Bitcoin Miners "reportedly" fleeing China

[amrulshare]

I can see it, moreover, many projects cryptocurrency of China that appear to the world success.I think they want to control this digital currency

[jseverson]

This shift in policy really baffles me. I get the ICO ban and exchange ban. China has a capital outflow problem, as everyone already knows, so it makes sense for China to plug those holes. They simply don't want Chinese people to give their money to foreign companies. Mining is different though. Miners basically generate money, so doesn't that bring money in? It would make sense if majority of miners in China are foreign, but aren't they pretty much all Chinese? Doesn't this move actually hurt them? I would appreciate someone shedding some light on this.

I don't think this matters much in the grand scheme of things though, and it's only going to cause a two week backlog at most. It's even a good thing for the hashrate to not be as concentrated in China. It's just baffling though.

[Perseusallen]

Last month, China banned mainland residents from trading in cryptocurrencies on exchanges and made it illegal for Chinese start-ups to raise funds via initial coin offerings. a hybrid of crowdfunding, venture capital, and initial public offerings, to put it simply. Bitcoin prices fell. Ether prices fell. And then cryptocurrency start-ups shook it all off. It was as if they were punched in the face, shook the cobwebs out of their head, and remembered that this whole blockchain thing is decentralized and autonomous. That's the point. Banned in one country, move to another.

[alisafidel58]

Do you think mining would still remain stable?

From what i know miners in china play a significant role in the bitcoin network,if all of them shutdown all at once we might see a huge delay again in the transactions and fees will back in an abnormal state.

Would this be for the better (mining become more widely spread out) or can this cause transactions to come to a halt?

Moving out and and finding a new place to put the factory is not an easy task to do, businessmen who owns the miner rigs will be looking for cheap electricity on some part of the world which is not so easy and some other aspect that they would benefit from the location.

This will surely be a huge blow to bitcoin and among other its users, we can only hope for the good and once again the fees will head straight "to the moon".

[BingoDog]

Do you think mining would still remain stable?

From what i know miners in china play a significant role in the bitcoin network,if all of them shutdown all at once we might see a huge delay again in the transactions and fees will back in an abnormal state.

Would this be for the better (mining become more widely spread out) or can this cause transactions to come to a halt?

Moving out and and finding a new place to put the factory is not an easy task to do, businessmen who owns the miner rigs will be looking for cheap electricity on some part of the world which is not so easy and some other aspect that they would benefit from the location.

This will surely be a huge blow to bitcoin and among other its users, we can only hope for the good and once again the fees will head straight "to the moon".

It's not easy task but they will find the way. This is too big profit for them just to let this go so simple and give up.
Also I don't think they will shut down at once but gradualy move their farms for better conditions. And somehow I think that behind this stands a much more complex story than it looks at first glance. Why wouldn't China give up such profit, it doesn't make sense?

[fiulpro]

I literally don't think that it's gonna affect anything for the bitcoins but it will affect China for sure in the future if they decided to adopt bitcoins or any other cryptocurrency then there will be a problem that they would be facing.

They will have no OWN MINERS which are skilled in everything and then , they will lack behind .. I do think that sooner or later every country is gonna adopt some digital currency and this is exactly what happenes when you use a narrow minded thinking.

They are just letting potentially intelligent people who are in this stuff go from their country shifting their man power somewhere else.

[ricardobs]

I can see it, moreover, many projects cryptocurrency of China that appear to the world success.I think they want to control this digital currency

Are you sure of what you are saying, cause the way I’m seeing things, China is just no longer interested in cryptocurrencies and wants to kick it out from their country completely. I don’t see any other reason that will make miners run out from the country, if not for the way they see things.

[kaysersoze]

And now it happened on Korea, people, this is all a HUGE fud, you need to understand that! Please, open your eyes! a lot of people have already fall in this huge fud and they all sold their bitcoins because of that. Just be patient, bitcoin can still keep going up, only that it is full of fud.

[Silberman]

    Whoa, this clearly is bad news if you really think about it. I have said this because most of the miners thatake good profits are from china. This is because almost everything there is cheaper than most of the countries im the world. And if this continues, we might see even bigger numbers of miners leaving china or completely abandoning mining. This will never be good for crypto people in china. Tsk tsk...

Miners cannot abandon mining, if they can be profitable in other countries why are they going to stop mining and if they cannot be profitable in these new circumstances it is not like they are leaving mining behind they are just unable to compete and are going to face bankruptcy, but with the block reward still being high and the huge fees I bet they are still going to be profitable even with more expensive electricity costs.

[shaun98]

I'm sure transactions will continue, though it will be greatly slowed down until these Chinese miners relocated and start up their mining operations once again.