If China Ban , Bitcoin Hashrate Will Drop ?

[shesheboy]

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

Only little ? But you said china is a big country and that is fact .  that also means that the banning will have a huge impact on the price of bitcoin  . i dont know the exact date of the banning but i think the banning did not yet happened because the price of bitcoin is still the same as before . when bitcoin goes down below 5k to 4k usd then that is an indication that the banning had started  .

and besides that China has mastered the technology and of course there are many great people there who will still use me.

Mastered the technology of mining ?  mining isnt hard at all and everyone can master it as long as you have the right tools and right environment .

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

That is possible but that is risky  . if ever they caught  , they will be fine and worst they will be jailed for a long time .

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[PlusOne88]

There will always be solutions to these things. Worry doesn't make us good in dealing with bitcoin. It will only spread FUD and will makes us poor in understanding things the way they could probably work. Should they ban bitcoin then there are so many other miners that could do the same work in some other countries. Who knows even cellphones can be used to mine bitcoin in the future without problems.

[DBronze98]

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.

At present, large companies in China had transferred to countries with post-cold conditions along with lower electricity prices when China began drafting the ban. If China issues ban, that will not affect the Hashrate Bitcoin because all the big companies in this country like Bitman have plans to deal with this when this happens.

[Pursuer]

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

That is possible but that is risky  . if ever they caught  , they will be fine and worst they will be jailed for a long time .

for some reason you are just making the assumption that China has banned bitcoin mining and then based on that you make another assumption that there is this law that jails people who break that ban!
there was no ban and there is no such law. and people are continuing to mine in China as before. all of this was a drama started a couple of days ago due to the bitcoin price rise and the fact that some people weren't done accumulating and wanted the price to come back down. they failed.

[Wendigo]

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.

I don't think Chinese commoners have a say in what the Party does over there. I bet normal fork will get their ass thrown in jail faster than the speed of light if they try to as much defy the government.

[morrisgonzalez]

It's difficult to say correctly anything about that. There is two thing will happen if China ban this then others companies or other countries find the another way to recover this. And another thing is if China ban this then maybe bitcoin hashrate will drop because China has capture huge market of this so it's maybe happen.

[muslol67]

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~

There are rumors about China and mining ban for years. But there has been no improvement in this issue. If it happens, there will be problems. But remember, Bitcoin is a decentralized money. In other words, market equilibrium will be achieved.

[harbin55]

Eventhough China are one of the largest minners here in this world;  they can still replace by someone else if the china will banned bitcoin.  Therefore the hashrate will drop but in just a short period of time. Once there is a new country who continues the job which left by china it will rise once again;  so you should not to worry about.

[Flame.Exchange]

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.

I don't know where they will think to relocate too, they have pretty cheap electricity prices..
Reference:

[BrewMaster]

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.

I don't know where they will think to relocate too, they have pretty cheap electricity prices..
Reference:
...

first of all that picture is from 2011 (8 years ago!) and it is not reliable. secondly it is reporting the "average" electricity cost not the exact one. in many countries there is a wide range of electricity cost, in some places it is very cheap while in other places inside the same country it can be extremely higher. so you can't really decide based on that!

[serjent05]

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.

Relocation takes time unless it was done years prior to that announcement.  During those time, when China (assuming) ban's mining, the hashrate will heavily goes down making the next mining  for block difficult, if a block is yet to be mined, transaction will not be confirmed so this means there will be tons of unconfirmed transaction piling up the blockchain.  This will greatly affect the Bitcoin industry.  This happen before and we see users competing for the transaction fee making the price of tx fee bloated to the point that it is more expensive than local remittance fee.

No any country is allowed to banned miner in any country you can mine easily and you can withdraw it from an other location

Is there a law that support this claim?

[muratsink]

First, China very extraordinary, China was able to defeat the United States from the economy sector. including in the world of Bitcoin and Crypto.
second, the climate of bitcoin users in China is actually quite dynamic and conducive.
third, China has a major contribution to Bitcoin mining. when BTC reaches 20K, BTC mining in China is considered a factor affecting the bullish market.
fourth, 80% of BTC mining is influenced by the state of China. what if the percentage is lost or decrease? of course, will affect the hash rate of BTC.

[Muzika]

This is just a game for some miners, if the China bans the bitcoin and other crypto mining then the companies who are behind those huge mining industry will transfer their rigs to the other country, remember there were lots of countries that mining is not illegal.

[secone]

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~

Is China planning to block bitcoin because of electricity problems? or is there another reason? isn't China pro on the blockchain but counter to crypto? if it really happens then this is like a disaster because half of the network is probably located in China

[Vinalians]

China is one of the countries that mines bitcoin seriously, they almost have the best rigs in the world if china ban bitcoin for sure there will be a good effect to those miners who are left but always remember there are still other countries that can take those rigs meaning the difficulty will just decrease in a short period of time.

[Mandoy]

It seems what you like to say is this. What will happen it China bans bitcoin mining? That should be the proper question and topic.

Anyway, the leading mining company that has a huge mining data center and is the number one producer of bitcoin mining hardware across the globe is bitmain. They are selling antminer and the recent miner they are selling is the T9. But lets go back to the topic. If China will ban bitcoin mining it does not mean that  Chinese bitcoin miner especially bitmain will stop mining. They will just relocate their company along with their hardware to other parts of the world. Bitmain have already earned hundreds of millions from this trade they will not stop even in the face of bitcoin mining ban.

[MakeMoneyBtc]

For a short time the hashrate will surely drop but i am sure mining companies have a safety plan in case this happens because we are talking about millions of dollars here. They will probably look for another country similar to China and move their equipment there, even if thats going to cost them a lot of money i think thats the only solution they have if they still want to continue their businesses.

[serjent05]

Is China planning to block bitcoin because of electricity problems? or is there another reason? isn't China pro on the blockchain but counter to crypto? if it really happens then this is like a disaster because half of the network is probably located in China

there is some assumption that it is because of the plan of china to introduce their own cryptocurrency but an article came out that the possible reason is to save an environment and seriously wasting resources.
https://www.engadget.com/2019/04/10/china-ban-bitcoin-mining-wasted-resources/
https://qz.com/1590655/chinas-proposed-ban-on-bitcoin-mining-is-about-the-environment-and-capital-flight/

Though I am more inclined to agree with this article :
https://medium.com/datadriveninvestor/why-is-china-banning-bitcoin-mining-on-may-7-81a95f6884a7

Two more reasons

Those reasons are diametrically opposite:

Considering everything Chinese Government estimates that Bitcoin is trash and they don’t want citizens to invest into something where they will sure lose their shirts.

OR

Considering everything Chinese Government estimates that Bitcoin is a clear winner of the crypto world and they don’t want citizens to invest money into something that cannot control. Control gene, remember?

[Odessit_ya]

I do not think that the hashrate will fall very much, because already now the Chinese miners are considering options for moving their facilities to other, more loyal to the cryptocurrency and miner countries.

[maianh09]

I believe that China does not approve bans on Bitcoin in the future. Because many countries now start accepting and protecting Bitcoin. China is an economic powerhouse, and they will soon catch the size of society instead of ignoring it. I believe this will be an excellent opportunity for Crypto investors in this country soon after China accepts Bitcoin.