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Author Topic: Has China’s authority classified cryptocurrency mining?  (Read 555 times)
numismatist (OP)
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April 24, 2019, 10:23:12 AM
 #21

I know that is great news for all miners around the globe, but sure as hell China will not ban mining.

What i heard from one of my Chinese guys is that simply they will have to pay extra "tax" / "bribe" and their mining operations will keep on going.

At least China is decentralized when it comes to local bribery. LOL
We all to often keep chanting "socialists" totally neglecting the reality of world wide trade. China is a kapitalist country with some exfoliating red paint still left in place out of nostalgia.

Where is the hash?

The hash will come, Canaan rolled out Avalonminer 10, 31TH/s at 1736W. MicroBT released ASIC M20S reaching 72TH/s. None of the equipment out there can compete against that.
And that's been the missing "Signal" regarding the ban. Nope, no ban will happen. Or these companies would not release that hardware!
Or at least it might be true BUT not affecting the mining in China, strange as it might be appearing. "Decentralized" cough cough.

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April 30, 2019, 02:35:36 PM
 #22

So the chinese government encourage until the 7th May for miners to come forward and contribute to the conversation...

So on both occasions of the Chinese Govt acting on domestic mining they want the miners to reveal themselves,
first miners are banned unless they are registered
second miners will be banned unless they come forward and propose good on their contributions

So, a paranoid reading would be that... the Chinese government want to just know who and where you are. Though I don't think its necessarily the case at all, at this price point, I don't see it as unreasonable but the Chinese Govt wouldn't then just seize the mines themselves and operate them themselves...
like I assume has happened with miners confiscated in Venezuela, and like China the miners have to register with the government,
Like I bet also has happened to miners confiscated entering South East Asia,
Like I bet will happen to the mines that have been trapped in Iran by being lured with cheap power

Anyone think any of this is likely at all?
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May 01, 2019, 10:02:23 PM
 #23

Hey, just because Mao called the intellectuals to come forward to criticize his government, and then later enraged by their comments imprisoned them, doesn't mean the actual government ruled by the same communist party would do the same, would they?  Wink

Venezuela was a little different. The gov did made people register, under the threat that those who didn't register could have their equipment seized later.

Actually the police was already seizing equipment before this, not because it was illegal (it wasn't) but because "they just could" (there is no rule of law operating). After this registry was completed, the (illegal) practice continued so you are never safe. Not just because the de-facto government lied, but because they are unable to stop corrupt police or military from extorting, and even kidnapping people they believe to be wealthy to pay ransom.

They sacked the guy who promoted the first registry and there is now a second in control of an institution that is supposed to regulate "crypto activities". Miners are supposed to get a license, which details were never disclosed. I don't even know if that is working anymore...

So you are in limbo, at risk, unless you are really close to someone in power (perhaps sharing profits) so when the police/military do come to extort you, a call to the right person would make them back off. Not sure if Russia is the same, but China is dangerous to even think of doing that, yet some do...

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