AGAIN: China says it wants to eliminate bitcoin mining

[Dreamchaser21]

They do it every few months, that's not even affecting the price anymore.

Easy to understand why China Policy is not compatible with cryptocurrencies, they should just say it.

Yeah, many news like this before and yet the price are not dumping much. China is just one country, we know that we have a lot of investors in different country especially in Europe and of course the USA. They will not succeed to fully eliminate mining on their place because there people knows the opportunity in this market, for sure they will make a new rules in favor to cryptocurrency later on.

[jakezyrus]

They do it every few months, that's not even affecting the price anymore.

Easy to understand why China Policy is not compatible with cryptocurrencies, they should just say it.

Yeah, many news like this before and yet the price are not dumping much. China is just one country, we know that we have a lot of investors in different country especially in Europe and of course the USA. They will not succeed to fully eliminate mining on their place because there people knows the opportunity in this market, for sure they will make a new rules in favor to cryptocurrency later on.

the price did drop a bit before after a a news where china bans ico's but the price did recover after a few weeks   . i bet the same thing also happens after this news , only if the rumored news was confirmed to be real and not just a hoax   . the good effect  is that  mining diffculty could also be lessen which is good if ever other miners will quit on mining a coin especially if its in bitcoin  .

[BitHodler]

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

It is silly, but they know playing Bitcoin's environmental danger card helps them winning some votes because this is something that also plays an important role politically outside China.

The good thing however is that more and more people start to ignore everything around Bitcoin and its energy consumption, because they are educated enough to poke through this political circus show.

People also know that China's industry is one of the main environmental disasters in the world, so all China does is make itself look like a hypocrite that is only out to block that what it doesn't like.

[darklus123]

This can be a great opportunity for small time miners. If the chinese government will continue to shutdown and ban crypto then we are starting to go back with the decentralized mining.

Don't be fooled tho by the chinese FUD, it already happened during 2017 where people  is doing panick selling. If this is going to happen again then this price bubble might continue despite the fact that we are going on pump recently so please don't

[stompix]

All governments in the world treat negatively cryptocurrencies

Really? All of them?

well it's just a draft.....and it looks like the commission is seeking public comment on the list. things like this can change in the blink of an eye in china.

Public opinion in China, choose option A or B:
A) I agree with the goverment
b) I agree with the goverment

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.

The thing is that developing nations have done this also.
Killing wildlife? The moa was exterminated by the Maori in 1300. Who brought the giant panda on the brink of extinction?

From my point of view keep industrializing in China and India, turn your counties into a garbage pile of uninhabitable land.
One your reach a developed country rank you will realize that nobody wants to live there.

Bitcoin actually pose no threat to their environment as long as the miners are paying their electricity bills and not stealing power.

Realy, so if I dump car oil in a river is ok, cause I paid for it?

Miners can move to Hong-Kong  and nearby countries should this happen, which I believe is not going to happen.

Hong Kong has no renewables, all the energy is gas and coal and is just as expensive as the US.


Now back to China does.. China will do...
Who still gives a damn what China does?

[sopanbmp]

typical Capitalsm nation, fear with people's power . unfortunately who's live in there

[pushups44]

We shouldn't be shocked of this type of noise within the Chinese government, given that bitcoin is very energy-intensive and at some point the cash-strapped or debt-laden country has to figure out how to best allocate its resources. What I'd like to see globally is greater use by miners of renewable energy.

[traderethereum]

It doesn't matter if China says they want to eliminate bitcoin mining because bitcoin is not only on China. There are many other people from another country that was still mining bitcoin. That will reduce a big hashrate from China, and I think that is the opportunity for other people to increase their hashrate too and of course the rewards from bitcoin mining. And if China finally shut down the bitcoin mining in that country, then their people will lose the opportunity to gain the benefits from bitcoin and other people will take those benefits.

[PlasmaBit]

If they're really ban mining, would BTC go up because of supply shortage or go down, because of "regulation" and then go up again when all panicked-citizen sell to people who understand its value? 

[pundit]

Such statements were also made by China in the past I think if I am right they have banned cryptocurrencies there. Banning BTC mining will not have much affect on crypto market due to its decentralize nature. Not only China but many other developing countries see BTC a threat to their own currency this may be the reason behind such statements. In real scenario BTC is being accepted by mahy big names and many countries like Japan, blockchain technology is being implemented by many big banks so the day is not far behind when China will accept BTC existence.

[aylabadia05]

China plans to close the bitcoin-producing mine because it makes electricity consumption more wasteful and includes risky investments. This is in line with the judgment of the authorities that digital currency (cryptocurrency) is not a strategic industry. China itself is not a suitable place to build a digital currency mine.

[Baofeng]

They just contradict themselves again. Why don't they just say "we are shutting bitcoin mining in our country because we hate it", a simply statement like that would be easy to understand. But playing the environment card? They are amongst the the top three greenhouse gas emitters in the planet for God's sake. They should look for their problems and prioritizes it and not blame bitcoin mining.

[tomahawk9]

Oh, China, spreading FUD right when the bullish sentiment is surrounding the market...like clockwork  They still think they hold the same level of influence over the market lol

They did the same thing in 2017 when the btc price began its upward movement, they started a crackdown on crypto exchanges, the ICO ban...And how did the market react? Price skyrockets a few weeks later.

All governments in the world treat negatively cryptocurrencies and Bitcoin

You sure about that? Off the top of my head, Switzerland, Japan, South Korea, US, Australia, Singapore, are some crypto friendly countries, so not all govt have a negative view on cryptos.

[Mometaskers]

Environment my ass. Their smog reaches as far as Korea. It's all about money. They stopped taking in garbage because it's no longer profitable for them. You can bet they would've kept at it if there's money to be made.

Same with this one. They used to talk a lot about money laundering before. The argument about environment is weak since China is trying to posture itself as an innovator in green tech. Bitcoin mining on requirees electricity, shouldn't it be able to continue operation and just use those green energy sources? They just feel threatened of having an alternative currency, and therefore economy. It's still an authoritarian regime after all.

[kryptqnick]

This sure as hell isn't an ecological concern. China never cared about these things, and is well-known for being one of the most serious polluters in the world. I am pretty sure that the main pollution is not due to crypto mining. I bet China just can't bear the idea of something that cannot be controlled and traced to specific people.
As a well-known human rights abuser, this country is knowing too much about its citizens and wants it to stay this way.

[worle1bm]

Most of the governments are afraid of bitcoin and other cryptocurrencies as they think they might overtake the financial situation of the country and they will loose to this decentralized virtual currency over which they will have no control.They are not making any regulations or ban regarding other production industries which are creating more pollution and having effect on environment but they are trying to ban the crypto industry which will make them economically strong.They need to think this.

[Oceat]

Whenever Bitcoin price starting to rally china always release a news statement that they will ban anything about bitcoin or cryptocurrency.

During the 2017 bull how many bans and restriction they announce and it didn't stop the bull from raging the market.

And again a quick FUD response whenever Bitcoin market starting to grow. Whatever their plan it doesn't seem that the public didn't take the bait, i guess they were used to it ever since from their FUD last year that make Bitcoin suffer more up until this year.

[Sithara007]

Trust me, China is not going to shut down anything that brings in the Forex. Right now the Chinese farms dominate the mining sector (in part due to cheap rig prices and free electricity). The government is going to ignore it, as long as the BTC-CNY exchange remains in low amounts. Apart from the revenues, this sector also employs a good number of people in China.

[Adriano2010]

Maybe they will close mining, but if the price will be over 50,000$ for 1BTC or more at that time, will they still close the mining? We can't do anything even if they close at that time, more bitcoin to another miners then.

[Pab]

China is banning bitcoin from 2011.I have been reading explanation from person who is familiar with China law.That so much advertised by media China ban is  in fact proposal only
First proposal was in 2013 next it was updated in 2016 and next update is now 2019
It looks like it is advertised without explanation to make people worry