The reason mining was banned in China

[KennyR]

China won't make a crypto in the way that we know cryptos, if anything it would just be their own currency with a couple of extra steps added and probably a whole lot more government control. I realistically cannot see China trying to make a crypto that isn't just an extension of the Renminbi/Yuan. Of course, I could be very wrong about that and they might make their own crypto which is more than fiat. Either way, I almost guarantee that it would include some form of integration with their social credit system. It will be a shitcoin regardless if it's considered a "real" crypto or not, just for different reasons than we might expect.

Of course we know how China play their game but as I have said it is indeed just another sh*tcoin. Unless they will not going to connect it to the blockchain technology but if they do then it is just a pure alt of bitcoin. It is still a good sign tho because other miners can now share more blocks

China has its own strategy, I believe that when China makes a decision, they actually have their own planning. This is difficult to understand because China has its own interests. For me, we must respond to this carefully. We must not be easily influenced by all issues, not to make the issue even make it difficult for us to make a decision.

It is truly hard to understand what is the real reason behind the ban of mining operations within the country. Few of the reasons that I came to know through different sources were the pollution, money value depreciation, increased electricity consumption. One thing that everyone should know is the support from China, earlier if China hasn't supported bitcoin it could've never reached this position. Hope to see more changes as people continue to use it in China.

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[1715582030]

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[rahmatullah9305]

in fact China has made various efforts to hinder the development of the bitcoin cryptocurrency industry since 2017. China has banned mining of bitcoin in response to concerns about the process of making digital currency (cryptocurrency). It is not impossible that China can make its own cryptocurrency that can obtain government legality. So far many things have been banned in China and in the end they want to make crypto money themselves.

[CBANX3]

The news has created Keos as they said in their draft the Bitcoin mining industry need to be eliminated on which miners are arguing on their counter

[darklus123]

China has its own strategy, I believe that when China makes a decision, they actually have their own planning. This is difficult to understand because China has its own interests. For me, we must respond to this carefully. We must not be easily influenced by all issues, not to make the issue even make it difficult for us to make a decision.

Of course they always do you know how good they are when it comes to business and whether it is ethical or not they will surely do it as long as they know that they will give them more benefits.

Of course we are not it is just a news and we know that this can give us benefits if they are closing their largest bitcoin earners

[jake zyrus]

They will try and dominate even the world of cryptocurrency

I doubt this one. I don't think they can even dominate the world of cryptocurrency. If China will create their own crypto, and although China holds the largest population in their country, they still can't freely use it I guess. Since the government will control and will still put some limitation to it. And if they're aiming the world of crypto, I don't think most people outside their country would probably use it since it is centralized and is being controlled by the government.

[ccryptopark]

https://blockonomi.com/chinese-renminbi-become-a-government-backed-crypto/

Just saw this article pop up in the news and figured it was relevant to the conversation. I've been watching this topic for a while and am also curious to see what happens in China in terms of crypto

[onchoys]

I am wondering if more and more mining centers will switch to the use of alternative energy, will it allow to reduce the cost of bitcoin? After all, while mining is very expensive

[ralosted]

I am wondering if more and more mining centers will switch to the use of alternative energy, will it allow to reduce the cost of bitcoin? After all, while mining is very expensive

Maybe it will. Now many projects decide to combine green energy and mining. Recently saw such a project in Kazakhstan, and this is all brought to the state level

[lionheart78]

https://blockonomi.com/chinese-renminbi-become-a-government-backed-crypto/

Just saw this article pop up in the news and figured it was relevant to the conversation. I've been watching this topic for a while and am also curious to see what happens in China in terms of crypto

Some thought that this is the reason why China is hostile to Bitcoin but it is not yet confirmed if they will create their own cryptcurrency, in short it is still in discussion and proposed plan

I am wondering if more and more mining centers will switch to the use of alternative energy, will it allow to reduce the cost of bitcoin? After all, while mining is very expensive

I do not think the cost of mining have something to do with the current price of Bitcoin since Bitcoin is valued according to the speculative value of a buyer.

They will try and dominate even the world of cryptocurrency

I do not think that is the case, I think China fears what they can't control and it is obvious that BTC is out of China's control.  So their option is to shut it down or regulate it for their benefits.

[ditrore]

I am wondering if more and more mining centers will switch to the use of alternative energy, will it allow to reduce the cost of bitcoin? After all, while mining is very expensive

Maybe it will. Now many projects decide to combine green energy and mining. Recently saw such a project in Kazakhstan, and this is all brought to the state level

funny,I see  more and more nice projects from there. I also found a nice one. taklimakan is a social network for crypto enthusiasts. It looks like Kazakhstan is going to become the next capital of technology.

[onchoys]

I am wondering if more and more mining centers will switch to the use of alternative energy, will it allow to reduce the cost of bitcoin? After all, while mining is very expensive

Maybe it will. Now many projects decide to combine green energy and mining. Recently saw such a project in Kazakhstan, and this is all brought to the state level

funny,I see  more and more nice projects from there. I also found a nice one. taklimakan is a social network for crypto enthusiasts. It looks like Kazakhstan is going to become the next capital of technology.

Well, there is China with one of the largest economies wants to ban mining, it’s natural that centers will open more in Central Asia, where at least the level of development may be less, but the cost of production is cheaper

[uspetike]

I am wondering if more and more mining centers will switch to the use of alternative energy, will it allow to reduce the cost of bitcoin? After all, while mining is very expensive

I don’t understand why, with the general access to green energy, countries don’t switch to it en masse? One guess is that it is more profitable for them to keep high rates for traditional mining methods.

[omone1]

I doubt this insider report will work for now. It's just a mere speculation which can't be trusted. If they ever do this, will they still have paper money in existence? because the conversion system for the man on the street will be complicated, even if they decided to make it a stable coin, that I think they are not going to do because they have a history of always devaluing their currency to attract investment and trade from other nations.

[joshy23]

They will try and dominate even the world of cryptocurrency

I doubt this one. I don't think they can even dominate the world of cryptocurrency. If China will create their own crypto, and although China holds the largest population in their country, they still can't freely use it I guess. Since the government will control and will still put some limitation to it. And if they're aiming the world of crypto, I don't think most people outside their country would probably use it since it is centralized and is being controlled by the government.

For the sake of possibilities, just in case they will going to adopt and create their own versions of coins, I follow your sentiments that it can't succeed as they have the full control of it, many crypto lovers which is not residing their will not back this one up, as they will doubt the the capabilities and trust
concerned will be in questioned, from here, the mining business still operational inside china as interest of their society still positive with mining practice.

[Coin-Desk]

I did not hear that Chinese mining was stopped or banned. And I do not even think that China will never do that. Mining is one of the components of online platforms that can be financially beneficial. Mining is now one of the most popular entertainment and money-making medium online. Why China will ban this mining when mining is a popular medium of earning and entertainment?