China refuses mining?

[TheUltraElite]

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

I doubt people are going to buy into this FUD you speak of. This isnt the first time and it wont be the last. They want to change the hands that hold the crypto and so they do it. If people who are into this trading end up selling their coins then its their loss or gain, nobody is supposed to comment on that.

Whether this will allow mining ecosystem to be more feasible for non-China miners is a second question because people are more interested to make sure that their money is safe. While that is commendable still the community behind bitcoin is strong and that is what should reassure them against the 51% attack panic that is being created.

[IParn]

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

I agree.  It seems to me that after this bitcoin will grow in value.  But China has a great influence on it so it can turn around and the other is not a very pleasant side for us.  For example a crash for bitcoin.

[Pamadar]

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.

That's what we are gonna witness after this banning happened, the migrations of those companies from China to other potential places will bring more new players inside this market, the impact can be negative for some time but afterwards for sure it will get attentions and investors will slowly moving forward.

[tungaqhd]

There are many big bitcoin mining companies in China but the government are going to stop them because they think that it's waste of power. Bitcoin mining helps transaction to be confirmed, so there might be problems with the transaction speed, might be lower.

[thirdlight]

I agree.  Mining is very expensive now.  Because a lot of electricity is being spent.  Therefore, the choice of China is clear, this is a very smart decision.  But China stood at the origins of the creation of cryptocurrency.

[Babylon]

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.

That's what we are gonna witness after this banning happened, the migrations of those companies from China to other potential places will bring more new players inside this market, the impact can be negative for some time but afterwards for sure it will get attentions and investors will slowly moving forward.

That is what usually happen after the adjustment, the market will have a little bit of drawback but after a while, it will smoothly go up again. Adjustments that will be done by the miners, investors and even regular users will be worth it for long term purposes because based on the history of bitcoin, even bad things happen, it will still go up in the long run that will give a lot of profits to the patient users.

[Alpinat]

Well for me China has a prediction about bitcoin and bitcoin mining so they are going to do their best to get rid of it. I also think that maybe the electricity especially the taxes should pay by the miner. It will be hard for the miners in China but soon they will move on I guess.

[barota]

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

i dont agree with you , because since china banning bitcoin , prices has not rise at all but the opposite
Compared to prices at 2017 to prices of today
China affects prices because Population ratio is high

[dificanovi]

I am sure the crypto market will not be affected by things that will happen in 2021. if in 2021 China stops mining, the price of the crypto currency will decrease but only temporarily, after that the price of the crypto currency will rise again in the near future because the country other countries will trade and invest a very large amount of crypto currencies.

[AztecGoldHero]

enough wıth that, chına refuses mınıng korea bans crypto, japan sell btc , bla bla bla, reaaly enough wıth that, so funny and so borıng and people sell wıth these stupıd news,

they can refuse mınıng that doesnt mean btc wıll end, chıne ban mınıng they go japan, japan bans mınıng they go russıa, russıa bans they go mars, they can not stop thıs

[kentrolla]

Well for me China has a prediction about bitcoin and bitcoin mining so they are going to do their best to get rid of it. I also think that maybe the electricity especially the taxes should pay by the miner. It will be hard for the miners in China but soon they will move on I guess.

I agree, since Mining is very costly because it uses lot amount of electricity to operate mining machines and the process of transactions is not much benefits let to the investors and crypto lovers hence China is planning to stop mining process widely. This step can provide some good opportunity to other countries as well if market grows rapidly in profitable way.

[Mandoy]

It is not surprising for China to ban bitcoin mining since they are very scrupulous when it comes to money involving activities. They would even limit the amount of dollars a certain person can bring out of the country and so they would ban bitcoin mining since they dont want people to have secret money that is unknown by the state. So some Chinese bitcoin miners have already went out of China and transferred location to set up mining farms. But even though the government of China bans bitcoin mining, people in China will still mine bitcoin since they prove it to be profitable with cheap electricity and cheap hardwares.

[aliceHortrex]

It seems to me that as soon as China refuses mining, this will greatly affect the Bitcoin course.  Because China controls it more.  Because I think that this will be not good for us.

[TheUltraElite]

I don’t understand why China keeps making these kind of decisions. Anyway, i don’t know what’s the latest news from China but i’m pretty sure the government will change their decision again.

Whether it is FUD or whether its coordinated pump and dump infusing propaganda is not known. We can all expect it to be the former because we know that if one miner stops then the other miners will be getting a bigger proportion or rewards for the upcoming blocks and they will continue to mine. The panic only arises from the network security issue that people think of in other words a 51% attack becomes more easier when miner support is weakened.

they can refuse mınıng that doesnt mean btc wıll end, chıne ban mınıng they go japan, japan bans mınıng they go russıa, russıa bans they go mars, they can not stop thıs

LOL I like your stance buddy. Give no shit to the shitcoiners promoting such FUD news and stay put on your feet about bitcoin.

[Chikitita2004]

It seems to me that China will in no way give up mining. Since they stood at the origins of cryptocurrency and it all essentially began with. I do not think that they will give up their own money.

It says that they planning to end it on 2021 so I believe by now they are already planning and preparing for something better to replace what they have right now in mining. They’re probably planning for a more advance devices in replacement to what they are using right now.

[Pamadar]

It seems to me that China will in no way give up mining. Since they stood at the origins of cryptocurrency and it all essentially began with. I do not think that they will give up their own money.

It says that they planning to end it on 2021 so I believe by now they are already planning and preparing for something better to replace what they have right now in mining. They’re probably planning for a more advance devices in replacement to what they are using right now.

Maybe, it seems that they still hyping this issue and with what the statement above you, there's possibilities that they will not give it up since they are beneficiaries of this industry, China knows how things works and how they can take the advantages among nations who also wanted to play from this industry.

[Kelvinid]

It seems to me that China will in no way give up mining. Since they stood at the origins of cryptocurrency and it all essentially began with. I do not think that they will give up their own money.

It says that they planning to end it on 2021 so I believe by now they are already planning and preparing for something better to replace what they have right now in mining. They’re probably planning for a more advance devices in replacement to what they are using right now.

Maybe, it seems that they still hyping this issue and with what the statement above you, there's possibilities that they will not give it up since they are beneficiaries of this industry, China knows how things works and how they can take the advantages among nations who also wanted to play from this industry.

China won't be letting this to happen cause they know already that there is a huge money in here. There previous statement regarding banning crypto have ended already and they are now with crypto again.
Yes,  they could benefit a lots and everyone who are in crypto does. And so there is no reason why they'll keep banning crypto at all.

[TheKeyLongThumbI]

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

Who cares? We know that a lot of Chinese migrated their operations on other countries where mining is legal. And if that is true then it could be that before 2021, China has already made up their minds that they  need to be in this industry because btc possibly before that is   successfully adapted in many countries.

[TheCoinGrabber]

I've been hearing about this since a month ago. Well, their loss. If anything, decentalization of mining would mean the price would no longer be affected by the FUDsters in the CCP. Bitcoin could also become more environmentally-friendly if countries with clean energy like Norway takes the helm.

[Xxmodded]

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

seriously? China still has an influence on the crypto industry especially for bitcoin?
I think the main problem we face is not that. because in my view China has no longer had a major influence to destroy bitcoin as it did in mid 2017.