China's complicates Bitcoins miners

[appleffi]

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.

Earlier this month, the news of bitcoin banned in china is a big setback for bitcoin and it also affects the miners. Though they can divert what they currently hold in abroad exchanges still this is a major problem that complicates the investors residing in China, they are really strict when it comes to bitcoin matter that is why this a very serious matter not only for the chinese bitcoin investor but also outside the china premises because their portion has a big part on what could bitcoin achieve.

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[Granxis]

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

As far as I know, Bitcoin is forbidden in Bangladesh and Kyrgyzstan, but in fact the Bitcoin network can not be banned, which means that only companies are banned. The situation of China is quite interesting, they are forbidding icos, they are trying to make the minig difficult. The country that produces most asic miners can not do that.

[miyaka26]

I thought they will lift the ban for the exchanges and ICO applying extreme regulation for the both of them for various reasons, well a lot of FUD's and false news are spreading in the entire bitcoin community about china and now we are getting the possible ban for the miners that would make the community of china move to japan as i heard that they are starting to move to japan to trade and continue the living in crypto well the miners will follow if this is true.

[wuvdoll]

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.

LOL. You do not have to take it personal bro. If they think their actions can have an effect on bitcoin, then they are totally wrong.

Moreover, a lot of fake news has been generated from this region by whales so as to have some free money, but unluckily for them, those times are over and bitcoin is gaining more strength than normal. The mining issue is even something that would have zero impact on bitcoin.

[ahkiatt]

Doesn't make much sense for them to ban if they can make money off excess electricity that is going to go to waste if left unused right?

I mean why would they say no to free money?

[fanbeila]

China has never been friendly to bitcoin.It was just waiting for the correct time to take actions against bitcoin.China has already banned ICOs and bitcoin exchanges.

Now,it clearly knows that their country has the largest number of mining firms in the world.They know very well that unless they ban bitcoin mining,they would not be able to control bitcoin usage in their country.

Already bitcoin miners in china were not able to sell their mined bitcoins easily as it was before.And now,they have finally decided to ban bitcoin mining.

If that comes in to action,then the world would face a huge delay in confirmation of transactions and thousands of transactions would get stuck once again.

And again,BCH supporters would start shouting that BCH only could solve such issues and BCH is the true bitcoin

[allthingsluxury]

China WILL continue to crack down on Bitcoins and Cryptos in general, as they are a great means of getting your money out of the country easily. This is something that the Chinese government have been cracking down on and having issues with, so expect scrutiny to increase further.

[audaciousbeing]

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.

This is one of the reasons why I always maintained a contrary opinion  when some people always hold the view that since bitcoin price surge after it crashed because of the two actions of the Chinese government that we can now do without China and that bitcoin has surpassed China but from what we can see here, China is not through with bitcoin.

Whether its speculation or not, its one of the last major card that Chinese government will have to play if all other options to stop bitcoin continues to fail and the moment this is played because of the high importance that mining plays in ensuring that bitcoin runs successfully, its going to deal a great blow on bitcoin but the moment this can be surmounted, we are fully sure of victory from the Chinese.

[malikusama]

China has already taken many steps against bitcoin so this one is not unexpected at all. Although it is true that China has provided a paradise for bitcoin miners due to cheap electricity but declaring mining illegal will not going to effect the bitcoin in any way, however they will regret later on their useless restrictions and bans. Yes China is serious to fight in an already lost war against bitcoin.

[nidacoinlove]

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.

LOL. You do not have to take it personal bro. If they think their actions can have an effect on bitcoin, then they are totally wrong.

Moreover, a lot of fake news has been generated from this region by whales so as to have some free money, but unluckily for them, those times are over and bitcoin is gaining more strength than normal. The mining issue is even something that would have zero impact on bitcoin.

Fake news keeps on circulating most of the time from china region because mining industry is still working there. I guess the speculators don't have anything else now to say to create a suspense about bitcoin so they have now focused on the mining weakness of bitcoin. As we know that a majority of miners has already left bitcoin mining, the few miners we are left with are from China mostly. This could be a best speculative tool as well as a serious threat to bitcoin mining.

[carlfebz2]

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.

LOL. You do not have to take it personal bro. If they think their actions can have an effect on bitcoin, then they are totally wrong.

Moreover, a lot of fake news has been generated from this region by whales so as to have some free money, but unluckily for them, those times are over and bitcoin is gaining more strength than normal. The mining issue is even something that would have zero impact on bitcoin.

Fake news keeps on circulating most of the time from china region because mining industry is still working there. I guess the speculators don't have anything else now to say to create a suspense about bitcoin so they have now focused on the mining weakness of bitcoin. As we know that a majority of miners has already left bitcoin mining, the few miners we are left with are from China mostly. This could be a best speculative tool as well as a serious threat to bitcoin mining.

Its not actually surprising which those kind of news would really exist on this market specially price of bitcoin is soaring up high which those personalities or groups will really create some fuds just to make the price go down so that they would able to accumulate bitcoin for cheaper prices but this news is actually fake which the same on most people do said here. Its possible to happen but wont really happen on these days.

[darewaller]

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.

Huh, already said– illegal operation– Chinese government sees Bitcoin mining, ICOs and all of them that are associated with cryptocurrencies as illegal operations. Though I’m not 100% sure if they really banned other cryptocurrencies or just Bitcoin, because I’ve never seen or heard that they banned other cryptocurrencies, except bitcoin.

So maybe it’s just Bitcoin, and if so, then Chinese people who are interested in Cryptocurrencies can convert to altcoins by selling off their Bitcoins to exchangers. Just saying.

[fiulpro]

China..aims at destroying bitcoins.. its doing everything it can..well I think after banning ICO'S and bitcoin exchanges...now it wanna curb the mining but...!
The reason it isn't doing so is because..it feels that if that happens then the price will again.. get back up afyer a while..thus I think.. Increasing the minning bill is something that they are doing to put a huge loss..on bitcoins..due to this the mining fee will increase and the bitcoin market will suffer a more permanent loss.

[AjithBtc]

Such kind of FUD often gets circulated around. The electricity is a major issue with the mining operations, but the same can be overcome easily with the different technology solutions available. The recent ico issue or the ban of exchanges were to regulate the usage as well to avoid the faking the trade volume through exchanges. This doesn't mean that it is complicated.

[haroldtee]

China WILL continue to crack down on Bitcoins and Cryptos in general, as they are a great means of getting your money out of the country easily. This is something that the Chinese government have been cracking down on and having issues with, so expect scrutiny to increase further.

I would not really blame them since they have always had this strict policies when it comes to monetary laws and they feel threatened by the usage of bitcoin and some of the activities surrounding it. China knows bitcoin is unstoppable and they know there is so little they can do about causing anything to stop it. So, whatever they do, at the end, bitcoin will still win and I really do not see what they want to pull off from even the present rumor that would hugely affect the miners that much and even if it does, they can just easily find an alternative.

[Lancusters]

China WILL continue to crack down on Bitcoins and Cryptos in general, as they are a great means of getting your money out of the country easily. This is something that the Chinese government have been cracking down on and having issues with, so expect scrutiny to increase further.

I would not really blame them since they have always had this strict policies when it comes to monetary laws and they feel threatened by the usage of bitcoin and some of the activities surrounding it. China knows bitcoin is unstoppable and they know there is so little they can do about causing anything to stop it. So, whatever they do, at the end, bitcoin will still win and I really do not see what they want to pull off from even the present rumor that would hugely affect the miners that much and even if it does, they can just easily find an alternative.

It seems to me that the news is FUD. It is used by whales to drive the situation on the market of cryptocurrencies. If at some point the Chinese government will decide that they need to ban the activities of the miners they can do without additional legislation. It is enough to raise the price of electricity. The miners themselves will move their business to countries with lower price of electricity.

[el kaka22]

I thought they will lift the ban for the exchanges and ICO applying extreme regulation for the both of them for various reasons, well a lot of FUD's and false news are spreading in the entire bitcoin community about china and now we are getting the possible ban for the miners that would make the community of china move to japan as i heard that they are starting to move to japan to trade and continue the living in crypto well the miners will follow if this is true.

The truth is that most of this news coming from this region is not even verified.

Definitely, most of them have been known to have been used to create a lot of FUD in the past using the ICO bans and the exchanges as the center to create such FUD. All the above, China have their own policies and if it becomes unfavorable for their citizens, that does not stop them from finding a way to make it favorable for themselves. Even if it means finding a better means somewhere else.

[pawanjain]

Looks like China is trying really hard to to spread FUD in the crpypto market. Their initial plans to ban ICOs and shut down Bitcoin exchanges didn't seem to workout very well since Bitcoin is at new heights now and may be that's why they are using mining platform now to spread the FUD.
Even if China stops giving the required electricity to the miners it won't make such a big deal since the mining difficulty will become less if Chinese people stops mining. It might be an advantage for other miners to gain profit and then may be the miners who jumped to BCH will come back to BTC to gain more profits. This sounds to me like a win win situation.

[Bolt Brownie]

I think that is just more FUD as usual, and the article finishes by saying that the story is not confirmed so I think we should discard it for now. Even if it was true, that would just mean that the miners would have to move to another country, and I'm sure there are plenty of countries that would welcome them right now. Russia still doesn't have a clear position on bitcoin, but it still seems that they are welcoming miners right now. If China follows this path, it will be their loss again, and I don't' think they will do this.

[salihno71]

I would take this with a grain of salt. China does not have a problem with a bitcoin itself but with a fact they cannot control it on their territeory. If they want to ban mining, they will surely do it in a different and fully direct way and not like this.