China refuses mining?

[Nolimitz84]

China intends to abandon mining cryptocurrency by 2021.How do You think this news will affect the entire industry and what alternative countries can replace this niche?

This will not affect the industry on a large scale IMO if only the actual mining aspect is banned while the production of newer ASIC chips isn't. For once, the cluster of mining power on China will be dispersed into other countries and the network will finally have a chance to decentralize the network. Russia, Iceland, and perhaps the US itself can pretty much harbor large-scale industrial mining. China is only being chosen as the hotspot given the ample climate conditions and cheap hydropower. Iceland has it, the US has it and Russia has it as well.

Apparently, the production of new chips will also be buried.Because based on the legislation of China, this is an adjacent industry with cryptocurrencies.It is difficult to imagine where mining farms will put their worn-out equipment and what will be the fate of the BITMAIN plant.I still do not understand why China decided to take such a step...After all, in general, they also made very good profits.

[omone1]

2021 is still far, there is enough time for various companies to relocate from China to a more Crypto friendly countries. It seems each time the bitcoin tries to moon or get bullish, the Chinese government creates a FUD to distorting the market. This is not going to continue forever. Every government will eventually use the bitcoin with time.

[Kelvinid]

2021 is still far, there is enough time for various companies to relocate from China to a more Crypto friendly countries. It seems each time the bitcoin tries to moon or get bullish, the Chinese government creates a FUD to distorting the market. This is not going to continue forever. Every government will eventually use the bitcoin with time.

It terms of cryptocurrency deployment, we can't even rely with them to support this. They'll have this banned before and it suddenly drop the price but its not just a long effect to crypto space, there is a way to find better than of China. We are already in huge numbers which means that we are strong enough and could stand for any crisis that will happen again.

[hxtop]

If you are right it means that China is willing to give up an entire sector which is very important for a country which want to be superior in high technology. Do you think that is a reasonable move for China? There is not even a reasonable motive for China to do that. I think, authorities in China want to control fully mining sector and gain extra money from miner via taxing or other ways. 

[niisarearning]

I am not sure about mining cost in my country compare to China . As I am getting quite decent amount of electricity bill every month . There is no profit recently even I am doin mining by thinking future . But whatever China do for market manipulation . Think about last big bull run happened once China announce crypto exchange ban . After market crash happened soon in couple of month big bull run happened . So don’t worry keep hold or increase your crypto assets .

[thirdlight]

It seems to me that Kino will never give up mining. This is the most progressive country. All technologies originate from there. China will not stand apart from their money. Especially if he started everything in essence.

[mayax]

https://www.gizmodo.com.au/2019/04/china-considers-ban-on-cryptocurrency-mining-because-its-a-stupid-waste-of-energy/

[zgrdyg]

If someone stop mining, some new people replace that, it is simple as it.

I don't think it will stop blockchain or make mining very lucretive. Just miners will change, outcome will be the same.

[r1a2y3m4]

That FUD did not affect bitcoin's price but still China is a great country it can manipulate price of bitcoin easily. I saw that news and realizes that China is an opportunist. They have belief in bitcoin that's why they are doing what they can so that they can take advantage of it.

[franky1]

Russia, Iceland, and perhaps the US itself can pretty much harbor large-scale industrial mining. China is only being chosen

bitcoin mining is actually very distributed and has been so for years. your about a couple years out of date if you still think 'china owns mining'

thats the old racist rhetoric of the fox news crowd style of propaganda trying to flame up drama of how mining is some how communist

gotta find it funny though
china has more diversity than america, 3x the population. yet people still talk of "china" as if its a single person

[serjent05]

China advances in technology and if they are planning to ban bitcoin mining, it is probably that it is no longer too profitable for the miners and of course they've probably thought of something better alternative than what they have in the present. I bet China is planning something big to replace what the masses presently have. This may greatly affect the value of bitcoin and in my country electricity is not a joke so even if there will be people who would want to engage in mining it will not be worth it.

[DreamStage]

“I believe China simply wants to ‘reboot’ the crypto industry into one that they have oversight on, the same approach they took with the Internet.”

Well if they do intend on achieving such mindsets than yeah why not? Maybe it would be the next bitcoin crypto with some never seen technologies. Who knows.
On the other hand they could still revoke this sort of weird approach and ask for more taxes in which they would profit as well thus not necessary revoking crypto industries from China.

[Yamifoud]

“I believe China simply wants to ‘reboot’ the crypto industry into one that they have oversight on, the same approach they took with the Internet.”

Well if they do intend on achieving such mindsets than yeah why not? Maybe it would be the next bitcoin crypto with some never seen technologies. Who knows.
On the other hand they could still revoke this sort of weird approach and ask for more taxes in which they would profit as well thus not necessary revoking crypto industries from China.

I may only think that China would like to compete with the other powerful countries and wanting not to be connected with them. As they know that they can't probably control the market as they want for, that's maybe the reason why China will step out from crypto engagement even before.

[aylabadia05]

The bitcoin mine consumes a lot of electricity and also encourages virtual currency speculation. China plans to close bitcoin-producing mines by making electricity consumption more wasteful and including risky investments. This is not the first time China has acted against crypto mining. In 2017 Chinese regulators also closed bitcoin exchange companies and banned initial coin offerings (ICO).

[Indrawan77]

I don't find it's surprising, China like to make a controversial news but in the end will still do the things, if China stop mining then other countries will take the place so don't worry, as long as it can make money people will find ways to make it happen, and its good to not depend on China so much because the government is very strict and like to make a very tight regulation

[Kakmakr]

China intends to abandon mining cryptocurrency by 2021.How do You think this news will affect the entire industry and what alternative countries can replace this niche?What is the cost of 1 kilowatt of electricity in your country?
https://uk.reuters.com/article/us-china-cryptocurrency/china-wants-to-ban-bitcoin-mining-traders-say-move-not-a-surprise-idUKKCN1RL0C4

I will answer your questions in bold. The industry will first react negatively, because a significant drop in the hash rate, might compromise the security in Bitcoin. Most people think the majority of mining are done in China, so they will fear the worst.

The reality is that loads of people have huge mining operations in many other countries and this will provide for enough hash rate to secure the network. Also, a massive drop in the hash rate will cause a drop in the difficulty and this will enable miners that left the mining scene, to start their old mining operations again, which will increase the hash rate again. 

[tegarp90]

China intends to abandon mining cryptocurrency by 2021.How do You think this news will affect the entire industry and what alternative countries can replace this niche?What is the cost of 1 kilowatt of electricity in your country?
https://uk.reuters.com/article/us-china-cryptocurrency/china-wants-to-ban-bitcoin-mining-traders-say-move-not-a-surprise-idUKKCN1RL0C4

Maybe they will replace bitcoin mining to mining something else in the future.
We don't know if bitcoin still on the top of cryptocurrency or no in 2021, maybe something new will born in near future.

[Yaunfitda]

I don't find it's surprising, China like to make a controversial news but in the end will still do the things, if China stop mining then other countries will take the place so don't worry, as long as it can make money people will find ways to make it happen, and its good to not depend on China so much because the government is very strict and like to make a very tight regulation

Really not surprising, but the timing though? Your guess is as good as mine.

When bitcoin is making a rally and has posted a lot of gains in the past months and seeing the massive gain last week, why would China suddenly release an open statement about mining bitcoin?

Of course the price could be hit negatively, if they decided to shut it down. But in the long run bitcoin will still thrive somewhere else and the price could still go and touch another all time high.

[michellee]

China intends to abandon mining cryptocurrency by 2021.How do You think this news will affect the entire industry and what alternative countries can replace this niche?What is the cost of 1 kilowatt of electricity in your country?
https://uk.reuters.com/article/us-china-cryptocurrency/china-wants-to-ban-bitcoin-mining-traders-say-move-not-a-surprise-idUKKCN1RL0C4

Maybe they will replace bitcoin mining to mining something else in the future.
We don't know if bitcoin still on the top of cryptocurrency or no in 2021, maybe something new will born in near future.

I think they want to stop mining cryptocurrency and if they want to mine the other coins, I think it's not worth mining the other coins since bitcoin has the higher price depends on the other coins. So I think if they want to shut down the mining process, they can do that in anytime and I guess that there is no problem with the other country because they could continue to mining bitcoin and other coins.

[Noa_Amable]

China intends to abandon mining cryptocurrency by 2021.How do You think this news will affect the entire industry and what alternative countries can replace this niche?What is the cost of 1 kilowatt of electricity in your country?
https://uk.reuters.com/article/us-china-cryptocurrency/china-wants-to-ban-bitcoin-mining-traders-say-move-not-a-surprise-idUKKCN1RL0C4

Maybe they will replace bitcoin mining to mining something else in the future.
We don't know if bitcoin still on the top of cryptocurrency or no in 2021, maybe something new will born in near future.

I think they want to stop mining cryptocurrency and if they want to mine the other coins, I think it's not worth mining the other coins since bitcoin has the higher price depends on the other coins. So I think if they want to shut down the mining process, they can do that in anytime and I guess that there is no problem with the other country because they could continue to mining bitcoin and other coins.

they just want to ban it in future, but that could be absolutely temporary decision.