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Author Topic: Potential mining ban in China, effects on market?  (Read 910 times)
skyline247
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November 14, 2017, 09:46:34 PM
 #21

A mining ban in China will just cause BTC to become more decentralized in it's mining and it is prepared to do that as there are more and more new miners coming into play all the time. You have to be heavily invested though otherwise it is not worth it to be mining bitcoin. Regardless the ban doesn't matter because BTC always is resilient to these kinds of decisions made by countries since it's independent.


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November 14, 2017, 10:03:49 PM
 #22

The news currently reported is for Sichuan province, but there are a few other provinces, so unless every provence comes up with a ban, mining company will just migrate from one region to another. It will be a bigger problem if bitmain is banned which may leads to a short term panic and price drop and fee increase, after several difficulty adjustment it will make bitcoin much more easy to mine and more decentralised mining will be coming as well so long term this will be a good thing. I will also watch out on BCH as its a miner's currency backed by Jihan which will be impacted more should Jihan and others have to shut their business down.

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November 14, 2017, 10:07:36 PM
 #23

There are plenty of chinese millionaires, and in case something like this does happen (a forced ban on crypto or mining in general), i think they would just move their mining farms and rigs to another country and China would end up losing in lots of taxes and market share... I think they'd be foolish to ban crypto, the smartest choice would be fully embracing it before any other worldwide potency does.

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November 14, 2017, 10:34:43 PM
 #24

Recently I have seen several news articles that China may crackdown on miners.
Like this one https://www.cryptocoinsnews.com/china-bitcoin-ban-to-extend-to-low-cost-mining-local-report/

What are the potential consequence on BTC market if this happens?

Transactions gonna be unconfirmed for too long, Fees gonna explode for a while, Bitcoin price gonna rise before things return to pre-chinese ban slowly, except for price maybe
That's my analysis  Smiley

Why do you think that price would explode? Because shortage of supply ?


Yes, mainly but of course in reality the price could take the different path  Wink

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MickeyT2008
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November 14, 2017, 10:47:05 PM
 #25

Wow this made me think a lot about it, if China falls and if they are not going to be mining bitcoin anymore, then look at how many consequences it could have on bitcoin.
The hashpower will be almost over, because the own most part of the hashrates that bitcoin has at the moment, and this could be critical for the whole crypto market in general.
obviously that it all will affect bitcoin, but i dont know how can the price reacts, maybe it will drop a lot.

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scottykarate
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November 14, 2017, 10:52:00 PM
 #26

Wouldn't they come up with a way to get the regular people an incentive to mine it again?
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November 14, 2017, 10:52:31 PM
 #27

I think it is going to happen as Chinese government would always want control of what they are doing with the country's finance and unfortunately Bitcoin is just getting too big for them.
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November 14, 2017, 10:55:26 PM
 #28

"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 country's peoples behind. It is a reason to weep and feel sad for those people.

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effects on market?

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.

Schirer
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November 14, 2017, 10:58:41 PM
 #29

What's wrong specifically with them? Aren't they miners like all other miners, whichever country they happen to be from?

Centralisation. China has the cheapest power, cheapest labour, cheapest property and most hardware production and design facilities.

If there was another country with that then we'd be moaning about that country. It makes Bitcoin vulnerable to influence by one country's laws, culture and companies. It's the way of the world so it's not going away any time soon.

Bitcoin mining was intended to be spread globally to protect its properties.

Good point about centralization, to be honest 30% is too much power in hands of state which has such economic policy.

jnano
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November 14, 2017, 11:03:16 PM
 #30

The hashpower will be almost over, because the own most part of the hashrates that bitcoin has at the moment, and this could be critical for the whole crypto market in general.
The needed hash power is self-adjusting so it should be fine. Although, on large changes the network would take longer to adjust, and during that time using the network could be difficult.


DyllanGM
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November 15, 2017, 12:12:01 AM
 #31

 I think this would encourage a lot of miners to open small scale mining without the trouble from giant mining rigs from China monopolizing bitcoin mining. I wouldnt worry about this at all.

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timikulit
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November 15, 2017, 12:27:28 AM
 #32

Killing bitcoin miners will kill bitcoin standing in the market.

If this mining ban happens in china, we will experience a high pending transaction again just like what happened last week but in a massive scale.

However, it seems this mining ban is not yet final and i dont think china government want to lose his position in bitcoin

https://www.coindesk.com/state-owned-power-provider-denies-chinese-bitcoin-mining-ban-rumors/

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namjar
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November 15, 2017, 12:31:19 AM
 #33

It will kill bitcoin for sure, just think about how much chaos it can create.
the most hashrate of bitcoin is allocated in there, it would mean that all the transactions would take an eternity in order to get confirmed, if now we have to wait 8 hours to receive six confirmations, without China we might have to wait more than 12 hours to get all those transactions confirmed.
It was rejected anyway, so it is not going to happen because it can collapse the whole bitcoin technology.

cryptocrusher
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November 15, 2017, 12:32:28 AM
 #34

I do not think this is happening as others have said, but if it did then I would guess the effects would be a little something like this - price would dump initially and then over time start to recover as more miners were found across the world to replace those of China. Longer term it could be good as Chinese miners kind of have a monopoly currently.

plr
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November 15, 2017, 12:35:47 AM
 #35

If it happens, it will be a very big problem. Now there are a lot of unconfirmed transactions that caused the fee to be very high. Now consider that people in China are banned from mining. What will happen if we lose them?

In my opinion that will give other miners a good opportunity to direct their mining rigs to bitcoin since the big network of miners are not mining bitcoin anymore, we all know bitcoin started as cpu mining until the big mining company of China came
RamonBTC
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November 15, 2017, 12:37:34 AM
 #36

Is it the second wave of china manipulation on bircion price, banning ICO and exchanges closure last September that the price down to 2800$. Then now when the transaction fees increases and china will make a move to ban mining. Then they should do it now or it wont work the way to they're favor as happened before.

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November 15, 2017, 12:56:28 AM
 #37

China's decisions are just a hoax. It was all temporary, I'm pretty sure of that. I might say that they are also doing business with cryptocurrency underground. Sooner or later, we will all be shock when China became a crypto destination 2-3 years from now or when BTC reached $20k.
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November 15, 2017, 01:12:23 AM
 #38

I think it is good in the long run as the overall output will decrease and the mining costs in other countries will be very high.
warboat
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November 15, 2017, 01:44:14 AM
 #39

Bitcoin MYTHs

1. mempool backlog is INDEPENDENT of hashing power.
Stop thinking the unconfirmed backlog is due to hashrate. 1% of current hashpower can mine 100 times the current mempool backlog. The bottleneck is totally due to blocksize bandwidth. Every 10mins, there is only x number of transactions that can fit, so it does not matter how much hashpower is involved.
It's like you have a robot that can solve 10,000 rubics cubes an hour but you only supply 100 scrambled rubics cubes per hour to the robot. The rest sits in mempool dumpster scrambled and waiting to get thru that 100cube an hour limit. This limit in bitcoin is the blocksize limit.
There is adaptive algorithm to change difficulty every couple thousand blocks to cater for any change in mining power.
putrii
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November 15, 2017, 01:49:58 AM
 #40

Recently I have seen several news articles that China may crackdown on miners.
Like this one https://www.cryptocoinsnews.com/china-bitcoin-ban-to-extend-to-low-cost-mining-local-report/

What are the potential consequence on BTC market if this happens?

miners in china will be on bann? maybe this will be a negative impact and impact the bitcoin price because automatic bitcoin confirmation will be long when we want bitcoin or bitcoin transfer.

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