Has China’s authority classified cryptocurrency mining?

[numismatist]

There are different news incoming, on the one side we have "Wet Season" on the other side "China bans everything" and both cannot be true at the same time. It's either mining companies moving their gear into Sichuan OR the goverment driving them out of there.

So is somebody able to translate this chinese text? News source is https://news.8btc.com/china-says-it-wants-to-eliminate-crypto-mining

https://news.8btc.com/wp-content/uploads/2019/04/2-2.png

[1714938364]

1714938364

[mindrust]

China will only ban bitcoin mining when it becomes unprofitable for them. Otherwise, one way or another they will keep milking that cow as long as they can. They can't ban mining just because it pollutes the environment or wastes electricity etc...

The moment they come up with something else which'll create more jobs than their chip factories, they may abandon mining but I don't see that coming.

[philipma1957]

fixed your photo

[gentlemand]

If this is true then the Chinese tumour has been finally excised. Farewell. Do us all a favour and don't come back.

It looks like the moneyed miners were migrating long before this anyway. Then again it's impossible to believe anything that anyone says about crypto, let alone crypto in China.

[numismatist]

So is this even authentic or official? There could be a proveable statement originating from goverments somewhere. Seen none, and could not even read them anyways.
And it's not possible to enter each and every livingspace searching for one or three mining devices heating a room.

Well, maybe in China it is. But not everywhere all over the world. I would like to experience a decentralisation of mining. We've seen the opposite, a centralisation into huge mining fabrics.

[gentlemand]

So is this even authentic or official? There could be a proveable statement originating from goverments somewhere. Seen none, and could not even read them anyways.
And it's not possible to enter each and every livingspace searching for one or three mining devices heating a room.

Well, maybe in China it is. But not everywhere all over the world. I would like to experience a decentralisation of mining. We've seen the opposite, a centralisation into huge mining fabrics.

I well remember the seemingly endless 'China ban' shit in 2014. For month after month no one could come up with anything certain. This very forum had thousands of Chinese members. Not one came into Englishland and came up with anything to point to.

I hope it's true. We probably won't know until long after it's actually happened.

[numismatist]

fixed your photo

https://i.imgur.com/hoDGXiI.png

How? It's same picture. And somebody has edited my posting, I had image tags surrounding that url.

I well remember the seemingly endless 'China ban' shit in 2014. For month after month no one could come up with anything certain.

True, always been fake news. So where is the official statement from goverment, proofing this right or wrong?

[philipma1957]

How? It's same picture. And somebody has edited my posting, I had image tags surrounding that url.

The img did not show on bitcointalk.

[TheYankeesWin!]

@ phil and numismatist

The link is hard to access  I went on it  on both mac and windows on six different browsers.
Mac : Chrome, Firefox, Safari
Windows : Chrome, Firefox, Explorer.
Some times it shows sometimes it is a blank page.
I think phil must have seen a broken image and screenshot the link placing it on imgur.
I then think Frodocooper saw the same broken image and pulled the img off it just showing the link.

[philipma1957]

@ yankees yes I did get a broken image link so I hosted it at imgur.

Most likely the issue is not the op but the website.

So can anyone translate the language for us?

[stompix]

The country’s National Development and Reform Commission (NDRC) on Monday released the 2019 Directory Catalogue on Readjustment of Industrial Structure (draft version), in which industries within the country fall into three classification it wants to encourage, restrict and eliminate. Crypto mining is among the over 450 activities to be eliminated as they do not adhere to relevant laws and regulations, were unsafe, resource-wasteful or pollute the environment.

So a commission made a draft with 450 activities that it might or might not eliminate.
With their history of banning, unbanning, restricting, unrestricted, banning again stuff probably nobody gives a damn about this proposal.

The moment they come up with something else which'll create more jobs than their chip factories, they may abandon mining but I don't see that coming.

Well, the main supplier for bitmain has been TSMC, which is from the China China doesn't recognize (Taiwan).

And it's not possible to enter each and every livingspace searching for one or three mining devices heating a room.
Well, maybe in China it is.

But once the big mines are gone, you are going to hit the jackpot quite a few times doing this.
Assuming 3 million miners (taking s9 for this), 3 miners per home, you have 1 million places out of around 300 million.
Talking about decentralization, 1/300 homes would have to host mining gear

[Artemis3]

China is one of the largest countries to contribute to cryptocurrency mining but it's unfortunate that they are planning to ban it this time. The decision is not yet final but I could sense that they will ban crypto mining only if they're not gaining profit from it anymore. Crypto mining is one of the largest crypto activity in the said country.

Well, they are going to stop creating wealth their (northern) neighbors will happily take instead. Unfortunately Chinese politicians with their still socialist mindset can't still fully grasp the importance of the global economy, even after being more open with more traditional business. Like most socialists, they are scared of "losing control". For socialism, "control" is everything. Ironic given their socialist economy policies provoked so many deaths during Mao's by simple (and late) misallocation or resources)...

When a "miner" comes into your country, first you are selling him electricity. This is even better than selling it to a neighbor country, as it will incur in less transmission loses (especially if you provide incentives to build "mines" near power generation). This miner is going to make wealth, sure your country won't see much of it, BUT you WILL see some pour into your local economy. Why? This miner needs to purchase things, even hire locals and pay wages in the local fiat. So you get people buying your fiat, which is in your favor. So this is like an export, it brings foreign currency into your market.

Now you could argue they give "little", but sum all those "littles" and you (as a State) are still getting something that would just not be there if you outright ban the practice. From a country's perspective, mining should not be different to any other industrial activity with high electricity demand, such as steel or soldering works.

The world will adapt and later they (slow-crawled bureaucracy) will realize their mistake. They are simply kicking wealth away.

[philipma1957]

China should simply push some farms to build solar arrays.
They reduce the coal burning so  they look good.
They look progressive.
Lastly they still can maintain the illusion of socialism saying the solar array was created for the good of all the people ie socialism.

Ta da do I get a medal from China’s leaders for solving the problem so eloquently.

[kano]

Maybe on the topic for Phil's post ...
https://www.forbes.com/sites/trevornace/2017/07/25/china-just-built-250-acre-solar-farm-shaped-giant-panda/#45f358124685

Note the comment:
"The effort is partially a PR campaign as China continues to lead the world in renewable energy investment."

[philipma1957]

Maybe on the topic for Phil's post ...
https://www.forbes.com/sites/trevornace/2017/07/25/china-just-built-250-acre-solar-farm-shaped-giant-panda/#45f358124685

Note the comment:
"The effort is partially a PR campaign as China continues to lead the world in renewable energy investment."

yeah  if you make a lot on mining and plow some of the cash back into solar it is great advertisement for the good mining can do.

Basically do what buysolar and I do but do it 10000x as big.

they could take this mistake and build a really big one

a partial quote:

The Gobi Desert blankets nearly 500,000 miles of northern China and southern Mongolia in dry, arid land. Cutting between the two countries and traditionally providing cover for the northern “barbarians”—what imperial China called the fast-moving Mongolian nomads who periodically attacked the empire—the Gobi has always been a headache for Chinese rulers. And yet while the government no longer fears invaders cutting through the desert and attacking Beijing, the rapid desertification of China’s northern regions poses an acute risk to the country and its people.

Defending Against The Desert

The Gobi is the fastest growing desert on Earth, transforming nearly 2,250 miles of grassland per year into inhospitable wasteland. This expansion eats away at space that was once fit for agriculture and creates unbridled sandstorms that batter cities near the edge of the desert. In May, one such storm enveloped 1 million square miles of northern China in dust. Combining with Beijing’s industrial pollution, the city’s air quality index shot to a peak of 621, a rating classified as “beyond index.” For context, levels above 200 are ranked by the United States embassy as “very unhealthy,” while readings between 301 to 500 are labeled “hazardous.”...

They have lots of room to build solar here .  a 250 acre site with good panels  would use about

250 x 500 = 125000 panels at say 320 watts each = 40 mega watts which is about 6.7 mega watts 24/7/365

so adding a build a year  would be nice gesture it would also cost about 40 million a build well it is China so maybe 25 million a build  at 3 cent power value it makes 144,000 a month or 1,728,000 a year. since you are mining and earning 6 to 9 cents  the field earns 3.4 to 5.1 million a year.

which  pays it off in 5 to 8 years.   field should last 20-30 years.

[mikeywith]

I know that is great news for all miners around the globe, but sure as hell China will not ban mining.

What i heard from one of my Chinese guys is that simply they will have to pay extra "tax" / "bribe" and their mining operations will keep on going.

The chinese government is known to doing such things just to get the business owners to pay more, besides there is not a single good reason why mining is bad for china.

Also notice that second hand gears prices in china went up, there are more buyers than sellers now due to the rainy season and cheap power. Seems like chinese miners are not worried at all.

[philipma1957]

I know that is great news for all miners around the globe, but sure as hell China will not ban mining.

What i heard from one of my Chinese guys is that simply they will have to pay extra "tax" / "bribe" and their mining operations will keep on going.

The chinese government is known to doing such things just to get the business owners to pay more, besides there is not a single good reason why mining is bad for china.

Also notice that second hand gears prices in china went up, there are more buyers than sellers now due to the rainy season and cheap power. Seems like chinese miners are not worried at all.

Where is the hash?

It seems to me an explosion of hash should be starting and it does not happen.

Mind you hash can stay at -1 to +1  jumps for another year  it works for me.

[mikeywith]

Where is the hash?

It seems to me an explosion of hash should be starting and it does not happen.

Mind you hash can stay at -1 to +1  jumps for another year  it works for me.

Works for me too to be honest, i can't complain 

I have no idea why isn't the hash showing on the network  , maybe they are buying gears that were already up and running? but sure as hell you can't easily find those 100$ / 120$ offers for S9 anymore, they now go for an average of 130/150$ , thanks to the increase in price as well as the rainy season in china.

[Artemis3]

Who knows? The Chinese government is completely unpredictable. Sometimes they wish to ban crypto completely and sometimes they just wish to regulate it. Its like they cannot make up their minds.

Honestly, I treat it as a welcome change since the mining pools will become less centralized and it would also help nature too.

Bureaucracy and corruption, socialist mentality at its best. I don't think this relates much to the pools, as the big ones have nodes all over the world anyway, and if Chinese miners move to Monogolia and Siberia, they'll make sure to host pool nodes over there as well.

Basically opposition to crypto means opposition to bring more wealth for your country. Politicians used to control the masses just can't get that and fear the freedom of people doing things that benefit themselves. By the time they figure out their mistake (probably when they see their neighbors prosper) it would be too late. But that is what happens when you let politicians take control of the economy instead of leaving it in the hands of the people. Ironic, socialism is.

[Sundance_]

You all might just say China is rehashing its approach to the ban  

But, I have a friend who lives in Sichuan and they said the renewed approach to Bitcoin has very much been taken at face value and seriously, at least for the time being & current price levels, on the surface, people will not risk it...

[epistemic status: conjecture, moving from anecdote, lol] of course it doesn't mean established mines will not just have to up their bribes and keep business open as usual.