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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 17, 2019, 05:15:42 AM
 #41

Well, whatever China's decision in compliance with their governments rule, one thing am I am sure of, is that it will have a great impact if that will be implemented. As expected, China will just only doing what they think was right. If shutting down btc mining will benefit both China country and the crypto industry, then let it be.

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April 17, 2019, 05:33:14 AM
 #42

After a certain time, the Bitcoin network will recover and become truly decentralized.There are many alternative countries for mining.One of these countries is Ukraine.Cheap electricity and power loyalty favorably influence the placement of mining farms in this country.

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April 17, 2019, 06:55:22 AM
 #43

This type of things easily district the people to get out from this because when the trust is reduced with our investment it will not been developed any more in our mind set that's why this type of things will definitely been considered as a big impact in the people's mind set.

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April 17, 2019, 11:50:52 AM
 #44

In the past, China has always had rules that drew controversy, maybe because they wanted to advance their products or there were other plans, but certainly the decisions they made always influenced the crypto currency market, especially bitcoin, because China is one country that has an influence on the market world. But I hope the decision taken by China does not have a negative impact on the world market for crypto currencies.
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April 17, 2019, 12:30:29 PM
 #45

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.

So, I checked out the page they are referring to by clicking "revealed" in the article. Here's the link to that page:

http://www.ndrc.gov.cn/yjzx/yjzx_add_fgs.jsp?SiteId=318

I don't speak Chinese so I used the "translate" option of my browser to see the English version. I know that translation is most likely far from being accurate, and still I'm wondering why are there no such words as "Bitcoin", "mining" or "blockchain" in the whole document?

Anyway, from what I understand, it's just a suggestion, or rather a draft of suggestion, intended to get feedback from public for further corrections. But I think people who speak Chinese can enlighten us better on the matter.

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April 18, 2019, 12:15:53 PM
 #46

In the past, China has always had rules that drew controversy, maybe because they wanted to advance their products or there were other plans, but certainly the decisions they made always influenced the crypto currency market, especially bitcoin, because China is one country that has an influence on the market world. But I hope the decision taken by China does not have a negative impact on the world market for crypto currencies.
I really don’t think it will have effect, they only banned mining and not the use of cryptocurrency, the reason why they could easily ban mining is because of the effect of it on their power, since we know that crypto mining consumes power, I am sure they have the technology to know where such heavy usage is emanating from.

So if they ban mining, other countries are available to continue with it, it is no big deal, in fact, many of us believe that the ban of mining will reduce the supply we have in the market making the demand to become high and in response to such, generate a high demand that will push the marketcap higher than it is now.
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April 19, 2019, 04:35:03 PM
 #47

After a certain time, the Bitcoin network will recover and become truly decentralized.There are many alternative countries for mining.One of these countries is Ukraine.Cheap electricity and power loyalty favorably influence the placement of mining farms in this country.
Decentralizing bitcoin mining is not only a matter of getting mining to several countries other than China, we also need that new players get into developing mining equipment since Bitmain has something very close to a monopoly going on and that cannot be something good for the community, I am not suggesting to get rid of Bitmain I just want to see more companies designing equipment for mining and taking away some of the market share of Bitmain.



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April 19, 2019, 04:58:31 PM
 #48

“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.

Just because the mining doesn't physically occur within China doesn't mean it wont remain controlled by the same Chinese actors. This comment is ignorant at best. As long as people keep using Chinese pools, they will keep the power. If you are a miner, you must not mine in:

  • Btc.com Bitmain
  • Antpool Bitmain
  • F2pool
  • Poolin
  • Viabtc Bitmain?
  • BTC.top Bitmain?
  • dpool
  • Huobi

Notably missing from the top used pools is Slushpool which is not Chinese, but represents 10% only.


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April 20, 2019, 08:59:02 AM
 #49

I don't think banning crypto mining in china is a blessing to us, because the last I checked the miners are in charge of protecting the network and also confirming transactions on the blockchain, this means that once this miners are banned in chinese, we might see a lot of delay in the confirmation of transaction on the blockchain which will lead to a high transaction fee since smaller miners will now be the one to confirm all the transactions on the bitcoin blockchain.
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April 20, 2019, 09:10:37 AM
 #50

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.

I agree many can argue that the money drain from China will be reduced but to be quite honest will it? Look at Canada for example, Vancouver has been dubbed the ERNAI CITY for Chinese to take on 2nd wives and Mistresses, in order to get their foothold in another country. It's being done on a large scale by Rich Chinese Men in general. Here also, we have many Rich Chinese getting European passports by buying luxury properties. Nothing wrong with that at all, investing in different countries, that's what rich people do, but I doubt they blocking mining in China will stem the flow of money OUT of China. Bitmain and other miners will just move to pro blockchain countries like Vietnam or Latin America where the electricity is cheap and keep mining, taking away jobs from China. What I do see though is an electronic Yuan coming and a more centralized digital currency taking a foothold in China. Blockchain is not discouraged in China, on the contrary, you got coins like TRX, TRON run by great Chinese Businessmen with a wonderful acumen for business, it's just that Bitcoin seems way too decentralized now for the Chinese Govt to be able to control. Every country, of course, needs to do what it needs to do to protect its own. I understand the philosophy behind the Govt there. Make our currency strong then we can adopt other stuff..

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April 20, 2019, 09:49:06 AM
 #51

I don't think banning crypto mining in china is a blessing to us, because the last I checked the miners are in charge of protecting the network and also confirming transactions on the blockchain, this means that once this miners are banned in chinese, we might see a lot of delay in the confirmation of transaction on the blockchain which will lead to a high transaction fee since smaller miners will now be the one to confirm all the transactions on the bitcoin blockchain.

Nope. We have that difficulty adjustment thing. And there are enough miners elsewhere. They've been slowly migrating. Anything China does to push BTC out gets a thumbs up from me. Nothing good has come from Chinese involvement. They've been a cancer since they arrived.

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April 20, 2019, 10:04:32 AM
 #52

Bitmain have started spreading to other countries though? Bitdeer isn't in China and I think they'll probably move a lot of their miners there (they have a lot there already). So bitmain might still dominate the mining industry.

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April 20, 2019, 10:48:29 PM
 #53

Is this a blessing? If all China miners stop mining bitcoin how much time will take for 1 bitcoin confirmation? If China miners stop mining the mining difficulty will be the same as before?

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April 20, 2019, 10:56:33 PM
 #54

Same owners of different machines, just outsourced into different countries doesn't mean decentralization at its core.
Exactly, and when I read this my first thought was that there was a major spin being put on the story.  The miners can't mine in China?  They can move.  It's not more decentralization, it's the same miners in different geographic regions.

No wonder I don't read news, cryptocurrency or otherwise.  It's all more slanted than the leaning tower of Pisa.

 
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April 20, 2019, 11:35:59 PM
 #55

Is this a blessing? If all China miners stop mining bitcoin how much time will take for 1 bitcoin confirmation? If China miners stop mining the mining difficulty will be the same as before?

China isn't as united as it may seem. There are various government bodies with different layers of laws, and not only Bitcoin related parties benefit from that.

Most miners have started last year already to slowly migrate to other countries with how China isn't exactly that cheap anymore in terms of electricity, and this hasn't anything to do with the government(s) there. Some parts of China have been suffering from drought for quite a while now, and this significantly increases the electricity prices. If you add the bear market that made the price lose a lot of its value, it basically forces miners even more to look for alternative countries.

In the end, the mining aspect has had to deal with so much fud throughout the years, yet it has never gone through many problems at all. The problem is playing out between people's ears.

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April 21, 2019, 06:11:30 PM
 #56

I guess no matter how that difficulty turns out in the end there will be a small time period where everything will get stuck and the transaction fee will get up. Maybe it will an hour maybe it will be a week but in the end we will have that trouble. China not allowing miners doesn't mean the Chinese will stop, they can just move to anywhere they want because they have that type of power and money to do that, all they have to do is move their miners to a new location and they can continue like nothing happened.

There are miner friendly countries as well who give good discounts on big usage to get taxes from their earnings, that is why I doubt they will stop, this is just stopping Chinese "government" involvement in mining, otherwise Chinese people will still be involved for sure.


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April 21, 2019, 07:52:42 PM
 #57

I kind of hope this happens because this will give the hobby minres at home a chance to make some profit.  Right now the giants like Bitmain are sucking every drop of profit from this market leaving virtually nothing for the little guys.
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April 21, 2019, 08:00:16 PM
 #58

If the Chinese government prohibits mining Bitcoin, I think that nothing will change. About the prohibition of mining Bitcoin in China, they say about two years. During this time, many with their farms left China for other countries and there are mining cryptocurrency. So I do not see any problems. Let them finally decide in China what they want, and this uncertainty that has been going on for two years is annoying.

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April 21, 2019, 08:41:07 PM
 #59

If the Chinese government prohibits mining Bitcoin, I think that nothing will change. About the prohibition of mining Bitcoin in China, they say about two years. During this time, many with their farms left China for other countries and there are mining cryptocurrency. So I do not see any problems. Let them finally decide in China what they want, and this uncertainty that has been going on for two years is annoying.

Regardless of restrictions there will always be a way to run the show and I believe same thing will implied in China as this country has so many restrictions when it comes to crypto but there are people who does mining for their living and I am sure they will find one or the other way out to do it. But the sad part is that the mining is not as profitable as it was before a year and a half.

 
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April 24, 2019, 10:05:45 PM
 #60

I kind of hope this happens because this will give the hobby minres at home a chance to make some profit.  Right now the giants like Bitmain are sucking every drop of profit from this market leaving virtually nothing for the little guys.
Unless you have the most advanced mining equipment and you join a pool then you have no chance of making profits, bitcoin mining stopped being the field of hobbyist long time ago, Chinese miners only have to move to another country with cheap electricity and everything will be back to normal for them and if they are smart they are not going to do all of this at once which means there is not going to be any window of opportunity for miners like you.



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