China's complicates Bitcoins miners

[AVAMONEY]

We already know China's government has been ban initial offerings and bitcoin exchanges in since beginning of September this year.
At that time, all bitcoins exchanges in China have problems to continue this business. Some China's Bitcoins holder also divert all its assets to store in abroad exchanges.

Source from
https://cointelegraph.com/news/breaking-china-may-cut-off-cheap-power-to-bitcoin-miners

The statement regarding the cessation of cheap mining electricity indicates that the Sichuan Electric Power Company has issued a circular indicating that it will no longer provide the necessary power from its grid-connected hydropower stations. The circular suggests that Bitcoin mining is ‘illegal operation.’ The circular has yet to be confirmed.

If this true will be applied then China's is serious to fight this Bitcoins business.

[TagaMungkahi]

We can speculate that this article is just another Drama to create another Dip. If this is proven true, then okay, that it will be good for the Bitcoin system. Bitcoin is still working without China. The separation of China from Bitcoin would open a lot of opportunities to other miners and upcoming miners. It's time to get China's shit out of Bitcoin.

[chiggz]

The price of electricity will not impact bitcoin. If the price becomes higher, some miners will drop out as it might not be profitable. Miners dropping out will decrease the difficulty so mining blocks becomes easier hence Energy cost will go down until it matches the value of bitcoin. It's a system that self-corrects.

[949miner]

I dont know why that country is releasing so many fuds and complications to the miners/holders or all of those guys who are making profit from cryptocurrencies. they are the most greedy country that have ever seen that affects the crypto world.
They are just applying regulations to everything that concerns about cryptos.. but i dont know, it has been posted yesterday and it was proved that it was a fake one, but it might happen in some time from now, so nobody knows about it yet.

[pugman]

We already know China's government has been ban initial offerings and bitcoin exchanges in since beginning of September this year.
At that time, all bitcoins exchanges in China have problems to continue this business. Some China's Bitcoins holder also divert all its assets to store in abroad exchanges.

Source from
https://cointelegraph.com/news/breaking-china-may-cut-off-cheap-power-to-bitcoin-miners

The statement regarding the cessation of cheap mining electricity indicates that the Sichuan Electric Power Company has issued a circular indicating that it will no longer provide the necessary power from its grid-connected hydropower stations. The circular suggests that Bitcoin mining is ‘illegal operation.’ The circular has yet to be confirmed.

If this true will be applied then China's is serious to fight this Bitcoins business.

Great, get ready to pay more transaction fees now. I don't understand what is the motive of China for banning bitcoin and related services or work? Mining in China contributes the largest towards the bitcoin community and if this cheap electricity is no longer provided to miners then everyone would face a lot of difficulties sadly. Russia was trying to beat China in mining and we have no proper updates on it yet. There is a mayhem in the world of crypto currencies now, just we can pray to end this sooner.

[jseverson]

Oh wow. China seems to be starting to crack down hard. I wonder what prompted their hostile attack on Bitcoin.

Still, it's too early to draw conclusions. The story seems to be unconfirmed thus far, so this may not even be true. And even if it is, we don't know for sure if the added electricity costs would force the miners to shut down. It may very well still be profitable, just less so. This just makes me think that Bitcoin's energy requirements are unsustainable and is definitely an issue that must be addressed going forward.

[Baofeng]

Oh wow. China seems to be starting to crack down hard. I wonder what prompted their hostile attack on Bitcoin.

Still, it's too early to draw conclusions. The story seems to be unconfirmed thus far, so this may not even be true. And even if it is, we don't know for sure if the added electricity costs would force the miners to shut down. It may very well still be profitable, just less so. This just makes me think that Bitcoin's energy requirements are unsustainable and is definitely an issue that must be addressed going forward.

Well when they banned ICO and closes its exchanges, the next target is their mining business. However, I don't know if this is fake news or not because we have seen a lot of them being used as a tool by a lot of FUD's around here during the height of their crackdown.

I have to disagree with the energy requirements being unsustainable, China has abundant of energy and even have a surplus that it can't be depleted in the next 10-20 years. This is real crackdown.

Japan has already show enthusiasm to have its own mining farm and mining hardware. I'm sure they will again take over if ever China bans bitcoin mining.

[8270thNinja]

Another Fake News or FUD news from China?. Anyway, it is better to let China go out of Cryptocurrency World, we don't need greedy people who want to casually manipulate prices for their own benefit, Chinese Government is just a control freak Government. If they are officially out of Cryptocurrency activities mainly the mining then it will open a lot of opportunities for other miners and also Bitcoin enthusiasts who wants to get into Mining.

[3rojan]

Another Fake News or FUD news from China?. Anyway, it is better to let China go out of Cryptocurrency World, we don't need greedy people who want to casually manipulate prices for their own benefit, Chinese Government is just a control freak Government. If they are officially out of Cryptocurrency activities mainly the mining then it will open a lot of opportunities for other miners and also Bitcoin enthusiasts who wants to get into Mining.

There's potentially so much money to be made here. I highly doubt they will pull out of the crypto world entirely.

[Opquar]

This might actually be a good thing. Difficulty will adjust anyway, and there will be less power in the hands of Chinese miners. Only time will really tell tho. What is for sure is that China is against bitcoin.

[TheUltraElite]

This might actually be a good thing. Difficulty will adjust anyway, and there will be less power in the hands of Chinese miners. Only time will really tell tho. What is for sure is that China is against bitcoin.

I believe this will only help other country miners to gain an advantage. Popular belief (may be FUD) says that majority of the miners are from China. Hence if they drop out of the network the difficulty will decrease proportionally to the amount of miners lost. The rest of the world will thus be able to profit from this.

If China thinks Bitcoin is going to be bad for their country let them do whatever they want. It does not matter to the rest of the world - because bitcoin does not discriminate people on the basis of their country of residence.

[buwaytress]

Not true. The issuing entity has clarified it is an internal memo and does not constitute a ruling from the institution in represents, rather is a branch internal decision.

Summary : you can't cut direct deals with bitcoin miners to sell off surplus cheap hydro electricity. You want a business deal you have to negotiate a public interest deal with the state.

Fair enough to me, really. If Bitmain and other corporates can secure open deals, everyone else should. Further legitimises the industry anyway.

[tibne]

They are at a cross road. In one hand, they don't want anybody challenge the government in the money making business. In another hand, they understand the blockchain technology will change this world dramatically. Expect some new policy with a twist coming out soon in China.

[xuan87]

From the beginning we can see that actually China's government is opposing Bitcoin and keep on finding a lot of way to stop Bitcoin usage, the government still hasn't found the right way to control Bitcoin, when they can't find a way to control then they will banned bitcoin

[meanwords]

If China did really ban mining Bitcoin, It would become a serious problem as the mining fees will increase. We know that a decrease in miners, the transaction speed ofcourse will also decrease. Unless another country would mine as fast as china, then it wouldn't be much of a problem. Let's hope that all this Bitcoin mining problem will come to an end soon.

[soham]

That's a bad news for the crypto community as a whole. China's current electricity infrastructure doesn't support the huge increase in mining power consumption and probably that is the reason they want to cut it down. Why a government will support you for earning de-centralized money (without their regulation) using their subsidized electricity? That's a valid question. Instead the miners can move to green energy like solar panels or wind turbines. That's a huge initial investment, but the mining profitability will increase. But if this become reality, we will have to face a slow network with increased transaction fees and increased numbers of unconfirmed transactions. So it's not a good news for us!

[yugyug]

When China is trying to ban bitcoin, there are other countries that open their door of opportunities for bitcoin miners, some other European region are planning to built hydro-electric plant for bitcoin mining. If China are against bitcoin and other cryptocurrency, maybe they are hiding something, someone that will replace bitcoin that may serve as the China's official cryptocurrency, Chinese government are fond of making internalisation program that they are able to control. Bitcoin is uncontrollable and unstoppable, that's why they are getting rid of it.

[ladydark]

We can speculate that this article is just another Drama to create another Dip. If this is proven true, then okay, that it will be good for the Bitcoin system. Bitcoin is still working without China. The separation of China from Bitcoin would open a lot of opportunities to other miners and upcoming miners. It's time to get China's shit out of Bitcoin.

Its true that if bitcoin mining gets out of the hands of china,it would pave the way for decentralization in bitcoin mining.But it should also be noted that china has the majority of mining farms and bitcoin mining is still at its infant stage in other parts of the world.So,if china suddenly declares bitcoin mining illegal,definitely it would create a major issue in transactions confirmation at least for few months.So,china should delay some more time for banning bitcoin mining.

[TheCoinGrabber]

This would mean that we get larger fees and slower transactions right? This could put some of the miners out of business. When there are less miners, do the speed of mining increases though? I heard the difficulty depends on the number of miners.

That's a bad news for the crypto community as a whole. China's current electricity infrastructure doesn't support the huge increase in mining power consumption and probably that is the reason they want to cut it down. Why a government will support you for earning de-centralized money (without their regulation) using their subsidized electricity? That's a valid question. Instead the miners can move to green energy like solar panels or wind turbines. That's a huge initial investment, but the mining profitability will increase. But if this become reality, we will have to face a slow network with increased transaction fees and increased numbers of unconfirmed transactions. So it's not a good news for us!

Well, I've never thought of it that way. I've heard that electricity there is one of the cheapest in the  world and still some miners were still greedy enough to steal electricity.

[el kaka22]

Okay, another FUD creating news by the whales I guess!
Whatever China wants to do, they can go ahead with it and that will not in any way stop bitcoin usage all over the globe or by any means result to any dip.

If anyone is gullible enough to fall for shits like this and want to drop what they have at lesser value, they are free to do that as some of us are willing to take it from them. They can settle the scores within their country with the miners for all I care, but the community cares less.