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Author Topic: A Crypto Blessing: China’s Plan to Ban Bitcoin Mining Will Work Wonders  (Read 369 times)
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April 11, 2019, 04:14:39 PM
 #1

The National Development and Reform Commission (NDRC) revealed its intent to eliminate the bitcoin and crypto mining sector immediately in its guidance for adjustments to industrial structure published on April 1.

The list of sectors that will be encouraged, restricted and eliminated will undergo a public consultation period until May 7 according to the report of SCMP, and as such, mining facilities in China are likely to be able to operate throughout the next month or two.

If after the public consultation phase the NDRC and the government of China move forward with the current plans to shut down the bitcoin and crypto mining sector, it would signal the end of the most dominant bitcoin mining region.
Why It Could be Good For Bitcoin and Crypto

The potential imposition of a ban on crypto mining may lead to the decentralization of mining across the global mining market and encourage miners based in China to move to foreign countries.

“Bitcoin mining will no longer be dominated by China but become more decentralized,” a Beijing-based cryptocurrency research company analyst Michael Zhong told SCMP, emphasizing that Chinese miners in Yunnan and Sichuan would have to leave.

For many years, major mining pools based in China in the likes of BTC.com and Antpool, some of which are operated by Bitmain, have had dominance over the hash power of the Bitcoin network.

As a proof-of-work (PoW) blockchain protocol, the Bitcoin network needs computing power to verify transactions and broadcast data to the Bitcoin blockchain network.

As of April 9, BTC.com and Antpool alone have over 31.5 percent of the hash power of the Bitcoin network, both of which are subsidiaries of Bitmain.

CCN | https://www.ccn.com/chinas-bitcoin-mining-ban-plan-good

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April 11, 2019, 05:13:57 PM
 #2

Of course, the decision of the Chinese regulator was quite predictable. There may be several reasons for this, but it seems to me that 2 reasons can be considered as the main ones. 1 reason - this is the plan of the Chinese government for the expansion of the yuan in the global economy. China has long dreamed of making the yuan a world currency, and it is possible that Bitcoin will be able to prevent this. Despite the fact that the main part of miners is located in China, the bitcoin, unlike the yuan, is not affected by the Chinese regulator. And it bothers them. 2 reason - because of bitcoin, the shadow economy can grow and the withdrawal of money abroad. This is also a fairly significant factor, which can not be disturbed.

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April 11, 2019, 07:36:32 PM
 #3

Same owners of different machines, just outsourced into different countries doesn't mean decentralization at its core. For all we know, it will just be one company who would be owning all of these miners and they're just being relocated to a new home. The mining conditions in China are suitably well for operators, that's why it has become the center for the mining industry. With their miners being relocated into somewhere else, with the same owners and operators, I don't think that changes the scenario even in the slightest form.

 
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April 11, 2019, 09:41:59 PM
 #4

I think I will not ready to accept it right now because the chances of mining will not been possible in in these countries to develop their economy that's why they are not accepting it but mining is always giving you to the profit but is Chinese not accept it we cannot make their decision to change.

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April 11, 2019, 11:04:05 PM
 #5

Quote
“Bitcoin mining will no longer be dominated by China but become more decentralized,” a Beijing-based cryptocurrency research company analyst Michael Zhong told SCMP, emphasizing that Chinese miners in Yunnan and Sichuan would have to leave.

They would leave but there are still tons of large scale miners out there.

I don't necessarily think that this regulation will necessarily lead to a more decentralized bitcoin mining environment, given the fact that you can't just look at centralization from how much hashpower a country has but how much influence individual corporations have as well, regardless of their country of origin.

But that said, I wouldn't say that this is something that is that negative either. People have been after all expecting this to happen sooner or later, and it was pretty much confirmed during 2017. This is just an extension of that, nothing more.

 
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April 11, 2019, 11:17:47 PM
 #6

And it bothers them. 2 reason - because of bitcoin, the shadow economy can grow and the withdrawal of money abroad. This is also a fairly significant factor, which can not be disturbed.

It's incredibly hard to get money to exit the Chinese borders, and Bitcoin hasn't changed much about it at all. Instead, it allowed Chinese manufacturers of mining equipment to have money enter China instead of leaving it.

I read about how Bitcoin's price within the OTC market in China comes with a mild premium, while usually these premiums within the western OTC market are discounts. These Chinese OTC premiums are the direct result of how difficult it is to get money to exit the system, therefore people are ready to pay that premium. Owning Bitcoin offers people the freedom they need to send it to foreign exchanges and trade their way up. Bitcoin 'exits', but the fiat the coins are bought with stays in China.

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April 11, 2019, 11:36:24 PM
 #7

I think I will not ready to accept it right now because the chances of mining will not been possible in in these countries to develop their economy that's why they are not accepting it but mining is always giving you to the profit but is Chinese not accept it we cannot make their decision to change.
Bitmain already shutting down their mining in China since last year and I think we cannot stop the Chinese government from doing this, let’s just hope that it will not affect the market much again. There’s a great place for cryptos, we will find for that one and mining business will be good in time.

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April 12, 2019, 08:54:35 AM
 #8

My opinion is that there will be no cardinal ban. The Chinese government is not so stupid as to deprive yourself of income, it seems to me that they agree with the miners and will find a common compromise.
P.S. may end up simply raising the price of electricity ...

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April 12, 2019, 09:16:46 AM
 #9

I heard the rumor that chinese ASIC producers are pivoting toward building chips for AI.
As for Proof of Work I'm not sure if it's the way to go forward for altcoins, that said it's still the best model for initial distribution and liquidity.
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April 12, 2019, 10:04:59 AM
 #10

Maybe after the dust settles. One obvious benefit is that FUDsters can no longer claim that China have too much influence on it if the production is more spread out.

Another possible good news for hodlers is that the price might increase. One main reason miners operated in China is the cheap electric. Production cost go up, so do the price that they'd sell their bitcoins.

 
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April 12, 2019, 12:51:28 PM
 #11

first rule for crypto in china they use the word ban latter they form guidelines so the same is happening in minning sector they will regulate the industry in positive way
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April 12, 2019, 01:02:39 PM
 #12

So let's wait until that time, and I am curious if they really eliminate the bitcoin and crypto mining sector or not. If it's happening, then the mining company will reduce, and in China, no other company wants to mine again because it's prohibited.
That will bring fresh air to the other country which still allowing people to mine bitcoin and altcoin because of they are losing one big competitor in the mining section so they can increase their hardware and can produce more rewards.
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April 12, 2019, 01:55:46 PM
 #13

It feels like even if China bans all mining then BTC blockchain still won't become less centralized. Miners are getting more  profit is they unite in a single pool. If chinese pools will be shut down then people would join the other ones and major farms probably would be moved to safer areas, you can find cheap elecrticity not only in china.
The good thing that earlier every significant step of any big country towards crypto caused panic and a strong immediate dump but for now everything is safe.
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April 12, 2019, 03:43:10 PM
 #14

My opinion is that there will be no cardinal ban. The Chinese government is not so stupid as to deprive yourself of income, it seems to me that they agree with the miners and will find a common compromise.
P.S. may end up simply raising the price of electricity ...

I think Bitcoin miners are really working with the government ever since China made a U-turn last 2017, but it seems that no compromise can be meet in between, so the government "might" ban mining for good in China. So there's really no consensus right now if this could bring fresh air to the mining industry. Bitmain may just move somewhere else, or maybe other nations will enter the picture to challenge their monopoly. It's too early to see what going to happen, but I'm sure it will have a impact to the market in the short run.

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April 12, 2019, 05:10:11 PM
 #15

China being involved in crypto world is really a big advantage for they are all into it and open for any possible opportunities. However, if they would ban mining, it would also affect a lot of miners not just in that country. I wish that every government would adopt cryptocurrency.

 
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April 12, 2019, 05:26:55 PM
 #16

The National Development and Reform Commission (NDRC) revealed its intent to eliminate the bitcoin and crypto mining sector immediately in its guidance for adjustments to industrial structure published on April 1.



Are China’s Ambitions To Combat Pollution Hurting Its Economy?



The Chinese will need to make very tough choices in the future ... or they will be more developed more with super polluted air or should moderate in the polluting industries. I think the reason they are going to ban the miners is because of the pollution that has already hit alarming levels in China. In any case, China has a very dangerous regime and having most of the miners located in China becomes very dangerous

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April 12, 2019, 08:56:27 PM
 #17

The machines are not getting confiscated, it will definitely have some affects on bitcoin for sure but that monopoly on mining will not go away completely. Maybe they will prefer to take them all and go to Iceland because they will pay less on both electricity (less than many countries, more than china) and have fewer concerns over heat obviously?

Maybe they will go to usa and build a completely renewable energy place? Maybe they will go to somewhere that is third world country that will accept them for small amount because even that small amount could make a difference there? I don't know what would be the next step for them but when there is millions of dollars at stake no company will say "oh its banned ok time to stop" I know that much. There is too much money involved.


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April 13, 2019, 01:55:16 AM
 #18

Maybe they will go to usa and build a completely renewable energy place?

This is the most possible scenario. China is in the top of the charts because the electricity is cheap and the temperature at the mining farm isn't too hot so it helps to maintain the hardware life. It might take some time for those companies to settle and find the best country which they can operate their mining firm (north pole maybe?), but they'll definitely come back.

And no, this is not going to increase decentralization and something like that. The giants will stay, just taking a break for a while.
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April 13, 2019, 09:57:37 AM
 #19

The National Development and Reform Commission (NDRC) revealed its intent to eliminate the bitcoin and crypto mining sector immediately in its guidance for adjustments to industrial structure published on April 1.



Are China’s Ambitions To Combat Pollution Hurting Its Economy?



The Chinese will need to make very tough choices in the future ... or they will be more developed more with super polluted air or should moderate in the polluting industries. I think the reason they are going to ban the miners is because of the pollution that has already hit alarming levels in China. In any case, China has a very dangerous regime and having most of the miners located in China becomes very dangerous
Everyone are aware of the pollution problems faced by China which is the most populated country in the world. I don't think that pollution is the reason behind this ban since they never did like cryptocurrencies in the first place.

However, this will help the country decrease the pollution levels in a big way though. The question is which country will Bitmain and the others choose if the ban becomes effective.

 
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April 13, 2019, 08:10:23 PM
 #20

If China really turns out to ban crypto mining those mining rigs will just be moved to other countries in the Asia region, China isn't the only place where to miners can get easy access to cheap electricity!
I'm sure that Antpool has a plan to set up their mining equipment in another country.
 
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