If China Ban , Bitcoin Hashrate Will Drop ?

[TryNinja]

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.

What? You do know that the hash power of the network isn’t locally restricted, right? It’s not like there is a hash power rate for each country.

China holds 81% of the network hash power[1]. If they ban mining, expect a huge increase in the total network block speed. Fees will probably go to the hundreds while the mempool fills up with tons of unconfirmed transactions. All of that in the ENTIRE network (you included).

[1] https://www.buybitcoinworldwide.com/mining/pools/

[jakelyson]

Maybe the hash rate will drop significantly but also the difficulty which will make mining more profitable and will attract more miners. Some countries where mining is cheap will pick up the slack. Do not worry.

[K21000]

I think if mining farms were to shut down it would be a good thing for decentralisation. I would rather the hashrate be in the hands of many individuals all over the world instead of in the hands of a few mining center owners. Satoshi's concept of "one cpu one vote" has been destroyed by these mining cartels.

[magneto]

No. China banning bitcoin mining will simply mean that miners will relocate.

There may be a temporary drop, but even that is very unlikely given that the rest of the world is still constantly in an increasing hashrate. Besides, this isn't news that is terribly new at all. China has announced their intentions long ago, and they've already done similar stuff to exchanges, which means that a lot of companies have probably already responded by moving operations out. This won't affect the actaul bitcoin network in any tangible way at all.

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 think that they are probably more concerned about bitcoin itself facilitating the flight of capital, since it offers a way for citizens to bypass certain forex regulations. Their reasoning is probably something along the lines of people can use local currency to purchase the hardware, and gain BTC as a reward, which they can convert freely on the open market.

[minersday]

For how long will people still believe and fall for this speculation on the idea that China is going to ban bitcoin mining. And more over, Bitcoin mining farms are not basically companies that have their billboards around giving people directions to where their locations are. So if bitcoin mining or cryptocurrencies get ban in China, people will still be mining Bitcoin in as much that there is a ban .....

[crzy]

Maybe the hash rate will drop significantly but also the difficulty which will make mining more profitable and will attract more miners. Some countries where mining is cheap will pick up the slack. Do not worry.

China is just one of so many places where you can mine, it will not drop that much. The mining industry will also survive because a lot of profitable miners are still doing their job. There’s no official news or what right now so we can still hope for a more good regulations.

[gesdan]

china is the country that has more than miners than other country in the world, so usually they playing the price in the market, if bitcoin miner banned on china, i think the price of bitcoin will drop but, with stable price, because no more people play with bitcoin price anymore

[BADecker]

If China seriously bans Bitcoin, maybe the Chinese people will seriously ban the Chinese government. Then Bitcoin will go up like crazy. Hodl is a good idea.

[franky1]

people are like 2 years out of date.

"china" mining is already diversified into other countries a long time ago.
georgia, iceland, eastern europe, america, and so on.

anyone who in 2019 continues to scream "china own/control mining" are the inept squad that love to sound like the fox news crowd of racists that dont get true factual information regularly

[lyks15]

Nothing to worry dude. Bitcoin is not only circulating in one country. And if China did not want a mining activity like bitmain do. It can relocate it in the other country. And don't also worry because there is a huge bitcoin users around the world not only in China. So the bitcoin must go on. Just give your full trust.

[seoincorporation]

I'm not sure, because if China bans mining that doesn't mean they will not do it anymore. It only means the activity will be illegal but for sure some farms will continue running on a hidden schema. And yes, the hash rate will drop if that happens until China sends those miners to another country.

[pooya87]

anyone who in 2019 continues to scream "china own/control mining" are the inept squad that love to sound like the fox news crowd of racists that dont get true factual information regularly

you are overthinking it.
this is the old FUD method that people have been using ever since 2013 and probably even before but i could only trace it back that much ever since they banned banks from investing in bitcoin people have been using the term "China banned bitcoin" to cause price drops so they could buy cheaper coins. the context changes every now and then and sometimes some other countries like India replace it but it is always the same bullshit

[muratsink]

I remember, in 2017, China already has a firm decision for the crypto world, even China also banned ICO. The government also wants to stop crypto trading in China, block access to every website, close mobile applications that provide cryptocurrency trading services in China.

but, on the other side, China's enthusiasm for BTC is very high, China has the potential to threaten security, stability, internet infrastructure, and the volatility of crypto trades.

China is considered as a country that has an important role for the life of Bitcoin, because China dominates mining and China also dominates ASIC vendors, China also controls mining hashrate, so it will affect the bitcoin protocol.

all hashrate the Bitcoin network, 80% comes from 6 large mining pools, and 5 mining pools sourced from china mining.

I think, regulation or rule of government is a solution to limit every movement of miners. so the stability of Bitcoin will be balanced.

[mk4]

I'm not sure, because if China bans mining that doesn't mean they will not do it anymore. It only means the activity will be illegal but for sure some farms will continue running on a hidden schema. And yes, the hash rate will drop if that happens until China sends those miners to another country.

Though probably possible, I really doubt big farms would do it though, unless they're going use natural energy, rather than energy from the electricity companies; because I assume it would be pretty difficult to stay hidden from electricity companies due to the huge amounts of energy needed to run the bigger farms. I'm leaning more on them moving to other nearby countries.

[n0ne]

As China holds the majority of the miners, ban from them will surely cause a drastic drop in the hash rate. If such scenario prevails for a short there will be increased number of transactions getting stuck on the network for certain time period until some other country take the things left behind. From my view mining equipments price will fall off which can be used by large scale investors, also this can be kind of such market manipulation to down the price of mining equipments.

[jakezyrus]

Afaik hashrates only depend on your device and depends on the setting of your mining platform but if china bans bitcoin ,  bitcoin mining will be more easy because we know that china is a huge country which means more miners are expected to leave  .  this also allows other mining brand to be discovered   . this was a win win situation for both miners and mining hardware owners   ( store owner )

[MonsterV]

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~

China has actually banned bitcoin miners since 2018, so the effect will not be large now that is only the issue raised again this year to make FUD.
You also don't need to worry that the mining company will be closed because China has banned mining, because many Chinese people have chosen to leave the country to get freedom in mining bitcoin.

[BlackPanda]

China is a country that is so big, with a very large population that makes China has a very big impact on the development of digital currencies.
Whatever happens in China will make a real change in the development of cryptocurrencies.
The number of users will determine how the development of Bitcoin changes.
So I hope that nothing bad happens to China, let alone a ban on the use of Bitcoin.

[green547]

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~

China has actually banned bitcoin miners since 2018, so the effect will not be large now that is only the issue raised again this year to make FUD.
You also don't need to worry that the mining company will be closed because China has banned mining, because many Chinese people have chosen to leave the country to get freedom in mining bitcoin.

Thats not true, they are just doing backroom deals with their buddies and a lot of bribe money is being thrown around.  The mining industry in China is full of corruption and they are doing everything they can do squash the competition. 

[bitzizzix]

if indeed that happens, it will likely affect the bitcoin movement a little, because China is a big country and there are many bitcoin users or miners and besides that China has mastered the technology and of course there are many great people there who will still use me.
but if bitcoin mining is prohibited and becomes illegal in my opinion there will still be people who use it even though they have to hide, because they know that bitcoin is profitable and in any way they will still mine and use it because they also want freedom that can produce.