BTC To 9K$, China Banned miners

[tippytoes]

Did they really ban bitcoin mining?

It only says it's considering a bitcoin mining ban, so it's not yet final so I guess everyone should stop speculating as this point until we really heard fro the Chinese government about their stance on it.

On the bright side, it might cut the monopoly of Bitmain and other countries might be willing to keep bitcoin mining on their back-yard.

Just speculation, no final announcement regarding the banning. On the other hand, it might be good for other miners located outside China. Let's see what will be the impact to bitcoin.

[1714829816]

1714829816

[Wilhelm]

I’ve been here long enough to have seen at least 6 China bans.
Usually they are hollow threats based on wrong interpretations.
BTC price will fluctuate on the FUD and we live to see another day.

So until I see proof and a Chinese dude translate the meaning, formulation and gesture behind this news I will not be convinced of it’s truth.

[sandra_x]

Good news, China Banned BTC miners,Demand will be increased so Price will go up.

Not so good news as bitcoin is better with wider adoption.It does not really make Mich difference if the chinese miners are banned,they will simply move their hardwares to areas where there are no such restrictions. The dynamics of mining will make the impact insignificant, miners in other parts of the world will simply switch on more of their equipment

[Questat]

In my opinion, it will not change anything, China Banned miners, they will transfer to other countries where they are welcome.
Being a miner does not choose a place, as long as they can operate profitably, they will find ways to operate in a certain area, and I don't think
that these miners will just give up easy knowing they invested big time in the business and there is a big money in mining.

[WinslowIII]

If ever China will ban mining, I am sure that other countries will try to focus on that to grab the opportunity to operate big mining operation in their country. China had been announcing that a lot a few years ago. Let's just wait for further news about it and wait if China really announced this or if they will really do this.

This. Bitcoin mining is profitable at the right price for any country no matter the electricity cost. If China and it's cheap electricity is gone, either price will have to go up or bitcoin will have to die. Now, which of these scenarios is more likely?

[jademaxsuy]

Link please do you have basis for this? I do not think that banning miners will help bitcoin to grow because who will going to confirm bitcoin transactions if the mining equipment could not satisfy all the transactions? This will cause delay and it is not likely to help bitcoin otherwise if bitcoin transaction will just only accept on those who buy bitcoin and will not process those who would like to sold their bitcoins.

Anyway,  I do not like chinese people for they are greedy when it comes to money, power and etc. Look at west Philippine sea even if it belongs to the Philippines since it is under its territory still claims that it belong to them and made an arbitration in that area.

[udidrone]

Some news about this actually happen every time. China adopt bitcoin usually make price up,China banned bitcoin usually make price down. But i think banned miners is not a good news because mining is not a crime. And banned miners means banned how crypto that usually used and it can considered as bad news actually.

[Idrisu]

Good news, China Banned BTC miners,Demand will be increased so Price will go up.

The price should actually jump up because the supplies is going to decrease!  However it is not going to be immediate pump towards $9,000 but a gradual increases in pricing.  I am among the enthusiasts that has been saying bitcoin is going to do well this year.

[Ararbermas]

Good news, China Banned BTC miners,Demand will be increased so Price will go up.

how it become a good news  for you mate? Did you know its the common reason why btc collapse rapidly last few years because of that issue ?. Actually miners is the only reason why btc always still stading after all the worst situation for your information.   So how it become good news if they banned bitcoin miners? Elaborate more please.

[fabiorem]

how it become a good news  for you mate? Did you know its the common reason why btc collapse rapidly last few years because of that issue ?. Actually miners is the only reason why btc always still stading after all the worst situation for your information.   So how it become good news if they banned bitcoin miners? Elaborate more please.

He is implying that miners will migrate to other countries, decentralizing mining from China. Bitmain already have operations in other countries.

[Vishnu.Reang]

bitcoin mining has not been a CHINA thing for a couple years now.

will people stop living in propoganda past

You sure about that? China remains the leader in Bitcoin mining, as per the latest available data. Earlier this year, Jordan Tuwiner estimated that China contributes to 81% of the mining hash power. Just check the below image, and you'll see that the largest mining pools are all from China:

[Slow death]

I’ve been here long enough to have seen at least 6 China bans.
Usually they are hollow threats based on wrong interpretations.

I believe that this time the threat must be taken very seriously, according to this article:

China’s State Macroeconomic Planning Agency Mulls Ban on Crypto Mining

China's National Development and Reform Commission (NDRC), a state planning agency charged with spearheading macroeconomic policies, has revealed it is considering the elimination of crypto mining in the country. The news was reported by Reuters on April 9.

The NDRC has reportedly now included crypto mining as part of its draft for a revised list of industrial activities the agency intends to curtail. The list — which reportedly runs at over 450 points long — identifies activities the state deems to be in violation of relevant laws and regulations, pose a safety hazard, or are unecological.

It forms part of the NDRC’s wider Catalogue for Guiding Industry Restructuring, which has been issued since 2005 and determines which industries are to be fostered, restricted or eliminated in the country.

With the draft list reportedly open to public feedback since yesterday, April 8, the NDRC has reportedly not set a proposed target date for eradicating crypto mining activities, stipulating instead that the industry should be phased out with immediate effect.

I think in 3 years they will ban mining

But no concrete step has been taken yet

China wants to ban bitcoin mining

SHANGHAI/HONG KONG (Reuters) - China’s state planner wants to eliminate bitcoin mining in the country, according to a draft list of industrial activities the agency is seeking to stop in a sign of growing government pressure on the cryptocurrency sector.

it's a question of a few years for them to ban the miners and as I said, I believe that in 3 years they will ban the miners


OP, in cases like these that you have posted, you should post source links so people can read and get informed as well and it is easier to comment

[shield132]

bitcoin mining has not been a CHINA thing for a couple years now.

will people stop living in propoganda past

This +1
As far as I remember companies (including bitmain, viabtc and others) where moving their miners from china to another countries. Also that's not a huge problem, small miners can't affect it but huge companies or even any person can easily move mining equipment into another country, you know there are a lot of services which offer you to host your miners + they have low electricity prices (this for small ones). If you want, see how great offer does Bitfury gets outside of china (they mine in europe).

[hyunee]

Did they really ban bitcoin mining?

It only says it's considering a bitcoin mining ban, so it's not yet final so I guess everyone should stop speculating as this point until we really heard fro the Chinese government about their stance on it.

On the bright side, it might cut the monopoly of Bitmain and other countries might be willing to keep bitcoin mining on their back-yard.

Yep, they consider banning bitcoin mining in 2021 I think?

Good news, China Banned BTC miners,Demand will be increased so Price will go up.

How can demand increase when there is a FUD that is around? Isn't it that when there is a bad news, the coin will go down?

[BlueStackz]

bitcoin mining has not been a CHINA thing for a couple years now.

will people stop living in propoganda past

You sure about that? China remains the leader in Bitcoin mining, as per the latest available data. Earlier this year, Jordan Tuwiner estimated that China contributes to 81% of the mining hash power. Just check the below image, and you'll see that the largest mining pools are all from China:

[im g width=600]https://www.buybitcoinworldwide.com/wp-content/uploads/2017/02/pools1.png[/img]

Wow, I never really knew about this and if you data is accurate, then their ban will have a major effect on the market supply, demand will really become high leading to an increase in the cost of BTC, but since it is still a rumor as many people claim, the effect might not be now until future, we will be able to notice its significant effect on the price of the coin they mine the most which I believe should be bitcoin.

It’s a good news for present holdlers but won’t be too good for those who are yet to invest, has the coin may become too expensive for them to hold 1 of it. Giving chance to more purchase of altcoins, so altcoins holders too may feel the effect too in the long run, but why would china want to do so?

[Vishnu.Reang]

but why would china want to do so?

You can call me crazy, but I strongly believe that China has some ulterior motive regarding to this. Earlier also, statements from the Chinese government agencies have caused the crypto market to crash on multiple occasions. I would say that they are intentionally doing this, in order to crash the prices. They are not going to ban mining. It is just to crash the market.

[mikeywith]

bitcoin mining has not been a CHINA thing for a couple years now.

will people stop living in propoganda past

The majority of mining operations are in china, it is safe to say that well over 60% of mining gears are located in china, i do not know what is it you smoking that makes you think the way you do.

As for OP , if that is to happen the effect on price will either be nothing or negative, it terms of security any major drop in hashrare is bad, plus i am willing to bet the horse that china won't ban shit related to mining. 

[cabron]

bitcoin mining has not been a CHINA thing for a couple years now.

will people stop living in propoganda past

The majority of mining operations are in china, it is safe to say that well over 60% of mining gears are located in china, i do not know what is it you smoking that makes you think the way you do.

As for OP , if that is to happen the effect on price will either be nothing or negative, it terms of security any major drop in hashrare is bad, plus i am willing to bet the horse that china won't ban shit related to mining. 

That's what I heard too, many miners are in Situan Mountains. But why will this be a good news when there would be less miners will confirm transaction if this happens?

In the other hand if China will really ban BTC mining then I guess mining will soon be a big business for people, they can join the pool or just have it for themselves.

[Kemarit]

but why would china want to do so?

You can call me crazy, but I strongly believe that China has some ulterior motive regarding to this. Earlier also, statements from the Chinese government agencies have caused the crypto market to crash on multiple occasions. I would say that they are intentionally doing this, in order to crash the prices. They are not going to ban mining. It is just to crash the market.

Oh well, we have seen Chinese government motives from behind so you are not alone with your assessment. I mean when Bitcoin is making significant gains last week, they suddenly release a statement, saying that they are going to ban mining, blah, blah. They really wanted to bring the price down because they are afraid that Chinese millionaires or billionaires will just put their money on Bitcoin and will be far from the reach of their government.

[Pab]

Good news, China Banned BTC miners,Demand will be increased so Price will go up.

fake news.It is proposal only from 2013.Every three years proposal is updated.Next China ban will be 2022.
But bitcoin will rise to 9 k and much higher it is matter of time only