China may ban bitcoin mining soon.

[Muzika]

I am very sad by this news
SHANGHAI:HONGKONG
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. China is the world's largest market for computer hardware
designed to mine bitcoin and other crypto currency even though such activities previously fell under a regulatory grey area. It did not stipulate a date or plan for how to eliminate bitcoin mining,meaning that such activities should be phased out immediately.
Please present your views
Here valuable forum members

I dont know how they are going to implement it, from the start China was not nuetral about cryptocurrency, thus they are against with cryptocurrency as we can remember they ban cryptocurrency in their country and that is the start of the price to fall. I dont know what is their plan about cryptocurrency because recently they created a law regarding ICO.

[edmundo]

China holding a fair share of the crypto market and putting forward such threats and enforcing it could be a terribly bad news for the crypto industry. At this moment, we expect full scale utilization and adoption from the Asian Market rather than a ban. Let's hope this doesn't actually come to pass and such a decision us suspended.

[Peruvyn]

China have started again with their
drama but what they don't know is that the crypto industry is bigger than the communist nation and  it will always survive any of their actions the same way it did in previous times.

[JuliaJi]

I hope they will not do it, it will be step back from other countries and it will be not profitable for China... waiting good news

[WatchMaker]

There's nothing to worry about China banning bitcoin mining because I am big supporter of that. With China banning bitcoin mining - the bitcoin network would be more decentralized. Bitcoin mining was centralized before as Chinese took over 75% bitcoin mining industry.

[adekogbe]

Ideally the energy requirements of the proof-of-work algorithm of bitcoin ethereum and some other coins is not economical and it's mining is not viable in the long-term so it is best to eliminate the proof of work algorithm right now and move on to the proof of stake.

 how this can be achieved by bitcoin ethereum and the other top coins, I don't know but as time goes on and cryptocurrencies gains more adoption and will considerably be much more expensive to mine bitcoins and much more power of the demanded meaning a lot of countries that have are going to be producing a lot of power for a sector that does not directly impact the economy which is not productive enough sorry I think eventually bitcoin mining will be banned.

[cryptogeek101]

I am very sad by this news
SHANGHAI:HONGKONG
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. China is the world's largest market for computer hardware
designed to mine bitcoin and other crypto currency even though such activities previously fell under a regulatory grey area. It did not stipulate a date or plan for how to eliminate bitcoin mining,meaning that such activities should be phased out immediately.
Please present your views
Here valuable forum members

The primary aim of mining in the cryptocurrency blockchain technology is production of new tokens in the ecosystem, however there are other methods of tokens propagation or consensus mechnism which can be adopted if China eliminates mining in its country

[chocopapaya]

Well, you are going to have to cite a reliable news source or you are just spreading FUD.

I haven't heard anything of this, it is a huge development, if there was any merit to it, then it would be in many news outlets.

My own personal view, is that mining in China will not go away.
The chinese government won't ever get rid of something so lucrative.
Instead, they will create laws so they can control it themselves.

This is exactly what they did with exchanges back in 2017.
there was a lot of people panicking when they banned exchanges.
But what they were really doing, was eliminating unregulated competition.
They gave themselves time to put enough stakes in specific comapnies so the communist party could profit the most.

this is not crazy conspiracy theories.
It is well documented and quite open.

[MOProgress]

I dont know why this topic is created but I really doubt if it is true. I anyone have the source of this information, kindly share I would like to read the reasons

[Gabteb]

I dont think this can change anything as most of the big miners have already left China before this and i dont undestand why they do this? is it hurt their economy? i think countries which will support BTC mining and crypto will win in future and others like China will lose Japan has already make millions on it and will.

[mrdeposit]

Indeed, I have read that most of miners in China have stopped working. But I have no idea how it might affect it. It will probably not have a positive effect, but I do not know how much the negative impact will be.

[futile-resistance]

Why would China allow something that they cannot control? Socialism can't thrive under freedom

Lol, the question should be how will they be able to ban something they cannot control, because if they can control it, this means they can definitely banned it, one don't need to be in china in order to own a miner, for the fact you are Chinese doesn't mean you can't own a mining farm in another part of the world.

Besides no one cares where a mining farm is located as long as they keep running and supporting the bitcoin node and other nodes in existence, so I don't see their threat as something that holds any value.

[anafiene]

I don't know about the news and I just found out through this forum, if this is true we also don't know what the future impacts will be, and maybe what we will monitor in the future

[Dark_Angel919]

Maximum Hash power is being generated here.how come such thing will happen ?

[Gabmot]

Well, i do not think this news is well proven and even if it is, there is still no problem. Although, it may serve as a huge setback for us, am convinced crypto will still continue to survive long..

[Irvinn]

There's nothing to worry about China banning bitcoin mining because I am big supporter of that. With China banning bitcoin mining - the bitcoin network would be more decentralized. Bitcoin mining was centralized before as Chinese took over 75% bitcoin mining industry.

In addition, opinions and evidence are emerging that there will not be a complete ban on Bitcoin mining in China. The Chinese government is still experimenting, but all its previous bans and restrictions have not been successful. In addition, many Chinese already by this time had chosen a place to extract Bitcoin outside of China. I think that the next ban on mining Bitcoin in China will not be of great importance.

[CVD]

China alone will not solve anything, so first of all they care about their interests, I don’t think it’s Bitcoin that worries them. Mining consumes a decent amount of electricity, and China is seriously thinking about launching a satellite with mirrors, which will use sunlight to illuminate the night city, in order to save electricity. In addition, China is now massively introducing electric cars and urban electric vehicles. All this requires additional power resources.

[luthvie]

this is actually bad news, when crypto has try to recover, another bad news appeared and could be the milestone for revival market.

[Bttzed03]

Has anyone read that particular news?

For what particular reason are they banning Bitcoin mining?
If it's for their environment, then that might be good for them. They might as well ban all POW coins although that's going to be a hard task for them

[zikzag]

This is similar to the regulation of mining. It's just that the Chinese government wants to control the entire mining industry.