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Author Topic: China plans closing Bitcoin mining.  (Read 3516 times)
honeyira (OP)
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January 09, 2018, 06:25:20 AM
 #1

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.
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bornv8
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April 24, 2018, 06:56:30 AM
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can we really trust Chinese government not to change their mind?
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April 24, 2018, 07:04:51 AM
 #3

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.
This has little impact on Bitcoin as large Bitcoin mining companies are now shipping to colder, low-cost countries. And most of these countries accept Bitcoins and Crypto. Do not worry too much because the ban does not affect the market and the market continues to trend up.

Armstand
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April 24, 2018, 07:21:36 AM
 #4

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.
This has little impact on Bitcoin as large Bitcoin mining companies are now shipping to colder, low-cost countries. And most of these countries accept Bitcoins and Crypto. Do not worry too much because the ban does not affect the market and the market continues to trend up.
I have heard 5 countries banning, but it shows that Bitcoin was not affected at all, maybe since China, SoKor, social media, or other bigger names that are influentially affect bitcoin before were all done that bitcoin is capable on moving still.
Tisubasha
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April 24, 2018, 07:32:50 AM
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I think the impact of this bitcoin mining ban in China will also puncture the transaction time, causing increased fees to be paid to transfer bitcoin. This could negatively affect the value, as it would make cryptocurrency less practical as an alternative to the normal currency.
ClackKendi
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April 24, 2018, 07:48:32 AM
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In China, bitcoin mining consumes a lot of energy and the Chinese government is concerned about the problem. They fear that bitcoin digging will affect their energy.
poptok1
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April 24, 2018, 08:13:09 AM
 #7

Such claim requires a source. Without any source its nothing but a FUD ergo belongs in to speculation board.
Apart from that, events like this are never commenced from day to day. It will rather be a process, even in communism driven country.
Firstly a market panic, big dumps and price plummet but soon after, network will readjust itself and start to recover.
Difficulty would go down, making mining profitable somewhere else, not to mention states that are very pro-crypto, they will attract "crypto-tourism" and mining outsourcing. China is not the whole world, and market cant stand vacuum.   

Palma_Laura
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April 24, 2018, 08:29:44 AM
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I think it impossible because Most of miner in the world is Chinese and it cause unemployment in the economic,Government don't want it
lauranaura67
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April 24, 2018, 08:37:02 AM
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This isn't the first time we've heard FUD news coming from China. It's like they're deliberately spreading fear to stock up on cheap crypto.
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April 24, 2018, 08:45:51 AM
 #10

China for all we know that they are really conservative in all aspects so that’s why they are closing the rig mining of Bitcoin since it consumes really a lot of electricity.As China also suffers market-crashed on 2011 as stated here http://www.businessinsider.com/china-power-shortage-and-the-economy-2011-5. So its a big deal really for them to sacrifice their electricity bill just for bitcoin.

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Red-Apple
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April 24, 2018, 09:24:55 AM
 #11

What can you say about China of closing their rigs/mining?
i'd say you should get a life instead of spreading FUD Wink

Quote
This could overshoot the price to the moon or plunge the price below the ground?
if something like that happens someday it won't happen overnight. first the mining farms will simply relocate so the hashrate will just move its physical location then some small miners who are mining at home will stop and that can lead to a small hashrate drop which won't even be noticed!
the price may have a small drop but it won't even last 2 weeks Cheesy

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ngerok
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April 24, 2018, 09:39:53 AM
 #12

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.
I have a miner and have operated until now. I am not affected by news that affects bitcoin. which I did observe the price movement and keep mining, the current price began to rise on appeal three months ago. I have benefited from mining this month.
Dmitry.Vastov
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April 27, 2018, 08:47:38 AM
 #13

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.
This is the very bad and the shocking news for all the bitcoiners because if countries like China wo is considered to be such a huge country bans bitcoin and moreover after legalisation it,then how would other countries will think to legalise it in their nation, an awareness needs to be created at international level so that people will develop their interests in bitcoin and other crypto currency too.
Moiyah
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April 27, 2018, 10:27:50 AM
 #14

This isn't the first time we've heard FUD news coming from China. It's like they're deliberately spreading fear to stock up on cheap crypto.

A natural response to this news is just to still have a grip on our coins. We can see that such fud may affect the price, nevertheless if this is officially true then China had a big reason why they have to banned the mining companies. ICOs and other related cryptocurrency are surely affected by this decisions made by China.
Caelanpelley
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April 27, 2018, 10:54:36 AM
 #15

can we really trust Chinese government not to change their mind?
I do not really believe in China. Because they can change their minds at any time. In the past, China has vowed to ban ICO investment activities, blocking all Bitcoin and ICO ads aimed at minimizing fraudulent activities. Now, China plans to start exploiting bitcoin.
novsali
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April 27, 2018, 11:19:03 AM
 #16

I do not think that this decision will be implemented. They should better increase the taxes for mining related activities which will increase their revenue.

samoilov
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April 27, 2018, 11:25:53 AM
 #17

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 they close minig completely, those people will migrate to another place. So it will be bad for China in my opinion in long term and they should reconsider this.
chillitabit
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April 27, 2018, 12:05:04 PM
 #18

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.

it is very hard to believe what you hear especially when it comes to country like china, that is saying one thing and another day they say something completely else. They're surely getting involved in blockchain business, which is really good I guess
campbell.box
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April 27, 2018, 12:15:47 PM
 #19

There are many places in China where people have very little power resources, which makes the utilization of power resources inadequate!

China should re-allow the operation of BTC minerals, which will promote economic development!
Itha_
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April 27, 2018, 01:02:46 PM
 #20

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.
Given the restrictive plan that may end with a ban on operations for bitcoin mining in the coming months, miners are beginning to prepare to shift their baiting operations to a number of overseas areas that legalize or do not strongly condemn the bitcoin trade and mining. Russia is the target country most targeted by bitcoin miners from China given the cheap price of electricity. hopefully what this china does is not too negative effect on bitcoin price, length of transaction time and margin.
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