China’s Plan to Ban Bitcoin

[zeynabpiri]

A Crypto Blessing: China’s Plan to Ban Bitcoin Mining Will Work Wonders Joseph Young  09/04/2019  Bitcoin Analysis, News, Opinion


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.

[milewilda]

Dont ever forget to post out some source links if you do copied these articles/news into some website.If you dont like to be banned then be cautious next time.
Source Link: https://www.ccn.com/chinas-bitcoin-mining-ban-plan-good

China's decision towards banning mining operation is really just a good news for us bitcoin supporting community and as mentioned on the article this can lead out for mining
industry to be more decentralized yet domination of China in regards of mining operation will surely be break out with this decision.

[Jet Cash]

China has become a super-power, and many Chinese are extremely wealthy. Banning mining activities in China won't meant that the Chinese will have a reduced mining activity. The mining owners will just move their operations to other countries, and they have already done this to a certain extent.

[sheenshane]

As I call it, it's an industrial revolution. As I said to the previous thread, China has a great dream of having Yuan as a global currency. Bitcoin would affect that vision/goal of them so they need to ban it to avoid disrupting the plan.

China is looking forward to becoming a global influencer and get the spot of being the best country in the economic category. Bitcoin mining is also one of the minor opportunity that affects the sources of China. Of course, mining bitcoin would require a massive amount of electrical source.

[coin-investor]

It will not harm miners and investors although transferring their operation outside of China jurisdiction will cost them a lot, but knowing Chinese businessmen, they will do everything to still become a part of cryptocurrency, we have seen how Chinese investors transferring to other countries for the sake of trading Cryptocurrency.

[Theb]

It will not harm miners and investors although transferring their operation outside of China jurisdiction will cost them a lot, but knowing Chinese businessmen, they will do everything to still become a part of cryptocurrency, we have seen how Chinese investors transferring to other countries for the sake of trading Cryptocurrency.

Not really Chinese miners have been moving out from their country since last 2017 and is moving to other Asian countries particularly South East Asian countries and lately Iran , a Middle Eastern Asian country, and the reason from them moving out is due to higher electricity cost in their country compared to running them overseas. What do they have to avoid is countries with strict laws when it comes to cryptocurrencies or for foreign businesses running in their country. Taxes and ownerships due to local joint venture requirement are way different for foreign countries that sometimes their earnings isn't considerable enough to continue their operation in the forseeable future.

[hemendrasingh123]

If the Chinese gov was suddenly in charge of the majority of the BTC mining power, I could see Bitcoin capitulate in price (down to a new low...in a way that would make Tone Vays and Tyler Jenks smile). I don't think China would try and be "a bad actor", but I think the market would likely still react very negatively to such news because BTC would suddenly be "centralized". BTC's decentralized nature is one of it's biggest assets, IMHO.

[hugeblack]

Am I the only one who sees it from this perspective? China has become "The biggest Bitcoin price manipulator" by influencing mining, as happened several years ago.
I expect that some rules that are hardened in mining will be prepared in order to influence the price and then reverse those rules to achieve some gains for some miners.
Or alot of FUD. Something fishy will happen.

[Netnox]

China has become a super-power, and many Chinese are extremely wealthy. Banning mining activities in China won't meant that the Chinese will have a reduced mining activity. The mining owners will just move their operations to other countries, and they have already done this to a certain extent.

I am not sure about the logistics. Is it that easy to move thousands of mining rigs from one country to another, and then assemble them again, and then to re-start the mining farm? Anyway... to which country are they planning to move their farms?

[goaldigger]

China has become a super-power, and many Chinese are extremely wealthy. Banning mining activities in China won't meant that the Chinese will have a reduced mining activity. The mining owners will just move their operations to other countries, and they have already done this to a certain extent.

Since there are countries who have a cryptocurrency freedom and doesnt have any big deals even if its mining, im sure they will transfer the operation from China to there. For the fact that I see a lot of Chinese people in my country in the streets rather than locals is quite alarming also. What did they up to. They can do anything they want in here. Damn government.

[creeps]

China has become a super-power, and many Chinese are extremely wealthy. Banning mining activities in China won't meant that the Chinese will have a reduced mining activity. The mining owners will just move their operations to other countries, and they have already done this to a certain extent.

Since there are countries who have a cryptocurrency freedom and doesnt have any big deals even if its mining, im sure they will transfer the operation from China to there. For the fact that I see a lot of Chinese people in my country in the streets rather than locals is quite alarming also. What did they up to. They can do anything they want in here. Damn government.

Chinese people will always feel entitled for every because they know, their government will support them at least on their migration. China's plan to ban bitcoin is not new, we are actually tired on hearing this kind of news and after a month there will be a news in China for being supportive on cryptocurrency.  Chinese are very business minded, if they mean business they will do everything for them to create money and for sure other countries on Asia will be their new home.

[veleten]

it is unconfirmed and is just rumours
but even if they do ban mining of bitcoins this doesn't mean they wil labn bitcoins
there were talks about it when they prohibited banking oprations with bitcoins yet people can trade and exchange coins without a problem if they used
exchanges that are not under China's jurisdiction , this ban was only for banks
I guess that if the mining ban is in place , most of the operations will simply transfer to the cheapest energy locations
not much will change and I would not consider it a blessing

[Kemarit]

If the Chinese gov was suddenly in charge of the majority of the BTC mining power, I could see Bitcoin capitulate in price (down to a new low...in a way that would make Tone Vays and Tyler Jenks smile). I don't think China would try and be "a bad actor", but I think the market would likely still react very negatively to such news because BTC would suddenly be "centralized". BTC's decentralized nature is one of it's biggest assets, IMHO.

I'm sorry but I don't see Bitcoin going to capitulate in price if ever China bans bitcoin mining. For all we know, Bitmain and Canaan have already put a contingency plan if ever the Chinese government will really put the hammer ban. Meaning they can and will continue to operate outside of China. And besides, there could be other nations who can carry the torch and could be looking at mining bitcoin now since the news was released. Well, they have been a bad actor already since they made a sudden U-turn in 2017. It could also break the monopoly of Chinese bitcoin mining industry, so to speak.

[Augustus7]

China plans to put an end to cryptocurrency mining in the country, Reuters reported Tuesday citing a "draft list of industrial activities" China's state planning agency looks to put a stop on.

The decision doesn't appear to be final — the National Development and Reform Commission (NDRC) is seeking public opinions on a revised list of industries that will either be encouraged, restricted or eliminated. Bitcoin now falls in that last category. tellpopeyes

[Harlot]

Until something really has happened I won't believe in this kind of news, crypto news related to China has been overused by crypto related news sites and its really a joke to believe them now just for a single bit without actual evidence that something is really happening. Right now Bitmain one of the most known manufacturers of crypto mining equipment is situated in China and if they banned mining in their country we all know this corporation won't stop its operation when their mother country has banned it, most likely just like their miners what they will do is just move out from China.

[elisabetheva]

Until something really has happened I won't believe in this kind of news, crypto news related to China has been overused by crypto related news sites and its really a joke to believe them now just for a single bit without actual evidence that something is really happening. Right now Bitmain one of the most known manufacturers of crypto mining equipment is situated in China and if they banned mining in their country we all know this corporation won't stop its operation when their mother country has banned it, most likely just like their miners what they will do is just move out from China.

If that happens it might be detrimental to miners there, but as you say that mining equipment is well-known in China and keep in mind also that the most miners are there too, is it possible that the government will do something very risky because there are obviously many disadvantages . I don't think the Chinese state will do this. and it seems like the crypto story like this is often heard from the country of China.

[chaoscoinz]

A Crypto Blessing: China’s Plan to Ban Bitcoin Mining Will Work Wonders Joseph Young  09/04/2019  Bitcoin Analysis, News, Opinion


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.

Is it because of Chinese control of the mining share? Is there a source for this information such as an article or news briefing, because I would like to know more? If what you say holds weight, this could be big!

[dothebeats]

Am I the only one who sees it from this perspective? China has become "The biggest Bitcoin price manipulator" by influencing mining, as happened several years ago.
I expect that some rules that are hardened in mining will be prepared in order to influence the price and then reverse those rules to achieve some gains for some miners.
Or alot of FUD. Something fishy will happen.

You could say that, but apparently it seems that the miners from China are not really doing that evidently, or if they are, they did a great job of making it masked from the general public. China's plan to ban bitcoin is just the result of them trying to keep things for themselves, especially the flow of money that should be limited to China but comes out of the country due to bitcoin's nature of becoming exchanged into some other currency (especially USD.)

Once bitcoin mining is out of China, I expect some promising results from countries that can sustain efficient and clean mining just like in China, and to finally decentralize the mining power that has long been clumped in China for years.

[Falgorn]

The Chinese government has its own vision of the development of the country and its attitude to the regulation of cryptocurrency, and this position must be respected. Since 2017, they have been looking for ways to find the optimal ratio between the cryptocurrency and the national yuan. They continue to experiment. This does not mean that cryptocurrency in this country will be prohibited. Yes. Many Chinese are already engaged in Bitcoin mining outside of China. So the decision to ban mining is unlikely to greatly affect the cryptocurrency.

[Virtual miner]

A Crypto Blessing: China’s Plan to Ban Bitcoin Mining Will Work Wonders Joseph Young  09/04/2019  Bitcoin Analysis, News, Opinion


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.

Asian countries except Japan have always been quite a critic to the whole cryptocurrency market and these ideas of the Chinese govt. is a proof of the same. China is a country which has been heavily investing on its industrial and export activities & for sure bitcoin mining too is an industrial activity. So not advocating such activities is a meek behavior. I think China wants to protect the outflow of their currency into cryptos and we all know how involved the communisty party governments have always been in the lives of people. So china too wan't to affect their control on its people so they are deciding to part their ways from Cryptocurrencies.