Potential mining ban in China, effects on market?

[Glorypaasa]

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?

dont be greedy to much because china banned mining bitcoin in their country because they want to buy bitcoin if the price of bitcoin goes down again so my adviced is dont sell your bitcoins just hold it .

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[Ctn]

As you know this thing is really very old and it already had its effect on the bitcoin back in sept-oct. Now the community has recovered from it with full fledge and whatever you are seeing currently the major ups and little downs are the effects of BCH stuff. Everyone is aware how this coin is being manipulated an leading to many people to get confused between bitcoin and BCH thing. Anyway China mining was old thing and it actually has given rest of the world opportunity to get stronger in the race as they don’t have biggest competitor in the race now. So more fees, more advantages and more shared profits for them. 

[bitfools]

Just lies, most of the urban myths on this forum are lies.

MINING is just fine in CHINA, but FREE POWER to the politically connected cannot last, people will not tolerate this

What CHINA banned in August 2017,  was shitting tokens and alt-coins being sold to grand-mas as investment, so the assholes moved all this shit to Russia & Bulgaria,

Mining is just fine in CHINA,

But like on these forums, most ppl prefer to trade coin at auction sites or gambling sites, most people don't mine, cuz its too much work

Mining is a hobby, everywhere

Only people with free power and early access to BITMAIN's newest miners make the big money, the well connected elite.



Lot's of new hydro-dams in CHINA, some of the power isn't even used yet, like their empty city's, but eventually very soon,  the price of power will sky-rocket in CHINA

It still takes 20 barrels of OIL equivalent to mine a BITCOIN, a tremendous about of energy

CHINA is a paternal society, they don't like to see the weak exploited by the assholes, its the job of GOV to protect people from asshole exchanges selling shitting alt-coin/token to grandma

IN USA fucking the people is all good, the corporations run the GOV.

[jnano]

They say there are places in China where electricity is literally free.

In a recent article, although they mention something about hydropower, they also say Bitmain is paying 4c/kWh. That's quite similar to Montreal.

[Diggorry]

The Chinese government issued the bansco bans, but I think it does not affect its potential growth, all just stopping temporarily, just that they want to control them more tightly.

[zhuangxingyue1]

As we all know, China is a very important mining base. If it is forbidden, it will bring a lot of losses ......

[Rinder]

This is happening again or just the old rumor about China banning the mining, now you made me confused, but im pretty sure even knowing the huge power and influence from the big companies located at China, we had been able to see and send a message that bitcoin can and will survive if such thing happens. Big companies are already looking into better and more friendly countries to allocate their mining investment without have to worry about if will be banned one day.

[Mary ann Labor]

If that happens, the price of the digital currency would crash because it will have a negative impact on the global price since China is the biggest market for bitcoin mining.

[Thasins61]

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?

china gain a lot from those miners at least from electricity bill so they will never ban mining 

[Agostosmori]

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?

Once the mining in China stops expect for a longer time for the transactions to be confirms since a large percentage of miners will stop and it may also result to a drop on bitcoin's price since Chinese might just stop from using bitcoin and sell all the coins that they are holding or the other way around.

[Schirer]

Just lies, most of the urban myths on this forum are lies.

MINING is just fine in CHINA, but FREE POWER to the politically connected cannot last, people will not tolerate this

What CHINA banned in August 2017,  was shitting tokens and alt-coins being sold to grand-mas as investment, so the assholes moved all this shit to Russia & Bulgaria,

Mining is just fine in CHINA,

But like on these forums, most ppl prefer to trade coin at auction sites or gambling sites, most people don't mine, cuz its too much work

Mining is a hobby, everywhere

Only people with free power and early access to BITMAIN's newest miners make the big money, the well connected elite.



Lot's of new hydro-dams in CHINA, some of the power isn't even used yet, like their empty city's, but eventually very soon,  the price of power will sky-rocket in CHINA

It still takes 20 barrels of OIL equivalent to mine a BITCOIN, a tremendous about of energy

CHINA is a paternal society, they don't like to see the weak exploited by the assholes, its the job of GOV to protect people from asshole exchanges selling shitting alt-coin/token to grandma

IN USA fucking the people is all good, the corporations run the GOV.

It could be a just a rumor, yes, but we are discussing potential effects in such event.

And you most definitely are wrong about minig being a hobby there are a lot of people doing it in high level even in countries where electricity is not cheap, more than 10c per kwh

[Schirer]

Recently red that Chinese miners are fleeing the country because of this rumor, that means that in case of ban, there would potentially be small dump and that's all

[hujanderas]

very unlikely to happen! omg, this can be problematic if this happens, but it has been rejected by government and society.
There is no way to see it happen because bitcoin can die because of this, the entire mining hashrate comes from china, and we all know it.

[junoreactor]

Recently red that Chinese miners are fleeing the country because of this rumor, that means that in case of ban, there would potentially be small dump and that's all

There are always lot of rumors around China and cryptos. People are getting paranoid. I was even reading that the big miners would soon relocate to Russia. Lots of paranoia and manipulation attempts. Won't believe it until it happens 

[harbin55]

Somehow it will affect the entire electronic banking industry.
Since china is one of the biggest and one of the power house in Asia.
They can influence the public by banning the mining of bitcoin in their country, which leads to a negative effect.

[loof99]

I think since china did something fraud that’s why they are going to ban. There will be no effect since the company and management of bitcoin has no participation on that activity;
therefore they don’t have negligence in that situation.

[Ucy]

Chinese leaders won't dare ban anything Crypto related this time around. I bet they regret those ban on Bitcoin and ICOs.
Surprisingly South Korea followed sheepishly.
No government will be able to regulate Crypto in the end unless they impose Biometrics on people.

[harbin55]

The government does not tolerate all illegal actions that happen. I think that is the reason why the mining in china was banned.
There will be no effect since the company and management of bitcoin has no participation on that activity; therefore they don’t have negligence in that situation.

[BingoDog]

China has the bigest and probably the most powerful mining farms so such ban would influence the market. But only on short term, temporary because chinese miners definetely wouldn't give up mining bitcoin they would just relocate their equipement so at the end that wouldn't have significant effect. I suggest not to panic and be paranoid before anything has even happened or there are solid information about it.