Could the Chinese Govt take over the mining of BTC?

[AurumService]

I think that it`s impossible for government of one single country even as strong and influental as China to take over the mining of BTC. The process has been launched and it can`t be stopped.

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[tee-rex]

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!

This is not a news for at least a few years already. In other words, you are late to the party, mate. And if you think that the Chinese authorities don't already have control over the biggest miners, you simply don't know how such matters stand in this country. They don't need to take over the miners as they are already controlling them as much as they want. I wouldn't be surprised to find out one day that some high-ranking Communist party members are actually standing behind many of the biggest miners in China.

[bncbnc]

I think that it`s impossible for government of one single country even as strong and influental as China to take over the mining of BTC. The process has been launched and it can`t be stopped.

I even do not think that they will like to take over mining, because their people are getting a good profit from it which is increase and making their economy more better, therefore i think that they will let their people to continue mining. because mining is one time investment and after that it will can give you a good profit.

[Sanu Simon]

Government in China is not that against the bitcoin network, at times due to the fraudulent incidents taking place through the cryptocurrency network, the government came up with plans to regulate. This doesn't have any of the back plan to take everything under government's control and earn the profits.

[maxreish]

They will not likely do that mining. After giving restrictions to the mining of bitcoin, Chinese people will surely against it if Government takea over the mining of bitcoin instead. They have to play fair for their people.

[maivui5411241@gmail.com]

The Chinese government is a very erratic government. At times it does not prohibit Bitcoin, but the next day it issued a moratorium on electronic money. It's hard to talk about the possibility of this happening

[maneka]

I simply think that the Chinese government has nothing to do with the exploitation of Bitcoin, it's entirely by their own machinists, China is the largest bitcoin mining country in the world because it has the right Access to cheaper power sources. Not only China has the largest bitcoin miners

[Desscount]

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 think it will never happen, especially china has been very prohibited in this industry. because that's why I'm optimistic the Chinese government will not do that.

[yyourboss]

There may be no takeover. There are many local governments in China that have a partnership with these mines, which can actually provide some benefits for China.

[telisitan]

Most of China's mining is in some backward areas, which require financial help from these sites, so it will not be taken over by the government.

[gpamfmcq]

I don't think the Chinese government will take over the mining business. There are many mining practitioners in China who have mining agreements with local government departments. In fact, local governments can get a lot of benefits in mining.

[gpamfmcq]

If the price of Bitcoin continues to climb, and the need for more power continues to increase, the Chinese government may take over the mining business. For the time being, I don't think that's going to happen.

[blockdragon]

they could do it because they have the capability of doing so as a communist government, but in a possible scenario like that the community if still believe in decentralization would make a reaction to shift it.

[cryptjh]

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!

If the Chinese Govt took over all the big mining’s farms, then they cut try to do a 51% attack, if that was what they wanted to do, but I really don’t think that would happen.
Mining Bitcoins consume a lot of electric, so local governments will maybe try to close them down. But I think the mining’s farms would just move around if that becomes a problem.

[Harrisonimo]

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!

Just as preprogrammed, the cryptocurrency market is not a government owned operation. As much as mist of the Bitcoin miners come from China, it doesn't give the government of the country effrontery to take over the mining processes of bitcoin. But maybe an agreement might be reached later on in future as to how the government can come in to partner with the miners but definitely not taking over.

[wtbhitlv]

There is no need for the Chinese government to take over such operations because they can generate a lot of revenue for local governments.

[popelene1]

Taking over it wont speak good to the crypto currency lover at large, for them doing that means they are trying to remove the purpose of tge decentralized btc was created for.

[Yazrielle]

 A Chinese bitcoin mining takeover will enable the government to take direct control over the international transaction aspect of it. Additionally, the government might want to use that mining power to attack bitcoin to hurt US and Japanese bitcoin holders – according to the post, 80% of the coins are held by people in Japan and in the US.

[Andrew S]

China is very correct about the situation in the world.  They were the first to believe in bitcoin and are now its main beneficiaries.

[aezotxmb]

I don't think the Chinese government will be able to control these mines, which is not good for the government.