‘Bullish for Bitcoin’ — China Scraps Plans to Ban Cryptocurrency Mining

[kaya11]

the Chinese Government can make additional income for the country from several sectors, including taxes, income from the use of electricity, and retribution.

For me this is the most valid reason why they removed cryptocurrency mining from their list since the government and chinese miners will both benefit from it. I also think that the adoption of crypto mining is one of their steps in embracing blockchain technology, following the orders of  their president who announce his full support about the new tech.

I supposed they have tons of free and wasted energy that it is why instead going to nothing they will allow miners to operate and get from them taxes, maybe they could add a little rule which concludes all miners in the area should only use the government electricity and none other the less? If I the the government official who would actually manage it I will do that for sure.

[SquallLeonhart]

No one knows exactly what could trigger the value if bitcoin because everything is just based on speculation, I could remember vividly too that when the news of china banning bitcoin broke out, some saw it as great news while some saw it as bad news, and the ones that saw it as a good news looked at it from the perspective of it creating scarcity for bitcoin and thereby allowing the value of bitcoin to rise as the supply will become extremely low, while some saw it as it being an FUD news capable of creating panic in the heart of people.

Now that it has been confirmed that they are no longer banning bitcoin, I don't know if I should count it as something positive or not. The good news I see here is that at least it's shows that china is not very much interested in going against cryptocurrency again.

[justdimin]

I am looking forward to that, I hope that the price of Bitcoin increases. And not just Bitcoin, I also expect that of ETH to rise as well. It has been stable at $180+ and not making any move. If the BTC bull run comes, I hope that ETH will be among coins that will increase in price as usual. There are other coins I have invested in, Stellar XLM, and Waves.

Good to see that they finally allowed the mining, though another thing I'm wondering is whether the use of Bitcoin is allowed too, since they only mentioned mining? If they have now chosen to allow everything about Bitcoin then we are going to see a huge increase very soon as most Chinese that has quit due to fear will start coming back to invest in Bitcoin.

I supposed they have tons of free and wasted energy that it is why instead going to nothing they will allow miners to operate and get from them taxes

And that's another angle . And to be sincere they are going to benefit from it very well since energy is cheap there, unlike other places where it's expensive. I hope this is for the better for the crypto community.

[NathanJB]

It may contribute a little. Cryptocurrency mining not getting banned in China does not mean demand for Bitcoin. It does not add investors nor cause people to HODL their Bitcoin. If it has an effect, it is going to be more on those involved with cryptocurrency mining within the country itself. Those companies or people are the ones who will directly benefit from such decision.

[Mometaskers]

Now that's a complete reversal of opinion. I would be wary of this considering one of the last crypto-related news from the county was they are planning to build their own digital currency. Likely they are just doing this till they get their own crypto going and then just discard btc like they are known for doing with other industries. Samsung has recently closed shop in China, no doubt China only allowed it and Apple in to steal tech.

I would have preferred that they shutdown mining operations. It would be rough the first couple of months but things would eventually normalize as miners elsewhere get their farms set-up.

[Memminger]

Honestly, when I heard about China releasing their own government-backed cryptocurrency I came to an understanding that China might have been just testing the waters whether they could just ban the most dominant coin and release there own crytocurrency afterwards but of course base on the reaction especially those who have mining farms in their country. Maybe they had realized that they don't need to compete with the hash powers that the mining farms in their country but rather to strike a deal with them and let them show what their coin have to offer and how would they be confident of the future prospects.

[kapalmabur]

Honestly, when I heard about China releasing their own government-backed cryptocurrency I came to an understanding that China might have been just testing the waters whether they could just ban the most dominant coin and release there own crytocurrency afterwards but of course base on the reaction especially those who have mining farms in their country. Maybe they had realized that they don't need to compete with the hash powers that the mining farms in their country but rather to strike a deal with them and let them show what their coin have to offer and how would they be confident of the future prospects.

when they announced the government supporting crypto was really a positive impact on Bitcoin,
of course the bull signal was back, but if they banned bitcoin mining there would this be a bear signal?
see the price of bitcoin is now down again

[beerlover]

Lol that horrible dictator realized if he doesn't support bitcoin and doesn't take advantage of the situation then there is literally no way of making any money from crypto and there will be other nations who will make money from it. There was a news about some people getting together to build a 200 million dollar worth of mining corporation in Texas for example and all of that means less money for China.

Of course, as the dictator he is dude decided to make their own currency, invest more into blockchain research and now not banning mining so that China could actually become a leader in crypto markets instead of a country that banned it and just follows everyone else get richer and better while they are living in the old age where crypto wasn't an option.

[btc_angela]

Lol that horrible dictator realized if he doesn't support bitcoin and doesn't take advantage of the situation then there is literally no way of making any money from crypto and there will be other nations who will make money from it. There was a news about some people getting together to build a 200 million dollar worth of mining corporation in Texas for example and all of that means less money for China.

I think Bitmain has planned for that in 2018 if I'm not mistaken, this is their plan B if ever China will shutdown their mining operations.

Of course, as the dictator he is dude decided to make their own currency, invest more into blockchain research and now not banning mining so that China could actually become a leader in crypto markets instead of a country that banned it and just follows everyone else get richer and better while they are living in the old age where crypto wasn't an option.

He will look like a fool if their government is planning to have a crypto back up token and then hates blockchain. That's why they suddenly makes a U-turn, and yeah probably they know that they can make money out of those bitcoin mining farm.

[abeecrypto]

Bull run catalyst? I don’t think so. Yes, this news is good for the crypto front as it gives everyone the impression that the Chinese government is now beginning to give free hand to crypto enthusiasts. But no, not a bull run catalyst.

But, hey, it re-establishes the confidence in Bitcoin. No doubt.

[VanDeinsberg12]

Now that's a complete reversal of opinion. I would be wary of this considering one of the last crypto-related news from the county was they are planning to build their own digital currency. Likely they are just doing this till they get their own crypto going and then just discard btc like they are known for doing with other industries. Samsung has recently closed shop in China, no doubt China only allowed it and Apple in to steal tech.

I would have preferred that they shutdown mining operations. It would be rough the first couple of months but things would eventually normalize as miners elsewhere get their farms set-up.

China just want profit. The USA’s tariffs against china probably make the country’s income decreasing so they are trying to get a new means of income source. They probably realized that despite all the complexity bitcoin or crypto has it is definitely a profitable cash flow thay they could get in touch and being taxed. Like japan becoming friendly to cryptocurrency and just tax it directly.
Chinese government could release their own crypto but I dont sure if they are going to ban other crypto which most likely wont they also dont specifically mention which mining activities anyway. Their crypto could be based on PoW aswell but small chance.

[clickerz]

Bull run catalyst? I don’t think so. Yes, this news is good for the crypto front as it gives everyone the impression that the Chinese government is now beginning to give free hand to crypto enthusiasts. But no, not a bull run catalyst.

But, hey, it re-establishes the confidence in Bitcoin. No doubt.

Maybe, but the effect of this China announcement is for the long term.Though it may have some spike on trading but temporary. Once it is in their policies already, development and utilization will continue without a hindrance, thus we are seeing the full adoption in the future since the government/ ex. China is endorsing it.

[Mometaskers]

snip

China just want profit. The USA’s tariffs against china probably make the country’s income decreasing so they are trying to get a new means of income source. They probably realized that despite all the complexity bitcoin or crypto has it is definitely a profitable cash flow thay they could get in touch and being taxed. Like japan becoming friendly to cryptocurrency and just tax it directly.
Chinese government could release their own crypto but I dont sure if they are going to ban other crypto which most likely wont they also dont specifically mention which mining activities anyway. Their crypto could be based on PoW aswell but small chance.

Yes money also likely figured in their decision but I feel they are planning something more sinister. The CPC has long been accused of manipulating their currency and if they make digital currencies they might plan to weaponize it later.

It won't be sudden though. Eternal Emperor Xi and his party have all the time in the world. They'll slowly chip away at America.

[Murat]

   
In recent time, a lot of different dimensional issue regarding this cryptocurrency we have seen because China and the USA are playing both in the same window, so something could happen in the coming days because China has taken an initiative to create their won crypto with a blockchain system, So they will create various type of regulation and ban policy, since there are available of various types of crypto-friendly element so the Chinese people want to make involved in this system in recent time, but some people also shift their location already for some strick policy, so the situation is vulnerable for cryptocurrency in China, Let's see what will happen.

[Obito]

Nothing to be surprised of? I think everyone is expecting it somehow on the other end. Well miners are the one who will be benefiting the most of it, if and only if it were to be true. However we could not still deny the fact that the recent pumps was merely a responsibility of whales because it can be in the other way around, like news this specially to point out that China has a huge mining hash power to almost seventy percent of world's total or it maybe just a coincidence, still it has an effect.

[Ucy]

Will this increase the price of Bitcoin or improve its decentralization? I think I prefer the latter, but I hope this doesn't make mining unprofitable in other part of the world due to cheap energy and things like that. This is the mining  decentralization

[Wysi]

Will this increase the price of Bitcoin or improve its decentralization? I think I prefer the latter, but I hope this doesn't make mining unprofitable in other part of the world due to cheap energy and things like that. This is the mining  decentralization

I feel mining industry is already at losing end wherein the huge mining farms are still beneficial but low and mid level miners are not getting the desired result and I think this might further pull down the bleeding mining market if mining industry is dominated by some part of world wherein they get electricity at very cheap price.

[Kambal2000]

Will this increase the price of Bitcoin or improve its decentralization? I think I prefer the latter, but I hope this doesn't make mining unprofitable in other part of the world due to cheap energy and things like that. This is the mining  decentralization

I feel mining industry is already at losing end wherein the huge mining farms are still beneficial but low and mid level miners are not getting the desired result and I think this might further pull down the bleeding mining market if mining industry is dominated by some part of world wherein they get electricity at very cheap price.

Indeed, mining industry is now at risk, but still, whether China will ban Bitcoin mining still won't affect at all, as we do have enough miners and still increasing over time, although the demand is not that high now compare to the past years. China is planing to cook something that will make us curious, as there are rumors that they are developing their own coins,maybe that's the reason they are banning crypto.

[fullhdpixel]

I am looking forward to that, I hope that the price of Bitcoin increases. And not just Bitcoin, I also expect that of ETH to rise as well. It has been stable at $180+ and not making any move. If the BTC bull run comes, I hope that ETH will be among coins that will increase in price as usual. There are other coins I have invested in, Stellar XLM, and Waves.

Good to see that they finally allowed the mining, though another thing I'm wondering is whether the use of Bitcoin is allowed too, since they only mentioned mining? If they have now chosen to allow everything about Bitcoin then we are going to see a huge increase very soon as most Chinese that has quit due to fear will start coming back to invest in Bitcoin.

I supposed they have tons of free and wasted energy that it is why instead going to nothing they will allow miners to operate and get from them taxes

And that's another angle . And to be sincere they are going to benefit from it very well since energy is cheap there, unlike other places where it's expensive. I hope this is for the better for the crypto community.

China knows this also, and I think the time they quickly made a pronouncement was when the widespread of cryptocurrency usage caught them unaware which there was not much time then to quickly study it, but I think china being an intelligent country, having studying the blockchain concept very well, and even the use of the cryptocurrency, they found out that it could even be more useful to them more that they had imagined in the past, and I feel this is one of the reason why they are all in for it now, as we can see that they are also planning to release their own coin come next year, but my hope is that when they are releasing this coins, one of the pairs that they should accept is bitcoin because this will really boost the value of bitcoin.

[Dart18]

Again with the sudden change of mind of China.
They have been doing this for weeks now.
First the blockchain news of the President and now this.
It seems like they are now in the middle of researching about how crypto currency will make good changes for their country.
There will be next after this.

Those who fled from their country will never get back. They knew how their country work and this is one proof.