China may ban bitcoin mining soon.

[TheClownSong]

Bitcoin and altcoin need to consume too much power to maintain the network will not really be suitable in the future, energy is always a big problem for every country. Bitcoin and altcoin need to be environmentally friendly projects!

Unfortunately most of the PoW coins use a lot of energy for mining. On top of the expensive mining rigs, a lot of electricity is being used for the process which makes Bitcoin mining out of reach for users who don't have that sort of funds.

Its true PoW coins use more energy, but if miners use renewable energy, i think miners can earn more profits. I dont believe China ban bitcoin mining because most crypto project are in china and many big crypto investor from china

[cryptocompares]

Even if there is a ban on mining, it will not affect the industry. Is that bitcoin will be a little more expensive, because the cost of mining will increase.

[Dennicex]

Even if there is a ban on mining, it will not affect the industry. Is that bitcoin will be a little more expensive, because the cost of mining will increase.

Certainly, an increase in the cost of mining a coin will increase the value of digital assets. This is logical.

[julius caesar]

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

That would going to affect the cryptocurrency market too severe. Look at the volume of chinese people. As looking at the world map, we can already say that, these people have a huge market allocation and volume of the cryptos. Also, big investors are from china. I hope they would change their mind.

[mickey_miner]

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 think that this will not happen, I see no serious reasons for banning mining. But even if this happens, the mining equipment will be transported to another country and continue to mine.

[GregH37]

Even if there is a ban on mining, it will not affect the industry. Is that bitcoin will be a little more expensive, because the cost of mining will increase.

It will both have negative and positive impact on the cryptocurrency, the ban is coming when we need lots of interest in cryptocurrency, and china being the largest population worldwide will send a very strong signal to the rest of the world if crypto is adopted by them.

Secondly, like the op said, most of the machines used in mining are produced from there because of their cheap labor, mining machines will become more expensive for people to afford and will also be scarce which will make it very difficult to mine now.

Finally, the advantage of this as you said is the demand for BTC will be higher making the cost of BTC expensive and increasing the price of BTC to the peak.

[CryptoGirl.y]

Chinese miners are slowly moving to Siberia, where there is a lot of territory and cheap electricity.

[martychubbs]

China won’t be able to ban everything at a one stroke, in my opinion. Besides how can we be sure it’s not speculations? It’s only a guess work.

[Idrisu]

Chinese governments has taking several drastic actions against bitcoin in the past, therefore,  I don't see any new things if they ban bitcoin mining. Remember that this will only affect the mining companies or firms in China and not any other countries.

[natka]

Chinese governments has taking several drastic actions against bitcoin in the past, therefore,  I don't see any new things if they ban bitcoin mining. Remember that this will only affect the mining companies or firms in China and not any other countries.

no need for the Chinese government to be considered fools.  The fact is that they also know how to pursue a policy regarding everything that can benefit China. In economic terms.  I see a completely different situation, which is forgotten by the Chinese government.  Most likely, they can fully monopolize the Bitcoin mining business, since analysts say it is about 70% of all miners located in China.

[passwordnow]

Before they prohibited ICOs and now they want to stop mining in China. Why aren't they welcoming cryptocurrency or why are they doing action when bitcoin / crypto is becoming popular. They don't want another source of income for their people that would lead to tax people who are into this industry? Big mining operations there would migrate to nearby countries that has friendly rules about cryptocurrency especially today that they can see the market would start growing again. These mining firms invested billions of money to make their operation continuous and if China prohibits even mining, they won't stop their operation.

[fallensky7]

After China closed the Bitcoin trading and banned (ICO), this was to be expected. Too much energy from mining, which put pressure on the country's energy system, and financial risks associated with cryptocurrency, there is such an opinion. Major manufacturers of bitcoins have already moved to other countries with a more loyal government. I don’t think that this ban will change something, at least not very much.

[onecall123]

Bitcoin mining trouble continues rising, and are at all time high. This does not sound good, Anyway. China’s crackdown on ICO and now making such statement is troublesome obviously, however restriction on bitcoin mining change nothing, technology always finds new ways. How often are they gonna do that. They should STOP!

[LegendOF45]

Bitcoin mining trouble continues rising, and are at all time high. This does not sound good, Anyway. China’s crackdown on ICO and now making such statement is troublesome obviously, however restriction on bitcoin mining change nothing, technology always finds new ways. How often are they gonna do that. They should STOP!

There are always negative problems and issues when the market is moving positively, this is what blocks the movement of bitcoin because it makes investors think that bitcoin is no longer profitable.

[komjhq]

Bitcoin mining trouble continues rising, and are at all time high. This does not sound good, Anyway. China’s crackdown on ICO and now making such statement is troublesome obviously, however restriction on bitcoin mining change nothing, technology always finds new ways. How often are they gonna do that. They should STOP!

There are always negative problems and issues when the market is moving positively, this is what blocks the movement of bitcoin because it makes investors think that bitcoin is no longer profitable.

Some analysts in the cryptocurrency market speak very negatively about the future of Bitcoin in general.  Perhaps the prohibition of Bitcoin in China is tsa-tsa looking for the circumstance from the fact that the Chinese government wants to protect its citizens.

[makerst]

Wow, this is a very strong blow to the Bitcoin network, because as far as I know the main mining capacities are there, if they really forbid BTC, it will have a huge impact on the network and maybe even kill BTC

[dizzy1996]

This is not news this was that year, and as we can see the situation was resolved. The whole problem is that the government understands that it cannot control the industry in full volume and therefore is trying to ban it.

[GREENch]

I think that any serious action in the next six months we will not see. What that peretrubatsii associated with mining will definitely be, but I do not think it will be something significant. And what will happen in 2020 depends only on the crypto industry.

[StephenJH]

The decision of China is affecting seriously to the market and market stopped to grow for the last news. China doesn't want to be part of the biggest growing sector of crypto mining and they should have better alternatives.

[cuo]

I have heard this problem long time ago, but until now it hasn't happened, so I doubt the statement from China. even if this happens, the miners must have other innovations, because everyone is free to use the blockchain network even though it is limited by a country.