China plans closing Bitcoin mining.

[robotrobert]

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.

Well no one knows what is to come, its July now and the price is rising it has just touched 6.8k dollar mark and increasing more day by day, well whatever be it if its increasing its profit for every investors and not only bitcoin other alt coins can also increase due to this and yeah no one knows where it will end up to so let’s wait till it keeps on rising and keep our fingers crossed for more profit.

[marsmyname]

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.

Bitcoin currency could never really replace the normal currency even in its peak time, due to such a volatile rate of bitcoin, users around the world see it more as an investment rather than an asset or currency and hence it failed to achieve the tag of digital currency rather it is now just a digital investment where investors are attracted daily to make huge profits.

[prtty2gal2]

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 china closes their rigs of bitcoin mining then I suppose the prices will rocket up again to 15k ish dollars cause the supply will become lesser then demand and hence the prices will sky rocket again.

Well you never know it can fall too, for bitcoin investors its really the time to brace themselves for a vortex of price changes but at the end I guess it will be all sunny with high profits for all due to the price rise I am expecting to happen if the rigs are closed.

[TheGreatPython]

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

Chinese govt might or might not change their mind but if they do then the prices will be as stable as they are now but if they don’t there will be a sudden disturbance in the market and the supply to demand ratio might be affected and the prices can either rocket high or they may plunge back to 2k dollar mark, No one really knows what is to come so it will be better to keep fingers crossed and pray for the rise.

[thirdkiller]

Every government are doing what you want about Bitcoin. But my personal mind about it, people must do what they want, why somebody know better about what's wishes of the people. If somebody want to mine bitcoin he can do it.

[Sema1984]

You created your post on the 8th of January. As you can see nothing happened and I think we won't see any changes in the nearest future

[solenn heussaff]

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 China should not close bitcoin mining because that is one way to earn a free bitcoin and many people is mining bitcoin so if they close mining many people will lose money and they find other cryptocurrency that has mining.

[hessanseen]

If the Chinese government shuts down the mining business, the miners will immediately enter other countries and have good electricity supply in North America and South America, and I hear that it costs only 570 dollars to collect a bitcoin at the Sara.

[amirmass]

China does not have to be that strict. They support Blockchain technology. They can support the crypto in the same way. They can do it with the necessary legal regulations.

[Snaic]

China in general has developed a two-year program to completely ban decentralized crypto currency in its territory. In this regard, it turns out, they will try to isolate themselves from the rest of the world. It is unlikely that they, of course, will succeed, but they plan to close all the sites that somehow will be connected with the crypto currency. Apparently, they, as always, are trying to find their own way of using crypto currency in their national interests. Well, let them try. However, they risk falling behind the world's progress in the field of crypto-currency.

[Undermood]

China is already a country with a stance against crypto. It's pointless that you still have more crypto stuff. It will not be done there anymore in mining. Chinese attitude is clear.

[Xorobar]

I don't think China will close bitcoin mining. The equipment belongs to large players who work for the future. But if China closes mining, a wave of panic will start.

[liseff3]

What can you say about China of closing their rigs/mining?

Nothing strange to their rules, since November 9, 2017 and then they often issued a statement beyond expectations.

This could overshoot the price to the moon or plunge the price below the ground?

Not for both, but will make the market move slowly to grow even tends to stagnate. As we know China previously is including a country with a very large number of miners, then any policy made by his government, the impact will certainly be felt by all users of cryptocurrency especially bitcoin.

[frankiemalton]

Some of China’s mining operations are already looking to relocate overseas, but the process will take time and will inevitably lead to lower margin since electricity prices outside China are much higher.

[Nevsky]

I do not believe in that. China is very cunning. How can China refuse the mining of Bitcoin if they took the top position in extracting the main currency. Moreover, China is one of the main countries that have a significant impact on the entire crypto industry. Therefore, less believe the people who talk about it. China is the main engine of the crypto currency. Just like the US, South Korea.

[furry04]

if China makes such a move than the mining companies would move their mining sections which are worth maybe millions of dollars to some other crypto friendly country and that country would make money from them.

[PeRo]

Those are fake news, China is nit closing anything, why would they? And jf they wanted to, they couldn't really forbid mining for everyone, some people would still mine. If that ever happened it would surely leave a negative effect on the market, the price would probably drop, fortunately it isn't going to happen.

[Caxton10]

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.

Well they fear right. Energy is an important thing in the development of a country's economy and if mining bitcoin affects that then they ought to make that decision to stop mining.

[bidadari22_]

In my opinion,it is hard to believe some of the statements here in the forum especially those who do not have their source. Well, that's true, it will make me think that effect is important for all users of cryptocurrency but I think it will not be a big problem.There are two reasons why I say that.First is that even though they close bitcoin mining,there are many ways here in bitcoin for us to use it. Another thing is that even they are banned,

[DrGuns4Hands]

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 had already closed their market to cryptos and btc and what should we expect coming from them; that they will open for us!
 
China for the past years banned bitcoin because it is this technology that will end up the traditional businesses within their country. There are many Chinese investors who wanted to enter the world of cryptocurrency and the first gen – bitcoin, most of them invested in BTC. The Chinese government never wants to disrupt their businesses with such Ponzi scheme they believed.