China plans closing Bitcoin mining.

[colork]

Yes, now a lot of countries have undertaken this. I wonder why

[MAJICOIN]

Most of the mining is in China and i like to say that in these days miners can not make more bitcoin so it cost is more than it's profit so may be it is the reason that now mining is stopped and bitcoin mining were mostly using by Chinese people and may it show a break for now but the price is changed over time and it is costly for the young investors and they are not aware of the crypto dealing so they sell in the market which trigger supply and it is the natural phenomenon.

[profitmax]

For me, it is just China and keeps the price of the cryptocurrency. If they have a ban, all the "Bubble" will burst and only the Chinese will have time to take the money.

[Irfansyed]

In fact, this news simply does not matter from the wording, because on the mine rectification and handling last year began, especially after the domestic exchange closed last year, the relevant regulatory agencies also discussed on the mine However, the conclusion is that the reasons for closing down the mines are not sufficient and the mines did not cause any more social problems. The risk points are not clear and no specific arrangements have been made

[Kasliono]

In my view, when a lot of people are stopping to mining the bitcoin, it is mean that the sirculation of the bitcoin wil be low, I mean that the bitcoin will be rare on the market which means that the prices will be going up more and more. So, it is a good news actually.

[Delinquency]

I'm sick and tired of these news. Even if it's true miners are seeking for cheaper countries. It can affect bitcoin price a little bit. But there won't be huge movement in price in my opinion.

[Ninja Sword]

China has more than two-thirds of the global processing power turned to bitcoin infrastructure. Chinese miners have taken advantage of the low cost of energy to expand their operations in recent years. There are also bigger creators of mining hardware.

[Nanagyasi]

It is right to provide the link to such news so we can all read and assess the credibility of the information. Sometimes, the source of such information cannot be ttrusted. However, I don't see any big effect this will have on btc price.

[orarider]

I think it just paused temporarily. The Chinese government can change the decision at any time. China is the largest bitcoin mining site in the world. Bitcoin prices will vary from government decisions.

[eann014]

I don't follow the rumors, China is one of the strong country in the world but we are just talking about the mining, not the cryptocurrency using. So there would be no risk for me and people around me i guess. But i heard that many company in China is ready for the make their coins for cryptocurrency business.

Well, that's good, maybe in some other months bitcoin will recover again its price, for me, $10k is enough for bitcoin price. I am sure that even China banned bitcoin, there are still somebody using bitcoin in that country. If China will make coins for cryptocurrency business this is a good news for us since we all know China has also a good economy and great country in terms of businesses.

[lazygin006]

Well they really need to do that as everyone over in China are pretty much doing it. What I would expect China will do is that they will create their own version of Bitcoin and let people mine it. That way they get more control of how it can grow/shrink.

[Sinone]

I don't think It is a true news. Have you any source for it? China is like the biggest asset country to mine the bitcoin. If they stop then bitcoin will suffer a lot and we will see a long-term bear market for sure. I think China will again legalize bitcoin.

[vnck25]

I think its not profitable anymore to mine Bitcoins! With increasing difficulty in mining and higher labor and electricity cost this makes more harder to get a profit. The downward trend in the Bitcoin price also adversely effect profit earning in Bitcoin mining. So even if China closes Bitcoin mining I think its okay, if the investors still wants to mine they can move elsewhere. Maybe a country like Venezuela where electricity costs are extremely cheap.

[Layers318]

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 hosted the large Bitcoin mining industry in the world. The sudden close down of Bitcoin mining in China has caused the crypto market and the industry a create blow. However, more than 80% of the enthusiast and believers within the China Bitcoin mining have moved from China to other countries like Canada, Germany, South Korea etc to establish more mining sectors and continue the good work from there. Bitcoin and crypto will continue to live forever.

[Patient_Zero]

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.

China will close bitcoin mining, maybe not but move miners from China to countries that are more friendly about mining costs, for example electricity costs are very energy consuming and of course the electricity costs are very high, but if done in other countries of course the electricity burden will in the responsibility of the country concerned, and the producer of electricity bills is not too much like when mining was carried out in China.

[Abal Abal]

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.

the scarcity of bitcoin is imminent and will fly the price of bitcoin, and this is good enough.
and also many people will get bored with their difficulties in getting bitcoin, and they will leave bitcoin, and this is the worst thing we don't want.

[edsnowangel]

Even if China closes the production of bitcoin, it does not really understand anything, because in other countries there is also a lot of mining of bitcoins.

you're right there are more other country that still operating bitcoin mining rigs and the fall of the china's rig might affect a little but there will be more to rise up in other counttry

[Om.monata]

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 closes mining I think it has a big impact on many countries, and of course on bitcoin itself. it might be the highest or the lowest price, but bitcoin will not be affected and will continue to run only a matter of the price affected.

[adefirman98]

The amount of bitcoin supply is getting smaller, if the bitcoin is fixed or added, yes, the price of bitcoin will rise.

little miner> hash power to process reduced transactions> there is a possibility that bitcoin transactions will run very slowly> people leave bitcoin.

so, actually if the miner decreases, if it decreases a little bit, then it won't be a problem, difficulty can adjust, but if, the majority of miners come out instantly means that a lot of power hash suddenly arrived, when difficulty is currently high, hash power there is, can't balance the power hash before the miner comes out. the worst possibility is, the existing power hash, is unable to process the new block at all, so difficulty adjustments (which are basically calculated based on a number of blocks) will never occur. if there are no new blocks, there are no transactions that can be processed, this means death for bitcoin. But it seems like it doesn't need to worry, if you look at the current price of bitcoin, block rewards are reduced by half even if the miners are still profitable, so they probably pull it out less.

[romantic007]

Actually I've heard of some hotel in China that accepts ETH now. There are also still many companies that support crypto. And people there still buy crypto for fiat, so it's not a big deal now.