China plans closing Bitcoin mining.

[belka6619]

In the bitcoin market, it is normal to link the growth of the value of the currency with possible prohibitions on its use in China. In fact, measures to prevent the outflow of capital from the country and as a result of the decline in the exchange rate of the young have already been taken and they are not associated with restrictions in monetary transactions with the use of bitcoin.

[Ems30]

 well,, if Chinese miners plan to  shut down their miners, we would see a huge drop in hashing rate. Since the difficulty doesn’t change right away, that means that it would take a lot longer to mine a block. On top of that, the security of the blockchain decreases accordingly, as it is now easier to run a 51% attack (though this is unlikely to happen in practice). After about a month of having slow transaction confirmation, when the difficulty gets adjusted,and  things should go back to normal.

[allthingsluxury]

China needs to control their people, they need to control their money. They hate Bitcoin and always will.

[BloodKnight]

China has not closed Bitcoin mining yet.But I heard that China has flooded a lot of bitcoin mines due to floods in the last few days. They have suffered heavy losses. Due to the shortage of miners, we may have to increase our transfer fees recently.

[indayburakday012]

Well it is not a lose against china individuals because chinese government are already giving some rules and regulation on their counry. Anyway maybe they plan to close bitoin mining due to low transaction fee and that could take advantage lower mine fees for htem. I do not know why it so low so everyone could do invest in cryptocrruncey.

[summerbloom]

 Its pretty hard to imagine Bitcoin without China being involved in it these days, because the involvement is so significant that they play a major role even in the decision making process of Bitcoin and forming its future technology and direction,due to China has always been a major player in Bitcoin.

[znakistu]

Yes this is true. a specific reason is not indicated, on which the work of the miners ceases, an order that has already been executed is simply issued. the closure of mining in China can seriously affect the market of bitcoins, since it is there that 80% of the world's mining capacities are concentrated.

[whoisyourking]

What can you say about China of closing their rigs/mining?
This could overshoot the price to the moon or plunge the price below the ground?

Those holding btc just brace yourself fasten  your seat bet for possible vortex of price.

Please give us more information a bout the news please provide us a link where did you get this information. China is one who banned bitcoin worldwide, but i read a topic here that china ate developing their own blockchain so they dont want any other coin to their country they are developing their own coins.

[Elachious12]

Base on information I got from a reliable source China does not have any plans of closing down Bitcoin, it was just a FUD, I see no reason why they should do that

[jackjones53]

Yes this is true. in Beijing believe that miners consume too much electricity and create financial risks. However, such a tough measure can carry a serious threat to mining, as 80% of all capacities in the world are concentrated in China.

[HatakeKakashi]

China already banned bitcoin and It's not suprising if they stop or closing also the bitcoin mining to their country. But I don't know the reason why the bitcoin is not accepted to their country. I think the people who behind this is the government because they did not get taxes so they need to ban bitcoin even they have people who earn money.

[glongsword]

Mining in China consumes too much electricity, so it was decided to stop it, but not to liquidate it completely, but simply to remove it from the territory. At the moment, Chinese miners are in search of locations with cheap electricity and a cool climate, in which the equipment will not overheat. As the most advantageous from this point of view, the Financial Times names Canada, Iceland, Eastern Europe and Russia.

[aryaadikariyansyahsuwarto]

confused with the country, they legalize bitcoin, but prohibit bitcoin mining ..

[yuni52]

I think, bitcoin will keep growing even though many countries forbid, maybe this is unpleasant news should a country like china support the success of btc because of course this will help a lot of the economy, hopefully it's just bad news that will drop the bitcoin

[Cynthia Andradee]

According to documents leaked by local governments, China intends to enforce a ban on Bitcoin mining, forcing the mines to stop operating.
It is unclear whether this is a ban on Bitcoin mining or simply the closure of the largest mining farms. But after banning operations in the crypto and ICO markets, China appears to be moving toward a full cut off of Bitcoin-related activities.

[jpespa]

I don't think china will close it actually because this is profit. Maybe this is just fake news. If it is real then it will really hit bitcoin hard because large population on bitcoin community wi be gone.

[cryptossan]

can we really trust Chinese government not to change their mind?

They pretty well can do it themselves, the Chinese are not very consistent in their decisions. However even discussions of the topic can contribute to Bitcoin price volatility

[IamKnowledge]

China closing their bitcoin mining does not seem very good news. However, whether they close it not will have very little impact on the pricing and develpoment of bitcoins at a whole. This because several other individual and countries other than these chinese are all invoved in the bitcoin mining business.

[genlocy]

I don’t think so that it will happen. But if this happen then those who are holding bitcoin will be profitable, as I think. But I pray for not to happen this.

[SistaFista]

What can you say about China of closing their rigs/mining?
This could overshoot the price to the moon or plunge the price below the ground?

Those holding btc just brace yourself fasten  your seat bet for possible vortex of price.

If cryptocurrency price falling too far in the market, then not only china but most of the miners will close their mining activities because they won't get any profit from mining. The mining earnings will not cover the equipment and electricity cost. But what you said really true about china, then bitcoin difficulty may falling down drastically. Recently there was a flood in china and their mining rigs were damaged, bitcoin difficulty decreased very much.