AGAIN: China says it wants to eliminate bitcoin mining

[pixie85]

I never agree that China or India, or even any other developing country needs to care SO much about the environment and sacrifice their industrial outputs and productivity,,, remember it is easy for developed nations to say they take care of the planet, but it was them who killed all their wildlife and burned down all their forests and polluted all their rivers,,, then also came to Asia and Africa to take resources.

But at the same time,,, China pretending to care about the environment is too silly!

China and India fighting for clean air. That's something new. They are among the three biggest pollutants in the world.



China should first stop polluting air and water and install some filtration systems or they will destroy this planet.

[lyks15]

Maybe bitcoin is already affecting the flow and the value of China's fiat money so they are  threaten that even their business industry will be affecred. All we know that China owns the biggest minning system and they also lead in other business such as product and industrial manufacturing so I did not wonder why they are threten that people will have or to own their lot bitcoin.

[MakeMoneyBtc]

I am pretty sure I've seen the same rumors a few months ago but seems like nothing happened since them. Losing China from mining would definitely be a bad thing for bitcoin and cryptocurrencies since it's the country with the most population in the world meaning that a certain percentage of them are also mining. For now nothing is official and this are just rumors, so let's wait and see what's going to happen because anyway we can't do much against it

[pooya87]

this sounds to me more like FUD  coming from a group of people who are so scared about bitcoin price rising again after a year of drops and because the new ATH is being predicted to be around $100k this time, they feel threatened their "empire" is going to be brought down to dust by bitcoin's adoption so they are starting to do things like this and spread nonsense.

bitcoin mining in China has turned into a strong thing that is feeding the electric companies, and lots of other sectors. so if they shut it down they are not just shutting down mining they would be shutting down dozens of other businesses and put thousands of people out of work.

[muratsink]

China always makes new sensations to influence the BTC market. if BTC mining in China is removed, then it will make the BTC chart become stagnant or fall dramatically again. I do not understand how their concept is cryptic. the point of my assumption is that China wants to control the crypto market. but they can't.


if public enthusiasm for crypto is very large. then the government must provide a quick and positive response. or the government can make crypto backed by yuan or natural resources.

[Ciscopro2000]

The Chinese communist government is trying to control the people’s money.  They control what their people can view on the internet, so they ent to control this too.  Typical communist stuff.  

[Yaunfitda]

China always makes new sensations to influence the BTC market. if BTC mining in China is removed, then it will make the BTC chart become stagnant or fall dramatically again. I do not understand how their concept is cryptic. the point of my assumption is that China wants to control the crypto market. but they can't.

If could affect the price obviously, but I would say not in the long run. Many countries will take the lead and its more willing to do so. Bitmain, as far as I can remember have been venturing outside though, so let's see how it will transpire in the future.

if public enthusiasm for crypto is very large. then the government must provide a quick and positive response. or the government can make crypto backed by yuan or natural resources.

The Chinese government doesn't care about the sentiments of its people. They want to control everything and bitcoin will not be the one to destroy their ideology.

[bitcoinisbest]

The Chinese communist government is trying to control the people’s money.  They control what their people can view on the internet, so they ent to control this too.  Typical communist stuff.  

If China decides to ban it , this could have some trouble in the market and as a result it can fall a bit in prices as things will turn to negative sentiment and those panic sellers are lot in a market who will sell quickly.

[Kakmakr]

You know what, a lot of people have been complaining about China being in control of Bitcoin mining and mining being centralized and fud like that, so we should see the positive side of this, if this should happen. Let's say China did accomplish to ban Bitcoin mining, then the monopoly that they supposedly had, would be broken. 

The Chinese miners are also very creative and most of them will shift their operations to other countries, when and if the Chinese government starts to ban Bitcoin mining. <A lot of them have already moved to Bitcoin friendly countries> 

Let's see the opportunity in an announcement like this. 

[stompix]

China and India fighting for clean air. That's something new. They are among the three biggest pollutants in the world.



China should first stop polluting air and water and install some filtration systems or they will destroy this planet.

"There are three kinds of lies: lies, damned lies, and statistics."

That's one side of the story. If we consider pollution by country.

BUT, and there is a big but, if we take the other stats, from the same page you took the graph, it paints a different story.

2015 per capita carbon dioxide emissions from fuel combustion (metric tons)


India may pollute 1/3 of the US but the average Indian only does 10% compared to an American or Canadian.

[Noa_Amable]

All governments in the world treat negatively cryptocurrencies and Bitcoin as alpha-currency, they are afraid of financial capital leaving the country's budget in the shade.
My opinion is that China is simply taking another step towards Bitcoin legalization, there can be no complete denial ...

it is just temporary decision, they will change their mind.
anyway China is really closed country, so it is not a surpise

[aad140386]

It is difficult to say exactly what the Chinese regulator is guided by. Perhaps the Chinese government has long-term plans for the global spread of the yuan in international payments and they see a threat in Bitcoin. But if bitcoin is mined mainly by Chinese miners, then this theory is also not entirely clear, since China will still have a significant part of bitcoins thanks to its miners. Perhaps the Chinese leadership is still afraid that the shadow economy will increase and the state will receive less tax revenue.

[Johnzky]

If we are really concern about the community and the market prices then we will stop spreading this kind of post when it has nothing to help the cryptoworld
China is always there whenever the market starts to grow,so why helping the story grow when we can just forget this kind of issues,and for the second time they release this topic but yet nothing happen

[crwth]

Maybe this is one of the reasons Bitcoin had a congestion and a lot of unconfirmed transactions formed. I just thought of it. Anyway, I know that there are a lot of mining farms there and I have seen videos regarding having one of the largest farms there. If China limits it, meaning they want to have control over it completely. Maybe there's a motive, and we are still unsure of it. No possible leaks yet I presume, just banning of the farms. I hope it gets resolved.

[samcrypto]

I am pretty sure I've seen the same rumors a few months ago but seems like nothing happened since them. Losing China from mining would definitely be a bad thing for bitcoin and cryptocurrencies since it's the country with the most population in the world meaning that a certain percentage of them are also mining. For now nothing is official and this are just rumors, so let's wait and see what's going to happen because anyway we can't do much against it

Largest population in the world but not the largest mining place for cryptocurrency. So far the market are getting bettet and this rumors will remain rumors not unless the market will dump because of this. I know China is not that supportive at all because they want to control their people so its normal to hear news like this. Cryptocurrency will stay even if other countries hates it, they can’t stop this.

[minersday]

It will be a difficult thing to do in trying to eliminate bitcoin mining. People have invested thousands of dollars in building mining farms in China and some of these people are yet to gain profits from their investment. This is one of the speculations about Bitcoin haters of the entire bitcoin ecosystem create just to put fear in the hearts of investors and crypto enthusiasts in the crypto space. Threats about China wanting to ban cryptocurrency started way back in the later part of 2017 and up to now cryptocurrency is not ban in China. It will not be easy to ban bitcoin mining and I pray this doesn't happen...

[Micerker]

This is the result of changes in investment trends of investors in their country. Practical investments are no longer of interest and no longer attract investors, the government will take measures by issuing bans on Cryptocurrency.

[pawanjain]

Nobody would ever believe this shit! There are ways to save the environment and stopping bitcoin mining is not one of them.
China should find a better reason than this. China had been trying hard to stop their people from investing in cryptocurrencies right from the beginning.
It is clear that China has problems with crypto but instead of banning it why don't it regulate it. It could benefit not only them but also the rest of the world.

[eternalgloom]

I never agree that China or India, or even any other developing country needs to care SO much about the environment and sacrifice their industrial outputs and productivity,,, remember it is easy for developed nations to say they take care of the planet, but it was them who killed all their wildlife and burned down all their forests and polluted all their rivers,,, then also came to Asia and Africa to take resources.

But at the same time,,, China pretending to care about the environment is too silly!

China and India fighting for clean air. That's something new. They are among the three biggest pollutants in the world.

--snip--

China should first stop polluting air and water and install some filtration systems or they will destroy this planet.

It's not about clean air, they're only banning Bitcoin mining because Bitcoin (and other cryptocurrencies) are a threat to their own currency.

In the end, this could be good for US and European miners, who do not have to compete against China's miners, who have access to cheap electricity & mining hardware.
I wonder if the Chinese miners will move their operations abroad...

[maman567]

China have banned bitcoin as transaction payment and never give allowed for bitcoin become legal transaction although as investment, after China banned bitcoin price of bitcoin is drop and lower.