China plans closing Bitcoin mining.

[rickn]

China is a country where freedom is not a guaranteed issue. Therefore, all government actions contrary to bitcoin and other crypto are normal for a centralizing country and do not admit decentralization

[budi691]

China I look very inconsistent, first they refuse bitcoin and keep some time later they open the option to open with cryptocurrency. now they are trying to close the bitcoin mining. they are like making an issue for the world to pay attention to the country with the 2 billion people.

[maman567]

Any body know what’s going on with China government faced about cryptocurrency and bitcoin ? before bitcoin have been famous virtual money China is the only one country was support bitcoin and have bee popular virtual money in the world, but when bitcoin have on the top China was banned bitcoin transaction in their country, include all ico and now was banned bitcoin mining. China have more bitcoin mining companies and they have work on big companies.

[Wayan_Pedjeng]

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 will be good news for the miners from other countries such as Russia. The difficulty level will go down and the other miners will see an increase in their daily revenues. That said, I can't predict what effect it can have on the exchange rates.

[pinoyden]

It will be good news for the miners from other countries such as Russia. The difficulty level will go down and the other miners will see an increase in their daily revenues. That said, I can't predict what effect it can have on the exchange rates.

i dont think that this is a good news because as what i always understand if a country has closed btc mining , exchange , etc or any other service related to bitcoin,

the price of bitcoin will also become affected because the demand will be lessen.Im pretty sure that these events can somehow inflict a damage to the current value of btc but only if the news was real and legit. If not , then there is only a small chance that it can cause panic attacks.

[Jihuny23]

Yes, every country has a different policy. Perhaps, China considers that the decision to close bitcoin mining is good for their country. I do not know what the reason China is closing this bitcoin mining. China may feel a loss if this mining continues to exist. If China really closes the bitcoin mining then the market price will decrease as most of the crypto currency players are Chinese. China also affects the crypto currency market especially for the Asian region. Hopefully, China reconsider its decision.

[Kieran Thomas]

It is telling that it was China's central bank that met on the issue of Bitcoin mining, underscoring the fact that the issue is not only, or even primarily, an energy issue. It’s about clamping down on perceived risks of the cryptocurrency, which regulators have associated with malicious acts like fraud and money laundering.

[ipinkang]

What implication if chinese trully close every bitcoin mining operation on that country, the price will go to the moon or the bitcoin price will going down to the bottom??

[Jonbak]

China plans to close its bitcoin-producing mine, because it makes electricity consumption more wasteful and includes risky investments. This is in line with the assessment of the authorities that digital currency (cryptocurrency) is not a strategic industry.
A number of institutions are asking the provincial government to "actively guide" companies in each region out of the bitcoin industry.
As known, miners create new bitcoins by breaking complex code to get validation of new bitcoin transactions. While not really using complicated computational processes, digital currency mining relies on large computing power making it more like a factory industry than traditional high-tech businesses.
Many of bitcoin miners operate in remote areas without registering their business. Some miners also ignore local regulations that prohibit consumers from buying electricity directly from manufacturers compared to grid operators.

[haracutama]

China is planning to limit electricity to Bitcoin miners, and government bodies have expressed concern about energy usage. Bitcoin mining is estimated to use up to 4 gigawatts of electricity, equivalent to three nuclear reactors' production levels. So, I think it is the mainly reason to ban mining bitcoin.

[chillitabit]

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.

Friends, China is the most important manufacturer of graphics cards and asics. It can release so many mining farms and negotiate the installation of its computers in the cold regions of Russia, or other cold regions (county) where bitcoin is legalized. It's not a problem for them. Believe me.....

even if they ban it, new producers will emerge. That is the beauty of the free markets, if there is an economic incentive, people wlll simply find a way to replace them, that's just natural.

[toast]

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.

China in my opinion is a developed and developing country if they prohibit mining certainly has a strong reason when it happens

[ladydark]

If China bans bitcoin mining,then that would cause a drop in supply of bitcoins as we already know that China holds the majority of mining farms in the world.It may increase the price of bitcoin and it would be better to buy more bitcoins after checking the authenticity of the news.

[Chicryptomama]

The energy issue is a problem......The government and even some bitcoin enthusiasts have argued that bitcoin mining must switch to renewable energy...so in my opinion, the entire mining process should be altered so that it does not rely on enormous amounts of energy instead of banning the mines

[tungaqhd]

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 think it will affect on the system strongly because there are many big miners in china.
The price might drop so much.

[Wilfrer]

I think the Chinese ban does not have too much influence on the crypto market. Because most of us operate anonymously, transactions are still made and secret. Besides, I think the price of Bitcoin will soon rise again when the market is increasingly scarce and hard to find them.

[Cult]

I think the Chinese ban does not have too much influence on the crypto market. Because most of us operate anonymously, transactions are still made and secret. Besides, I think the price of Bitcoin will soon rise again when the market is increasingly scarce and hard to find them.

I don't think so. The biggest bitcoin mining powers are located in China and if they all collude they may become a serious threat for the whole market.

[Dominic_King]

You know, China authorities have already cracked down on thousands of criminal cases associated with alternative cryptocurrencies, including Onecoin and Ticcoin. These cryptocurrencies were viewed as Ponzi schemes used to raise illicit funds. Later, officials shut down cryptocurrency exchanges and banned fundraising through initial coin offerings (ICOs).

[Philomena86]

This is very good news for the development of electronic money in the future. I like china very much, this country always innovates and absorbs and applies technology to life. China don't plans closing Bitcoin mining.

[wilburwilbur]

Naah not really, they are doing the same instead
And if ever this is the case then a bad news for everybody
As we all know china ever since has been one of the coutries that supports bitcoin but because of hoax (fake news) the government seems became less interested in bitcoin and other currencies
I believe that china government does not really plan to close bitcoin mining (all of it) but rather close mining sites that are illegal
You see bitcoin mining can be taxed now