China's complicates Bitcoins miners

[iram1011]

This time no one gonna fall for this. Enough of Chinese drama. The rumored exchange ban didn't turn out to be to true. Many of the Chinese exchanges like OKcoin and Huobi are working fine. I read somewhere that last Bitcoin exchange ban drama was carried out by exchanges only to bring a temporary dip. This time also I won't believe this unless the Chinese government itself confirms it.

Chinese government has only banned ICOs so far. All the other rumored bans are BS.

[innocent93]

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.

Yes, bitcoin is illegal in China, but i think there is also a problem of electricity resources, considering how big is that country and compared with the electricity necessity of population, there can implemented some new regulations. Thin at the water resources in California.

[Bitcoinjheta]

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.

Yes, bitcoin is illegal in China, but i think there is also a problem of electricity resources, considering how big is that country and compared with the electricity necessity of population, there can implemented some new regulations. Thin at the water resources in California.

Few months ago chinesse government has never been favorable to bitcoin or digital currency in general, bitcoin miners in china were not able to sell their mined bitcoins as it was before. And now, they have finally decided to ban bitcoin mining.
Because the government found that bitcoin are not being taxed.

[beerlover]

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?

They are not banning and even with the rumor about not giving the miners preference when it comes to electricity which for whatever reasons, does not mean that mining won't go on. Best that would ever happen is the difficulty reducing and more miners even finding a way to step in.

The community in itself just likes creating FUDs unnecessarily and if they like they should be unfriendly to the bitcoin ecosystem, but they should already know by now that they really can make so little impact on bitcoin's growth.

[Raegorl]

We shouldn't listen too much to China FUD unless it comes from an official source connected to the government. So far, people are abusing the media to manipulate the prices in whichever way they want the coin to swing, and the masses are following while whales profit and accumulate more and more coins.

Don't give in to their media pressure and hold!

[cydrix]

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.

Yeah might as well specualte more on this matter before making nonsense reaction nor assumptions. True that bitcoin is still working even as if without China and other countries as well because it is decentralized in everyway it is helping alot for many issues that this feature is almost untochable for some countries.

[abhishekkapoor]

They are banning the Bitcoins so certainly they will make everthing become harder for Bitcoin's miners because directly, they are the main people provide bitcoins to the world.

[Kevin77]

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.

I do not see China as a country that should be making the community sweat. In fact, we give the country too much relevance. Certainly, we understand that the huge mining rigs are present there but that does not mean that is the only place miners exist.

Bitcoin has shown itself so strong that without China it would keep on going, so I see no reason why we should let news from this region raise huge issue or debates.

[sindikat]

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.

I do not see China as a country that should be making the community sweat. In fact, we give the country too much relevance. Certainly, we understand that the huge mining rigs are present there but that does not mean that is the only place miners exist.

Bitcoin has shown itself so strong that without China it would keep on going, so I see no reason why we should let news from this region raise huge issue or debates.

The joint action of Chinese miners can destabilize the bitcoin market. It is not like everyone. A big mistake that the developers did not take into account the fact that the miners can be traitors. I think that now the primary task of developers should be to decentralize the mining of bitcoin. It should do small miners but not large pools.