What Happens If China Bans Bitcoin Mining?

[Youghoor]

Then the whole mining system will collapse, that's what will happen

that is a big lie. China banning bitcoin mining is not a strong guarantee that the entire bitcoin mining ecosystem will collapse. What evidence do you have that can prove that the majority of bitcoin mining firms are located in china?  Banning mining in China will not have any significant impact on the bitcoin mining ecosystem. This is because people will continue mining bitcoin in China even if mining is ban in China.  Setting up a bitcoin mining firm does not really need the approval of the government before you can start operating...

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[cryptoknightt]

if the state of China starts to block bitcoin mining it will make mining companies in china lose a lot and of course it can have an effect on the price of bitcoin at the exchange place, hopefully bitcoin mining can still circulate and the Chinese government does not make mistakes that can make many people lose .

[cotton ball]

Then the whole mining system will collapse, that's what will happen

I doubt that it will collapse, it may have significant effect on the ecosystem. But to say that it will fall just because of China banning bitcoin mining is absurd. And I'm sure big mining companies inside China has already a plan B in case the government made that bold move. At least if this happens, then it can break the monopoly and I'm sure there will be companies and countries will to take the lead.

China have banned bitcoin mining after they announce banned for using bitcoin as transaction and investment, last three years ago China have to banned bitcoin, ICO and bitcoin mining without giving reason why have to banned bitcoin as legal transaction, price dump but can raise back to higher again after several day later, I heard China want adopt bitcoin as legal transaction again in their country.

[DabsPoorVersion]

Then the whole mining system will collapse, that's what will happen

I doubt that it will collapse, it may have significant effect on the ecosystem. But to say that it will fall just because of China banning bitcoin mining is absurd. And I'm sure big mining companies inside China has already a plan B in case the government made that bold move. At least if this happens, then it can break the monopoly and I'm sure there will be companies and countries will to take the lead.

China have banned bitcoin mining after they announce banned for using bitcoin as transaction and investment, last three years ago China have to banned bitcoin, ICO and bitcoin mining without giving reason why have to banned bitcoin as legal transaction, price dump but can raise back to higher again after several day later, I heard China want adopt bitcoin as legal transaction again in their country.

It affected the current price of the market but bitcoin was still able to keep its trend even China banned it before.
If China will plan to ban Bitcoin again the history will only repeat itself.

I think what you are talking about is the news regarding their announcement about publishing their own cryptocurrency, it was published last August and for now, I think they are close to launching their own cryptocurrency.

[Wintersoldier]

To tell the truth, I am a little scared of the possibility that China could ban Bitcoin mining in the near future. Bitmain seems to have a plan B for that. Bitmain is on the path of building new mining centers on different places to make Bitcoin Network stronger.

In my opinion, most of the mining fascilities are in the cold weather and areas such as alphs and poles. In this case they can save energy source. I f china bans mining then it can affect the crypto as a whole since the hash power will decline as well. On the other hand, China couldn't just ban since there are still some chinese that benefits upon it. What they should do is to support it further and build better mining infrastructure.

[nasipadang]

So far China has the lowest rate for mining, especially on electricity costs. Considering how much and relevant bitcoin mining is in China. The ban of bitcoin mining will greatly affect the loss of many hash rates, looking forward if this really happens is bad impact.

[AGD]

Easy answer: The other miners will be happy

[shark1006]

Imagine that mining in China is oil production in some country. Suddenly oil is running out, is actually this the end of the extraction of fuels and lubricants? No, there will be other countries that replace this. So if China bans it, there will be other countries and other miners that will replace it.

[gentlemand]

Plenty of mining takes place elsewhere and anyone who mistakes pools for actual miners is not paying any attention. Pools are just a group pulling in mining from all over the world. Many of them don't mine themselves and miners can switch elsewhere in a few clicks.

The de facto end of Chinese pools would be a total positive. Anything that removes Chinese involvement is a positive in the long run.

[joinfree]

Banning bitcoin in China would be a big blow to the entire network as this is likely to slow down transactions as the OP rightly said. However i think Bitmain and other mining farms need to relocate to outskirts of cities and towns instead of being within the community if that's the situation at the moment. Because the mining of bitcoin really causes noise pollution and i think relocating to the outskirts of towns would be a good resolution. Using sound proof doors is likely going to increase the heat within the the farm and using cooling systems can also increase their cost of electricity consumption.
Also, i think mining farms which still use coal to mine should be made to stop as this also pollutes the environment.

[DaveWave]

Banning bitcoin in China would be a big blow to the entire network as this is likely to slow down transactions as the OP rightly said. However i think Bitmain and other mining farms need to relocate to outskirts of cities and towns instead of being within the community if that's the situation at the moment. Because the mining of bitcoin really causes noise pollution and i think relocating to the outskirts of towns would be a good resolution. Using sound proof doors is likely going to increase the heat within the the farm and using cooling systems can also increase their cost of electricity consumption.
Also, i think mining farms which still use coal to mine should be made to stop as this also pollutes the environment.

Bitcoin mining is already banned in China and nothing has changed up to now? In social media you can see some Chinese saying they are still mining but secretly and mostly in the outskirts. I haven't heard Bitmain mining lately but I doubt they stopped mining. So it is either they continue mining in the outskirts or relocated to another country.

[blckhawk]

China has been a favored place for miners because of its climate and labor and electricity prices. If what OP's post is true that a large percentage of mining farms are in China, and a ban would be implemented, it would definitely shake the market and the network. But that's as far as we can know. We cannot tell if people would start to panic as price drops, or they would remain and hold their bitcoins, potentially increasing price because supply cannot keep up with demand, since fewer rigs means slower generation of new blocks, and new bitcoins too.

[Google+]

I think it only gives a little bad news that can affect the price conditions at the exchange place, indeed the price of bitcoin will initially collapse but will definitely rise again because of the location of the bitcoin mining industry not only in China, but many other countries are doing a bit of bitcoin.

[7788bitcoin]

Yes. They might banned the mining but still there is no effect in the price and demand as  per me. They can do anything they want, we don't need China, we do have a lot of miners out there. But for sure China just doing that to manipulate and make people panic but in fact they are holding a lot of it.

There is huge difference when you say China holding bitcoin and the people holding bitcoin, if the Chinese government is holding the coins they they will not impose these restrictions and as far as i know there is no mining ban in China but trading and using bitcoin in China is not possible for the past two years, you cannot shut down the entire mining farms in China in a day and expect nothing will happen, there will be a huge network issue if they force the exchanges to shut everything in a day but i do not think it will happen.

[ayebaledson]

Hello members,
The truth is if china does that brander I mean of banning Bitcoin mining,their economy will decline and this will affect the whole system of cryptocurrency
yes we shall suffer a little bite but I have a feeling that other countries have a plan B as I speak some countries are yearning for that chance.China should not take electricity as an excuse thank you

[Shenzou]

I think that if they ban it or not it will still go on and nothing much will change, maybe some of the big companies that are set to mining bitcoin will relocate or maybe shut down, but a lot of individuals will stay and just mine in the shadows as all things that become illegal, and the thing about bitcoin is that it is adaptive, the blockchain and the difficulty is based on how many people are mining so if china banned bitcoin mining, the number of miners will go down but the price and the supply of the bitcoin will stay the same.

[angrybirdy]

Hello members,
The truth is if china does that brander I mean of banning Bitcoin mining,their economy will decline and this will affect the whole system of cryptocurrency
yes we shall suffer a little bite but I have a feeling that other countries have a plan B as I speak some countries are yearning for that chance.China should not take electricity as an excuse thank you

I don't see any reason for them to be facing an economic failure if ever that they ban bitcoin mining. They will actually have an advantage for it if that will happen since bitcoin will probably drop, they can use that chance because they made a step on manipulating its price for that reason.
Cryptocurrency will the only one who will be affected since the demand will decrease.

[Andrews193]

I think that if they ban it or not it will still go on and nothing much will change, maybe some of the big companies that are set to mining bitcoin will relocate or maybe shut down, but a lot of individuals will stay and just mine in the shadows as all things that become illegal, and the thing about bitcoin is that it is adaptive, the blockchain and the difficulty is based on how many people are mining so if china banned bitcoin mining, the number of miners will go down but the price and the supply of the bitcoin will stay the same.

Indeed, it has no adverse effect on this market when people in China are not allowed to mine, people of other countries will exploit, in general, this plan only harms Chinese investors because I heard that the number of miners here is relatively high, the ban will affect the extraction process and the damage to economic benefits is very much. Following this situation, the Chinese government will need a reasonable explanation to these investors when they are making money and building this country, this ban is unfair and destroys their way of making money

[peter0425]

Hello members,
The truth is if china does that brander I mean of banning Bitcoin mining,their economy will decline and this will affect the whole system of cryptocurrency
yes we shall suffer a little bite but I have a feeling that other countries have a plan B as I speak some countries are yearning for that chance.China should not take electricity as an excuse thank you

They will never do for sure,they have the majority of bitcoin(that’s what I’ve heard) so why on earth they will do that?

I think that if they ban it or not it will still go on and nothing much will change, maybe some of the big companies that are set to mining bitcoin will relocate or maybe shut down, but a lot of individuals will stay and just mine in the shadows as all things that become illegal, and the thing about bitcoin is that it is adaptive, the blockchain and the difficulty is based on how many people are mining so if china banned bitcoin mining, the number of miners will go down but the price and the supply of the bitcoin will stay the same.

Because surely either US or EU will do action to save this market if China did that desperate move

[JC btc]

I think that if they ban it or not it will still go on and nothing much will change, maybe some of the big companies that are set to mining bitcoin will relocate or maybe shut down, but a lot of individuals will stay and just mine in the shadows as all things that become illegal, and the thing about bitcoin is that it is adaptive, the blockchain and the difficulty is based on how many people are mining so if china banned bitcoin mining, the number of miners will go down but the price and the supply of the bitcoin will stay the same.

Yes agree with your thought, we do have same perspective, yes we know that China has a lot of power and really not in favor yet in Bitcoin, especially Mining in their country, but look what happened to the price, still we are adopting and the users still increasing everyday, so for me, there is nothing will change when they banned mining.