[2017-11-16]Document Trigger False Alarm: Bitcoin Mining Is Illegal in China

[hl5460]

Yesterday a document released by a local power authority was circulated widely in the community. The document was an order to ban power supply to bitcoin mining farms in Sichuan province, saying “bitcoin mining is illegal”. In the statement, the power authority asked all hydro power stations in its jurisdiction to stop selling power to bitcoin mining farm and disobedience would lead to disconnection from the main grid. Late last night, Caixin released a report to disperse the misunderstanding. The document is true but with “erroneous statement” and has been withdrawn. The document caused little impact to the market fluctuation. It’s said the cost for generating one bitcoin is around 20,000 yuan at the moment, of which 15,000 is for power.
According to the official of Danba County Power Supply Station, the document was true but the statement was wrong. It was drafted in a rush during the power rationing period not long ago. The “illegal” wording refers to the conduct that local hydro powers failed to deliver power to local residents.


http://news.8btc.com/false-alarm-bitcoin-production-is-illegal-in-china

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[vit05]

It’s said the cost for generating one bitcoin is around 20,000 yuan at the moment, of which 15,000 is for power.

This is really interest, but anyone knows if this number is true?

20,000 yuan - 3019,92 US Dollar
15,000 yuan - 2264,94 US DOllar

1 BTC = 47702,67 yuan

So, it cost 0,42 BTC to produce one BTC in China?

[hl5460]

It’s said the cost for generating one bitcoin is around 20,000 yuan at the moment, of which 15,000 is for power.

This is really interest, but anyone knows if this number is true?

20,000 yuan - 3019,92 US Dollar
15,000 yuan - 2264,94 US DOllar

1 BTC = 47702,67 yuan

So, it cost 0,42 BTC to produce one BTC in China?

That's what they claimed.

[iamTom123]

This can never be the last time that language barrier is causing some misunderstanding. The good thing is that the market was not reacting to the original news which means that whatever is happening in China are just plainly ignored and not given any importance anymore...just one of the many signs that the Bitcoin market is now maturing and has fully moved on from the China connection. There are really many who are expecting that soon China will finally ban Bitcoin mining but if you will analyze it, banning such an economic activity is not on the good interest of the country. There is even a big possibility that months from now, a heavily regulated environment can be reopened in China for Bitcoin.

[jamids]

This can never be the last time that language barrier is causing some misunderstanding. The good thing is that the market was not reacting to the original news which means that whatever is happening in China are just plainly ignored and not given any importance anymore...just one of the many signs that the Bitcoin market is now maturing and has fully moved on from the China connection. There are really many who are expecting that soon China will finally ban Bitcoin mining but if you will analyze it, banning such an economic activity is not on the good interest of the country. There is even a big possibility that months from now, a heavily regulated environment can be reopened in China for Bitcoin.

People is done with China. If this happened months ago when the bitcoin FUD is on-going then it should have a big impact in the price but now, we can see that people already knew that China's strategy in spreading fear, uncertainty and doubt is not that effective anymore. For years, they are creating FUD to buy bitcoin cheaper but the market has now mature. We are aware that cryptocurrency market is full of manipulation and there are some people who are taking advantage of the misunderstanding of the news but now I am hoping we know better.

[hl5460]

This can never be the last time that language barrier is causing some misunderstanding. The good thing is that the market was not reacting to the original news which means that whatever is happening in China are just plainly ignored and not given any importance anymore...just one of the many signs that the Bitcoin market is now maturing and has fully moved on from the China connection. There are really many who are expecting that soon China will finally ban Bitcoin mining but if you will analyze it, banning such an economic activity is not on the good interest of the country. There is even a big possibility that months from now, a heavily regulated environment can be reopened in China for Bitcoin.

They say bitcoin could be sold fore USD and other foreign exchanges and therefore will not be banned.

[bubblebit]

China is irrelevant since the September dip after closing bitcoin exchanges and they’re back for some reason and that is because at that time they thought they can control bitcoin but failed. But cryptocurrency as decentralized as it is will never become one of Chinese government puppets. The community stands for it and win against it and now they’re making so much noise this weeks for other members to give attention to them. That’s nothing but propaganda for me and I’m sure it is intentionally made.