of cutting corners. this should eliminate the majority of that, and allow them to pre sell the surplus power they produce to the majors, who will convert it directly to profit Wink

pooya87
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November 15, 2017, 05:12:23 AM
 #5

~
there 2 scenario could be happen:
1. Transaction Fee become higher and higher
2. Miner stop/reduce mining operation which will make network slower
~

all will be temporary. that is how bitcoin is supposed to work.

the difficulty is there to prevent these things from crippling network. if miners stop, leave or whatever, the hashrate will drop and because of that less blocks will be found (just like how they left for bitcoin cash and hashrate dropped) but then the difficulty will drop to match the new-lower hashrate so that blocks can be found with the same old speed.
hence any kind of delay or high fees will be temporary.

if they really ban bitcoin mining in China (which is seriously doubt it), it will be a good news for bitcoin. because the mining hash power will be distributed better around the world rather than be focused mostly in China.

centralbanksequalsbombs
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November 15, 2017, 05:36:01 AM
 #6

I Just read this article, china starting take action. They ban miner from low cost energy: https://www.cryptocoinsnews.com/china-bitcoin-ban-to-extend-to-low-cost-mining-local-report/

This could be good or bad for bitcoins....
there 2 scenario could be happen:
1. Transaction Fee become higher and higher
2. Miner stop/reduce mining operation which will make network slower


We should think solar anergy for mining

this is more designed to remove the little guys from the equation, before they make strategic partnerships with the majors (bitmain). notice how long it took to hear about regulation concerning miners; the ico ban, and subsequent bitcoin ban were very immediate in comparison. there is also the issue of the little guys burning the fuck down because they are fond of cutting corners. this should eliminate the majority of that, and allow them to pre sell the surplus power they produce to the majors, who will convert it directly to profit Wink

There are so many in the whole world that would love to have their probability of getting bitcoin with their mining go higher. There's plenty of worldwide competition keeping the network secure with high hash power that if China is out of equation, things will operate just fine with Bitcoin.

"Bitcoin Surges Above $4400 As World Realizes Jamie Dimon & China Don't Matter"
Bitcoin just topped $4400 for the first time since in over 3 weeks and has now erased all of the plunge losses from Jamie Dimon's "it's a fraud" and China's shuttering of all local exchanges.

Quote
It didn't take long for the world of crypto-currencies to shrug off Jamie Dimon's self-tighteous denigration of the decentralized currency that could directly 'disrupt' his cash cow businesses; and furthermore, as The South China Morning Post reports, China's bitcoin market alive and well as traders defy crackdown.

Although the crackdown has dissuaded large swathes of less-experienced investors from participating in the trade, market participants point to the limits Chinese regulators ultimately face in controlling the industry, where many users are anonymous and difficult to track.

In the short-run, the crackdown has also created an arbitrage opportunity for investors, with the price of bitcoin in China now trading at a discount to overseas exchanges.

http://www.zerohedge.com/news/2017-10-01/bitcoin-surges-above-4400-world-realizes-jamie-dimon-china-dont-matter

China mining ban = more for the rest of us, hooray...
Any government ban on any Bitcoin activity in which their citizens actually comply, will be a detriment to her country's peoples as all others in the world will move up in wealth leaving her (banned) country's peoples behind. It is a reason to weep and feel sad for those people.

Bitcoin has hit escape velocity 4 years ago in 2013, at this point, even if China, USA, Russia, India all get together and announce universal ban on Bitcoin, it still do near-nothing to stop adoption, strengthening and increase of Bitcoin.

Bitcoin has been banned all over the world by all big banks in nearly all countries since 2013 (for over 4-years) and the banks have completely failed at stopping Bitcoin. Just try to do a bank transaction say its for "Bitcoin" and watch your transaction be blocked for review.

Everyone in all countries are still finding a way to get Bitcoins. They simply never say "Bitcoin" when dealing with banks. People are smart.

Bitcoin has freed, continuing to free, and tomorrow will still free many people globally from the centrally controlled debt-based fiat system that confiscates your wealth with inflation and tax. Bitcoin is a TRUE savings vehicle. Buying Real Estate, Hospital healthcare, Global traveling, College Education gets cheaper as you hold Bitcoin.

Bitcoin is about 1% adopted by world by now and in a few years it'll be easily 2% to 3% adopted.


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November 15, 2017, 05:55:12 AM
 #7

This will be the equalizer for the mining industry. For many years China has been dominating the mining industry, because they had access to cheap electricity. They started to throw their weight around, because they had the majority of the hashing power and they mined most of the bitcoins. <giving them even more money to buy more mining hardware>

It is time for them to make way for other miners in other countries to compete on a level playing field. I hope some will leave and the difficulty will drop and more people from other countries will replace them.  Wink

pitham1
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November 15, 2017, 06:03:42 AM
 #8

Mining doesn't threaten the Chinese government. In fact, it gives them leverage over the Bitcoin network. It is a trump card that they can use once.
I don't think the Chinese government will seriously act against miners now. An increase in energy costs is only a tax, it will hurt the miners profitability but nobody will go out of business.

centralbanksequalsbombs
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November 21, 2017, 04:08:46 AM
 #9

I Just read this article, china starting take action. They ban miner from low cost energy: https://www.cryptocoinsnews.com/china-bitcoin-ban-to-extend-to-low-cost-mining-local-report/

This could be good or bad for bitcoins....
there 2 scenario could be happen:
1. Transaction Fee become higher and higher
2. Miner stop/reduce mining operation which will make network slower


We should think solar anergy for mining

this is more designed to remove the little guys from the equation, before they make strategic partnerships with the majors (bitmain). notice how long it took to hear about regulation concerning miners; the ico ban, and subsequent bitcoin ban were very immediate in comparison. there is also the issue of the little guys burning the fuck down because they are fond of cutting corners. this should eliminate the majority of that, and allow them to pre sell the surplus power they produce to the majors, who will convert it directly to profit Wink

There are so many in the whole world that would love to have their probability of getting bitcoin with their mining go higher. There's plenty of worldwide competition keeping the network secure with high hash power that if China is out of equation, things will operate just fine with Bitcoin.

"Bitcoin Surges Above $4400 As World Realizes Jamie Dimon & China Don't Matter"
Bitcoin just topped $4400 for the first time since in over 3 weeks and has now erased all of the plunge losses from Jamie Dimon's "it's a fraud" and China's shuttering of all local exchanges.

Quote
It didn't take long for the world of crypto-currencies to shrug off Jamie Dimon's self-tighteous denigration of the decentralized currency that could directly 'disrupt' his cash cow businesses; and furthermore, as The South China Morning Post reports, China's bitcoin market alive and well as traders defy crackdown.

Although the crackdown has dissuaded large swathes of less-experienced investors from participating in the trade, market participants point to the limits Chinese regulators ultimately face in controlling the industry, where many users are anonymous and difficult to track.

In the short-run, the crackdown has also created an arbitrage opportunity for investors, with the price of bitcoin in China now trading at a discount to overseas exchanges.

http://www.zerohedge.com/news/2017-10-01/bitcoin-surges-above-4400-world-realizes-jamie-dimon-china-dont-matter

China mining ban = more for the rest of us, hooray...
Any government ban on any Bitcoin activity in which their citizens actually comply, will be a detriment to her country's peoples as all others in the world will move up in wealth leaving her (banned) country's peoples behind. It is a reason to weep and feel sad for those people.

Bitcoin has hit escape velocity 4 years ago in 2013, at this point, even if China, USA, Russia, India all get together and announce universal ban on Bitcoin, it still do near-nothing to stop adoption, strengthening and increase of Bitcoin.

Bitcoin has been banned all over the world by all big banks in nearly all countries since 2013 (for over 4-years) and the banks have completely failed at stopping Bitcoin. Just try to do a bank transaction say its for "Bitcoin" and watch your transaction be blocked for review.

Everyone in all countries are still finding a way to get Bitcoins. They simply never say "Bitcoin" when dealing with banks. People are smart.

Bitcoin has freed, continuing to free, and tomorrow will still free many people globally from the centrally controlled debt-based fiat system that confiscates your wealth with inflation and tax. Bitcoin is a TRUE savings vehicle. Buying Real Estate, Hospital healthcare, Global traveling, College Education gets cheaper as you hold Bitcoin.

Bitcoin is about 1% adopted by world by now and in a few years it'll be easily 2% to 3% adopted.



If one country were ever to drop off, there are so many other countries that will gladly pickup any of the slack.

Amazing to see global trade (and mining growth would coincide with trade) growth on localbitcoins as well (scroll down to see all the individual countries):
https://coin.dance/volume/localbitcoins     :

pikebu
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November 21, 2017, 04:15:37 AM
 #10

I Just read this article, china starting take action. They ban miner from low cost energy: https://www.cryptocoinsnews.com/china-bitcoin-ban-to-extend-to-low-cost-mining-local-report/

This could be good or bad for bitcoins....
there 2 scenario could be happen:
1. Transaction Fee become higher and higher
2. Miner stop/reduce mining operation which will make network slower


We should think solar anergy for mining
Yes i agree with you, we must think another solution for bitcoin mining include solar energy for mining, but today is too early thinking about it because although China started ban/slap bitcoin miners, the people on other countries is still mining the bitcoin. It is still enough to running and secure the bitcoin's network, maybe couples years later the solar energy for bitcoin mining can be applied because it needs much time to research about it.

fiulpro
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November 21, 2017, 04:27:36 AM
 #11

The government do put up some news at first then..the action that is taken takes time.. a lot of time...thus..its just a news right now I don't see it happening before years to come...at least...10 years..or so..we can wait and watch..
And..even if..solar.. Mining and stuff like these are coming into existence..the transaction will get costly at first for sure.. But as the time will pass...😄 Its the best possible option that is available to us.. Because even right now we don't have that much energy to distribute to the world's population..thus renewable sources are going to take over and replace non renewable sources..sooner or later

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Prodigan786
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November 21, 2017, 04:30:28 AM
 #12

Solar mining??Are you serious, man?LOL
It's just a small announcement in China. Don't worry too much. Relax.But the cost of electricity in China is really low. I know some people whose electricity price is only about 10% of Europe's.

How i'm not worried with china shitty government tricks.
=> First, they ban ICO
=> They ban bitcoin exchanges
=> Now slapping miners
=> What's next? I smell shitty plan here. This seem strategic plan by their government.

Like or not, if China make silly regulation regarding bitcoin, other country will watch it and maybe follow it.
Even I feel it’s the strategy of china to dump bitcoin value and heap once it reaches lowest value even they tried to pump bch and dump bitcoin couldn’t able to succeed now miners ban this time their strategy doesn’t going to work out.

Argoo
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November 21, 2017, 04:51:19 AM
 #13

The fact that the Chinese government introduces restrictions on mining bitcoins where the electricity in China is very cheap, of course this will cause great damage to the business of miners and no more. On Bitcoin and other crypto currency this will not be reflected in any way. Anticipating this, some miners in advance began to look for places for mining in other countries. They considered Russia as a possible place, and even there they were going to introduce a free economic zone for this. Also, Chinese miners have watched the province of Quebec in Canada, where the cold climate and cheap electricity are suitable for mining. As a result, the Chinese government itself will lose in these prohibitions, because a good source of income will disappear.

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