If China Ban , Bitcoin Hashrate Will Drop ?

[davidaw6812]

Hello Everyone,

I have a quastion , if china ban miner , bitcoin hashrate will drop back to 2013?

Bitcoin difficult so high because for china miner around 70%

Thanks~

[Haunebu]

You are worrying too much buddy. If China does go through with the ban, the mining companies like Bitmain etc won't just shut shop, but would relocate to other countries where they can continue their operations smoothly in a legal manner.

[Ailmand]

You are worrying too much buddy. If China does go through with the ban, the mining companies like Bitmain etc won't just shut shop, but would relocate to other countries where they can continue their operations smoothly in a legal manner.

Agree, China is only worried since we all know that China doesn't want their money to be sent out their country which blockchain/crypto did thru mining, one of the main reasons why they are shutting down mining in their country. So, most likely the option is for other mining companies to move to other countries where it is legal with cheap energy cost.

[traderethereum]

Maybe yes, maybe no
Although China really bans the miner, I am not sure that the hashrate will drop significantly in one day because there will be a new company outside of China will replace their position and will be the next mining company.
But I am not sure that China really does that because mining bitcoin will give them a chance to make a big profit in the long-term or their government have a secret reason to ban the miner.

[Indamuck]

They aren't going to ban bitcoin mining.  How many times have we heard that China is banning bitcoin, it never stops.  Even if they somehow did those miners won't just magically disappear.  They will be sold off to other miners so the difficulty wouldn't change much.

[Jet Cash]

I can never understand why politicians claim that mining Bitcoin causes a flight of capital. I suspect the reverse is true. You might just as well say that manufacturing cars causes a flight of capital, because auto-makers have to import the steel.

[amishmanish]

I can never understand why politicians claim that mining Bitcoin causes a flight of capital. I suspect the reverse is true. You might just as well say that manufacturing cars causes a flight of capital, because auto-makers have to import the steel.

I don't think they care about flight of capital. It is just one of the made up reasons to rally against crypto. What they actually want to avoid is to allow a "type of money" that does not need the backing of political power.
In a world where Bitcoin gets adopted widely as a currency, groups like Bitmain can potentially have enough power to be an alternate political system by themselves. Chinese are particularly fond of concentrating political power (Politburo, the party and all that communist compulsions) and they are unable to make up their mind about bitcoin.

Concentration of mining in China is kindda a double-edged sword for them. They let the miners use all that free energy and monopolize mining, probably in the hope that they can takeover and call shots from behind the curtain.
To spoil their plans, miners probably see bitcoin and mining as the one thing that their communist overlords are finding hard to control. The Chinese govt is wary that miners and bitcoin may get too powerful to control (considering that they have already started to diversify in terms of location).

This maybe the reason that China has this love-hate relationship with Bitcoin..(Ban it! No wait, Rate it!..But Rate it below EOS!!)

[babarian]

the possibility might occur. however, although China is a country with a large number of miners, there are still many miners from other countries. and as long as it can still handle transactions from bitcoin then I think it won't be too influential.

[mk4]

I can never understand why politicians claim that mining Bitcoin causes a flight of capital. I suspect the reverse is true. You might just as well say that manufacturing cars causes a flight of capital, because auto-makers have to import the steel.

I'm not sure about the "flight of capital" excuse, but China pretty much took the "hurts the environment" reasoning. Which is quite weirder in my opinion, knowing that based on a few articles China has been pretty much one of the biggest plastic dumpers(in Asia, I think). Their excuse to ban bitcoin mining is pretty much BS to me.

[Zadicar]

I can never understand why politicians claim that mining Bitcoin causes a flight of capital. I suspect the reverse is true. You might just as well say that manufacturing cars causes a flight of capital, because auto-makers have to import the steel.

I'm not sure about the "flight of capital" excuse, but China pretty much took the "hurts the environment" reasoning. Which is quite weirder in my opinion, knowing that based on a few articles China has been pretty much one of the biggest plastic dumpers(in Asia, I think). Their excuse to ban bitcoin mining is pretty much BS to me.

With all the things they do have made or decisions by China.It turns out that it is already unbelievable if they would push it through or would just still remain as it is just to create some drama or buzz.
So i dont really care at all on what would be the steps they are planning to take.

[kryptqnick]

I can never understand why politicians claim that mining Bitcoin causes a flight of capital. I suspect the reverse is true. You might just as well say that manufacturing cars causes a flight of capital, because auto-makers have to import the steel.

It seems to me as well that the opposite is true. Any legal business draws investments into the country one way or another. China will lose a lot if the ban is really imposed. As for Bitmain, it might suffer serious losses as well, but mining will probably still continue. So the hashrate might drop, but not very significantly.

I can never understand why politicians claim that mining Bitcoin causes a flight of capital. I suspect the reverse is true. You might just as well say that manufacturing cars causes a flight of capital, because auto-makers have to import the steel.

I'm not sure about the "flight of capital" excuse, but China pretty much took the "hurts the environment" reasoning. Which is quite weirder in my opinion, knowing that based on a few articles China has been pretty much one of the biggest plastic dumpers(in Asia, I think). Their excuse to ban bitcoin mining is pretty much BS to me.

China is one of the biggest polluters in the world. I think it's more of a good excuse of getting out of the country something that cannot be controlled and traced to specific people. China is a fan of controlling and spying on citizens. Blockchain is simply not the kind of tech such a government can tolerate for long.

[geminiboy]

I never thought that China would close mining, China is known as the world's largest mining and also the most popular crypto investment

[Vishnu.Reang]

Hello Everyone,

I have a quastion , if china ban miner , bitcoin hashrate will drop back to 2013?

Bitcoin difficult so high because for china miner around 70%

Thanks~

Yes. Definitely. I am not sure about the percentage, but if I am not wrong then China contribute to the lion's share of Bitcoin mining hash-power. If all that is removed, then the hash rate can drop very significantly (at least for the short-term). I read somewhere that China contributes to around 80% of the hash-power. So you can imagine what happens if this 80% is taken out.

[Albert Smith]

What is the actual source for china doing anything, they've flip flopped many times on crypto.  Their ban of facebook and google hasn't stopped the success of these companies.

[rdbase]

You are worrying too much buddy. If China does go through with the ban, the mining companies like Bitmain etc won't just shut shop, but would relocate to other countries where they can continue their operations smoothly in a legal manner.

Yes. I f they ban mining companies like bitmain and the like from china can still sell the equipment.
Which is better for their customers so they know their miners were not used for mining like they would have been before the ban.

[TIDOVEE]

Truly, China has a high influence on bitcoin but as at that, it doesn't mean if bitcoin is banned there, bitcoin won't survive. Bitcoin is already revealed and other altcoin are also available. The idea will be maintained in other countries and it will continue. It may take few time to gain balance but it doesn't mean it will die. If only they work against its survival by the strength of their technological capacity.

[Bitinity]

It may affect the hashrate but I believe it will be for short time only because the miners will have their own strategies how to continue operating in legal way. Any bad news related to bitcoin may affect bitcoin in general, but we should not be so worry.

[eaLiTy]

I have a quastion , if china ban miner , bitcoin hashrate will drop back to 2013?
Bitcoin difficult so high because for china miner around 70%

Even if there is a blanket ban on mining from the Chinese government there is nothing much to worry as there are many mining farms around the world and even if the hash rate drops they will adjust accordingly so that there is nothing much to worry about the delay in transaction in the long run, but there might be a issue in the short term. I am not sure what the Chinese government is planning as millions are at stakes who invested in big mining farms.

[pushups44]

A Chinese ban on mining would cause a drop in hashrate, but the hashrate would pick up over time as other countries pick up the slack - bitcoin mining tends to be self-correcting towards equilibrium according to its incentives. On the other hand, eliminating Chinese mining could spur more decentralization of mining, thus providing more security for the network in the long run.

[hyunee]

I don't think that the Hashrate will drop significantly. Okay, given that China is a big country that has many miners and they decided to ban mining in the future. But, that's only on their country not yours, not mine. So, if China does that then no, it will not drop.