China refuses mining?

[kucritt]

is it real? as i know china is the biggest country that do bitcoin mining, if bitcoin mining on china stopped i think it will makes many different, the big different i think bitcoin volume will drop and it will makes bitcoin price is moving again

[Meysa_richa]

I think that it will greatly affect the price in the market, but I am sure and believe that China will not do anything like that which leaves the cryptocurrency currency.

[Halmater]

China can't refuse bitcoin mining in a sudden way and there will be only one loser if authorities take a decision like that . ıt is China. At first, it may cause a volatility on price but market will be balanced soon and everything goes like used to be before for bitcoiners.

[muratsink]

China decision will have a major influence on the development of crypto, especially on mining, and then on the value and volatility of BTC on the market.

there are some major impacts if China  mining hashrate decreases.
1. the activity of transaction validation after the node and the connected bitcoin network will be small.
2. Miners who keep the blockchain going down.
3. it will be difficult to create a new block.
electricity cost in my country is very expensive, so, my country is not a good place for cooperation.

[morrisgonzalez]

I'm read so many articles, searching many website i can't find anything that china refuses mining. Mining is the profitable way to earn money then why china refuses mining? We never want to lose any opportunities to earn money or gain profit. I don't think that china refuses mining when it's way to earn money.

[minersday]

I just don't understand why people will spread speculations with no tangible evidence and reasons to back their claims. The speculation of China putting an end to crypto mining started in 2018 and no results were seen in this claim.  Bitcoin mining is not the source of pollution in China, so people should stop speculating this to the fact that China wants to save its environment.

[maldini]

Hey
Well to be honest I tend to think of mining as a job , where people usually earn and help the Bitcoin grow.
If China will ban the mining that is if  people from China aren't taking up this job then this job will simply be redistributed between the people of other countries where mining is not banned.
People will continue to mine to be honest there won't be any kind of problem , there are countries who are pretty favourable for mining , and who knows maybe in year or ten ,the mining will entirely change , how its done and how much electricity it consumes because let's just be real , it's a pretty non environment friendly process and that's a negative point.
I just hope it gets improved.

Actually, there are many Chinese miners who went bankrupt in 2018, but the issue was raised again now. so in 2021 I was sure I would not have much influence on cryptocurrency because the Chinese miners had sold their assets last year.
Many of them also moved to neighboring countries which legalized crypto

[Nolimitz84]

While Bitcoin is not the Source of all of China's pollution problems.

It is a contributing factor.

https://www.engadget.com/2019/04/10/china-ban-bitcoin-mining-wasted-resources/

As China tries to cut back on air pollution that has choked cities like Baoding and Shanghai, it's taking aim at cryptocurrency mining. The National Development and Reform Commission (NDRC), the country's chief planning regulator, has unveiled a paper with a proposal to ban Bitcoin mining, saying it has "seriously wasted resources."

In a typical Bitcoin mining operation, powerful banks of computers are dedicated to crunching out "blockchain" numbers that serve absolutely no purpose, but have value because people think they do.
Nearly three quarters of cryptocurrencies are mined in China, generating anywhere up to 10 million tons of carbon dioxide, according to a recent study in Nature Sustainability.

 
https://www.nature.com/articles/s41893-018-0152-7

One of the Bad days in Shanghai


Being able to breathe Clean Air is more important to many over securing a cryptocurrency.
And while ending Proof of Work mining is not the entire solution, their politicians have decided to start there.
They also need to increase their forest density and green zones, and improve their pollution management.  

https://www.scmp.com/news/china/science/article/2166542/air-pollution-killing-1-million-people-and-costing-chinese

Air pollution from smog-inducing ozone and fine particles may be shaving an estimated 267 billion yuan (US$38 billion) off the Chinese economy each year in the form of early deaths and lost food production, a new study has found.

A terrible picture, but I do not think that this fog on the background arose as a result of mining.In my country, 90% of the goods are made in China.Instead of mining, it would be possible to slightly reduce really harmful production.

[Slow death]

China intends to abandon mining cryptocurrency by 2021.

 

I saw this in the article:

It did not stipulate a target date or plan for how to eliminate bitcoin mining, meaning that such activities should be phased out immediately, the document said. The public has until May 7 to comment on the draft.

from where did you get this: " 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?

it is very difficult to say how this news can affect the industry and about the alternative countries, I do not know if there is any country that has the same conditions as China offers, this is because in other countries electricity is a little expensive and environmental laws are more severe. But there is always an alternative to any problem

What is the cost of 1 kilowatt of electricity in your country?

the cost of electricity of my country is very expensive, if to live normally is already suffocating with the current cost of electricity, imagine if someone wanted to do mining in my country? this person would certainly go to bankruptcy in less than two weeks.

[carlisle1]

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

Will you stop this bullshit issues about this damn Chinese government putting Fud on our community?cant you see that this kind of topic are only bringing trouble to the cryptonians?i am sick and tired reading something about China towards our cryptospace when what they only want is to bring us down

[ZloiRediska]

I think that the information about the ban on mining in China is nothing more than a manipulation of the mass consciousness to cause panic and collapse the market. Now they will make this information throw, and then after a while will publish a denial.

[kucritt]

is that real? as i know that china is the biggest coutnry that do bitcoin mining in the world, and i think that they woulnd't stop by small reason, becuase as i know there are many many mining station with big resources on china. by stopping it, i think bitcoin price and transaction will affected by this issues

[Jating]

is that real? as i know that china is the biggest coutnry that do bitcoin mining in the world, and i think that they woulnd't stop by small reason, becuase as i know there are many many mining station with big resources on china. by stopping it, i think bitcoin price and transaction will affected by this issues

If will have short term effect definitely. But once other entities started to mine outside of China then we can recover from all of this 'ban mining' coming from them.

Again, monopoly can be broken, new personalities will emerge and bitcoin will continue to flourish in the future. And then we are all good again in the next 2-5 years.

[jademaxsuy]

Well that is a good news anyway, I do not like chinese people hoarding bitcoins for they are really good at it and this will let bitcoin down in an instance if they will sell it after they can gain on the market price volatility of bitcoin.

Tge chinese people are really good in handling money and they are very professional in getting profit so if I were with a group with chinese people then definitely I will be the last user to earn with them.

[tramadols]

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 think China has completely banned the involvement of crypto and bitcoin mining.
but if I see what you are linking to, I have to re-read a lot of every news item on china for bitcoin and crypto.
I think China is not a big problem and problem for bitcoin or mining

[ramesh770]

The news is good and bad both as china was having the biggest mining facility and now that it is going to get closed, it should affect but what way no one knows it.

In my country as crypto currency is ban so their is no chance of mining. Electricity charge is 0.06 usd per kb

[FlightyPouch]

I think that it will greatly affect the price in the market, but I am sure and believe that China will not do anything like that which leaves the cryptocurrency currency.

It already happened since this ban is not new anymore. There are problems in mining Bitcoin in their country the reason they banned it in their country but that doesn't mean they will not be able to use Bitcoin in transacting to other countries. They will still be able to use Bitcoin but not inside their country because we all know it is banned there.

[Artemis3]

Seems they won't be really doing it, they just want to "tax" some more money from it. But if they "do" it, its wealth that is simply moving elsewhere, such as Mongolia or Siberia. In short, their loss.

Pollution? Ridiculous. Bitcoin has little or nothing to do with pollution. China's weather is a bad combination of desert sand-dust and more traditional industries, especially given their massive use of coal, which is a reason they built that three gorge dam in the first place...

Besides bitcoin is self regulating itself in that regard, unlike what the PoS fanboys want to make people believe, mining will become unprofitable AT ANY PRICE if you don't produce your own "free" energy from renewables, so this will cure itself by simple market forces. Yes bitcoin price is climbing, but mining costs will rise faster than the bitcoin price, provoking a slow but steady reduction in mining (which is what you see every-time miners complain and quit, a design working as intended).

The last miners will be those with renewable energy, mark my words. The current generation of grid only mining will shrink and disappear, its only a matter of time. You may debate how long this will take, same as debating bitcoin price going up, but not the trend in the long term. We know it because of the code, which cannot be changed unless the vast majority agrees.

[incomefromcoins]

Every year China recreate Fud in order to restrict cryptocurrency allied business nt to expand last year they banned ico and now mining but in China still peer to peer crypto transactions is legal and happening

[cogentjm]

If China really refuse mining i think it will be good for Bitcoin in long term..  They can't manipulate after that move the price