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Author Topic: Could the Chinese Govt take over the mining of BTC?  (Read 213 times)
jamesashmore1964
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June 14, 2018, 01:39:28 PM
 #21

China has traditionally set up a vast array of traditional mining operations in and around its western region. When the mining operations turned virtual thanks to cryptocurrencies like Bitcoin, Chinese entrepreneurs recognized that hydropower necessary to keep processing plants in operation was cheap, as was local labor. Therefore, Chinese have taken this bitcoin mining business very serious, no wonder most of the bitcoin miners in the world are from China.
With the profit that the nation is earning from the bitcoin business, it wound not be a surprise if the Chinese government is to take over mining of BTC.


The Chinese Government  like blockchain but I don’t think they like Bitcoin!
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Denker
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June 14, 2018, 01:55:35 PM
 #22

This news is slowly coming out but over half the Bitcoin miners are Chinese entities!
What would happen if the Chinese Govt took the mining over from the entities: It is a scary possibility and i was made aware of it on a you tube channel that has 200,000 subscribers!


The answer is no!
And the reason for that is pretty simple.
There is a ultimate technological nuclerar weapon the community will use if a serious takeover attempt by a group of miners would happen.
And that's a POW change! Miners know this. And with such a POW change, and an algorithm where miners have no idea which new one would be implemented, they would destroy their whole investment, make all the hardware useless, and probably lose their competitive edge.
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June 14, 2018, 02:02:06 PM
 #23

It is very much possible for a communist government like China. They are infamous for violating human rights. For reference, you can check out the current situation of Uyghurs Muslims in Xinjiang. Every possible human rights are being violated for them by the Chinese Government and they are being denied even the basic requirements of life. So it is very much possible for Chinese government to forcefully take over the mining operations under their own control. Probably this is unimaginable in first world countries, but very much possible in China. If this happens, it would not give us a positive impact on the market.
Will not. Do not use communism to discredit China. China actually walks on the capitalist road. China will not control Bitcoin. Free trade is China's most important. They are inseparable from free trade.
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June 14, 2018, 02:08:56 PM
 #24

This news is slowly coming out but over half the Bitcoin miners are Chinese entities!
What would happen if the Chinese Govt took the mining over from the entities: It is a scary possibility and i was made aware of it on a you tube channel that has 200,000 subscribers!


I don't think the government is involved in mining. I has been known since long time that chinese miners are the whales, but nothing to do with gov in my opinion
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June 14, 2018, 02:09:03 PM
 #25

This news is slowly coming out but over half the Bitcoin miners are Chinese entities!
What would happen if the Chinese Govt took the mining over from the entities: It is a scary possibility and i was made aware of it on a you tube channel that has 200,000 subscribers!


What would be the point?

You have to first think of that, what would be the point for the government to take over btc?
It's not like Chinese market is worried in any way about btc... Or like the cryptos are frightening the Chinese government. They have such a tight control on their internet that they already can slow down the expense of btc in their country if they really  care about it xD

ejswift
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June 14, 2018, 02:10:01 PM
 #26

This news is slowly coming out but over half the Bitcoin miners are Chinese entities!
What would happen if the Chinese Govt took the mining over from the entities: It is a scary possibility and i was made aware of it on a you tube channel that has 200,000 subscribers!

whsre did they get this informations sometimes im just thinking is there any real informafions heee in bitcoin talk but ues maybe its jut contradicting in my mind

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June 14, 2018, 02:45:56 PM
 #27

This is possible, because in the field of bitcoin mining, it is said that China has occupied more than 70% of the computing power.
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June 14, 2018, 03:26:53 PM
 #28

This news is slowly coming out but over half the Bitcoin miners are Chinese entities!
What would happen if the Chinese Govt took the mining over from the entities: It is a scary possibility and i was made aware of it on a you tube channel that has 200,000 subscribers!


What would be the point?

You have to first think of that, what would be the point for the government to take over btc?
It's not like Chinese market is worried in any way about btc... Or like the cryptos are frightening the Chinese government. They have such a tight control on their internet that they already can slow down the expense of btc in their country if they really  care about it xD

the point is spreading FUD. the question is whether OP is trying to do it or if he is a victim of some dumbass on the internet who is spreading a 3 year old FUD as a new one.
honestly China is so 2015-16 now. nobody cares about them anymore the day their volume bubble broke and everyone saw how fake everything was over there. Wink

tonysitaly
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June 15, 2018, 09:45:01 PM
 #29

I don't think so. Many mines in China are built in remote areas, which consume only a very small part of the power resources.

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June 15, 2018, 10:11:51 PM
 #30

Chines government wont ever take over mining of bitcoins. China as a whole is banned from using crytpocurrency ,hence how will such a government contradict itself and turn around to take over mining of bitcoins.

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Kambal2000
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June 15, 2018, 10:24:07 PM
 #31

Chines government wont ever take over mining of bitcoins. China as a whole is banned from using crytpocurrency ,hence how will such a government contradict itself and turn around to take over mining of bitcoins.
They banned bitcoin yet they did but they were I think changing their mind to it, but it is fine although they will change their mind they cannot take over or control the price of bitcoin or the mining of it, as they want to build their own brand, they are so greedy much of this.
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June 16, 2018, 02:14:19 PM
 #32

I don't think so. Many mines in China are built in remote areas, which consume only a very small part of the power resources.
distr@yopmail.com
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June 16, 2018, 02:21:14 PM
 #33

I don't think so. Many mines in China are built in remote areas, which consume only a very small part of the power resources.

the government can not regulate this mining, many small miners are also participating in it, it is not so easy that the Chinese government can regulate the rules related to mining conducted. this is the right of many citizens to participate in this mining.

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June 18, 2018, 10:41:51 AM
 #34

there is no doubt that China is a country with the largest bitcoin mining in the world because it has access to cheaper sources of electrical energy. but not only China has the largest bitcoin miners, Georgia and America are also the countries that control the bitcoin market of the world and both countries have large companies that have bitcoin mining. I think it's impossible if the Chinese government can take over bitcoin mining because some time ago china was able to provide a ban on cryptocurrency

Funeral Wreaths
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June 18, 2018, 11:15:23 AM
 #35

What would happen if the Chinese Govt took the mining over from the entities

Who you think that could own the mining farms in China? Private investors?
I'm sure that all of them are owned directly or indirectly by the government members or their friends.
You cannot do that without political backup. Not at that scale. Also just think, many are made near dams for cheap or free power. How else would that be possible?

So what will happen? Nothing!
Because they know that if they do any wrong movement (51% attack for example) they actually hurt their own investment.

they are really intelligent when it comes to handling financial aspects. they are maybe just announcing their total banning figure to cover up those what they are actually up to or should we say what they are already doing right now. i guess for them it is really possible, it might also be rude to say but we knew that most gamblers are formerly chinese and they are also know for that. they are maybe preparing so that when the train runs, they wont be left behind.

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June 18, 2018, 11:29:11 AM
 #36

I am very surprised that no government has had the foresight to invest heavily into mining but I think the moment that happens it will more than likely devalue any currency that it openly mines.

nicko122
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June 18, 2018, 11:56:18 AM
 #37

China can quite strongly affect bitcoin, we have already seen this earlier this year. The question is, do they need the disappearance of bitcoin? Especially now there are already countries that are loyal to the cryptocurrencies.
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June 18, 2018, 12:14:01 PM
 #38

This news is slowly coming out but over half the Bitcoin miners are Chinese entities!
What would happen if the Chinese Govt took the mining over from the entities: It is a scary possibility and i was made aware of it on a you tube channel that has 200,000 subscribers!

They would be able to control it and maybe set bitcoin as a world currency after USD is dethroned? Actually, it wouldn't be that bad, would it? Isn't it something we hodlers are all waiting for, that Bitcoin becomes world currency?

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June 18, 2018, 12:15:24 PM
 #39

Chinese entrepreneurs recognized that hydropower necessary to keep processing plants in operation was cheap, as was local labor.
Fourgh
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June 18, 2018, 12:26:25 PM
 #40

This news is slowly coming out but over half the Bitcoin miners are Chinese entities!
What would happen if the Chinese Govt took the mining over from the entities: It is a scary possibility and i was made aware of it on a you tube channel that has 200,000 subscribers!


Well, for sure it's price will fall specially knowing China's population right now. And Bitcoin will loose it's significance if it is being controlled or govern by any Nation. Bitcoin should always remain discreet and away from taxes.

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