China plans closing Bitcoin mining.

[nagobinga]

why should chinese really not like the existence of bitcoin or disturb the currency there or the government there does not approve it and I hope to establish a good relationship there with this bitcoin.

[Soots]

why should chinese really not like the existence of bitcoin or disturb the currency there or the government there does not approve it and I hope to establish a good relationship there with this bitcoin.

This really created a controversy over the current situation of bitcoin, which I think some strategies of their residents whom holding larger amounts of bitcoin. If their country leaders forcibly implement closure bitcoin mining operation, that would be a great opportunity for other countries to initiate their additional mining farms. This won't be a threat for us, but certainly a threat to Chinese mining operators.

[Cotton Candy]

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.

In the event that digital currency cost falling too far in the market, at that point china as well as a large portion of the excavators will close their mining exercises since they won't get any benefit from mining. The mining income won't cover the hardware and power cost. However, what you said extremely valid in regards to china, at that point bitcoin trouble may tumbling down definitely.

[romero121]

China should not come up with such a plan, because it'll affect the entire cryptocurrency network. China is one among the country where mining is found in large scale. From my understanding closing of mining could lead to increase in bitcoin demand causing price pumping as well it could cause things in the opposite manner. China being digitally grown has come up supporting digital growth. Possibly mining won't be closed in China.

[kimdungtruyen]

Events like this never start from day to day. Difficulties will go down. China is not the whole world. So a great deal of it really let them to sacrifice their electricity bills just for bitcoin.

[Otsu]

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 this will happen, surely it can affect to the price of bitcoins and probably it can increased the demand in the market. But it can also make the price to decreased because there are some people or holders will be afraid on this and possibly decide to sell their earnings.

[Wayan_Pedjeng]

I don't think that this is a very practical option. If China bans the mining, then the mining farms will be shifted to some other country, such as Mongolia or Russia. In the end, the government will lose out on tax revenue.

[tutorroma]

Although China's mining business accounts for more than 70% of the world's mining industry, these mines use idle electricity, which is helpful to China's foreign exchange earnings.

[Anna Whitee]

About 80% of miners based in the country are very interested in China's ban on bitcoin mining.
This is being done with measures such as tightening electricity prices, land use rights, environmental taxes, and more.
Although, China has a huge advantage in digging Ethereum, Bitcoin Cash, Zcash and many other types of coins due to the labor and electricity prices are quite cheap. However, this will soon end when the Chinese government is aiming to close the market.

[carlisle1]

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

No and never as they're stands changing from one to another

Consistency is far from them to reality so i think theyre just making some noise again as they are not getting any attention this days.what i wantyou to do OP is stop patronizing China and make your assignments here,dont bother asking about them since they dont wanted to be part of us

[Zaibraid]

I have heard about the Chinese issue that will close this mining access. But I'm not sure if everyone in China will obey this rule. I can be sure that many hidden people are secretly still doing bitcoin mining. Bitcoin mining offers fantastic benefits for those who can do it with a smart and correct strategy. This certainly makes everyone even crypto currency players from China do not want to miss this opportunity. I am sure if the willingness of people still strong to survive in crypto currency then the policy or regulation is not 100% meaningful.

[saLve88]

Well this is a very bad news for bitcoin because china is a major influencer on bitcoin. If china decide to close all bitcoin mining within their country it will drastically reduce transaction mining and whole bitcoin network will get congested as china is holding large percentage of bitcoin mining industry. But I don't think this will happen because there are lot of people who knows the value of bitcoin.

[Charles Warren]

If china bans BTC mining operations two things will happen for sure.

There will be a shortage and price will go up

After closing mining farms, value will increase but so will the transaction Times, and bottleneck effect will be much worse than it is now. So we will get a coin that has terrible transaction times, but also with more value. I wonder what will happen in long term after this. Some say Russia is planning to take Chinas place as major mining country, even though they have Siberia (great place for mining Very cold and very cheap electricity) That's unlikely, because In past couple decades Russia has not made any significant technological advancement in any field.

[Peter Bailey]

Not much will change, miners have already packed up shop and moved to USA / Canada, to areas where electricity is cheap. It will hurt their top line but that's about it.

[SventraPapere]

Mining of bitcoins - because of "consumption of a huge amount of electricity and heated speculation with virtual currencies". This may include, in particular, the direct restriction of the supply of electricity to miners. In China, almost 80% of the world's mining capacities are located, and their closure can seriously affect the market of bitcoins.

[rajuahmed763]

 

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.

Absolutely right this is not first FUD news. There are many news against bitcoin and cryptocurrency. But it affect just sometimes on the market. Bitcoin still going on his way. So, do not disapponted if you hear any bad news as like this.

[vaniy-stepanovich]

This news appears not the first time. This has already happened before. I think this is another manipulation of the market. I do not think that's possible. In China, most of the equipment for mining is being made. They do not benefit from this and the Chinese authorities will not take this step. I think that you can not worry about this.

[saycryptohello]

Recently, a lot of negative news is coming from China, maybe they are doing manipulation in the market in this way ..

[jigsaw97]

Mining of bitcoins - because of "consumption of a huge amount of electricity and heated speculation with virtual currencies". This may include, in particular, the direct restriction of the supply of electricity to miners. In China, almost 80% of the world's mining capacities are located, and their closure can seriously affect the market of bitcoins.

true there could be a lot of currency also that are may affect if this may ever be happen , well we cant blame them they re having own decision and opinion for why is it can be happen and why they have to.

[Veterock]

I think, that it won't has involve on the price of bitcoin, because it's not a news for miners)