China Will not Ban Bitcoin Mining!

[Debonaire217]

Sources:
https://www.coindesk.com/china-scraps-plan-to-categorize-bitcoin-mining-as-industry-to-be-eliminated
https://static.coindesk.com/wp-content/uploads/2019/04/bitcoin-yun-860x430.jpg
Another topic regarding this: https://bitcointalk.org/index.php?topic=5199187.0

Before, the China National Development and Reform Commission (CNDR) tried to categorize the industry of bitcoin to be banned from their country. It was included in their catalog (pertaining to industries needed to be banned) that virtual currency and mining activities should be phased out in their country.

The initial draft of the catalog states that "Virtual Currency mining" particularly bitcoin mining should be eliminated, thus recommending local governments to scrap bitcoin mining out of their industry. Now, there's a sudden turn table in their decision:

during the press conference on Wednesday, the catalog received 2500 suggestions concerning bitcoin mining, and most of it was taken into consideration.

Here's my point of view:

          1. Since China holds half of the bitcoin's global hash power (according to https://www.coindesk.com/china-scraps-plan-to-categorize-bitcoin-         mining-as-industry-to-be-eliminated), the service that bitcoin provides will not just retain, but also be further develop in the future as China will not put restrictions to bitcoin mining. Thus, will let cryptocurrency mining more efficient.

          2. Inducing Market Adoption - China scrapping their plan to eliminate bitcoin mining to their country will enable their people to trust bitcoin even more, and will lead to much better bitcoin adoption that will not affect their country, but also the whole world.

          3. Great control to Cryptocurrency - Regarding the news, reducing the resistance for mining industry will entail china to have a great control over the hash power of crypto. As a result, more control to cryptocurrency.


It is evident that even big a country with restriction to cryptocurrency and mining is now in favor and showing support to crypto. There are better future that awaits us in crypto space and we should be knowledgeable about that.

Should you have any questions and comments about this, kindly spread the word to the comments below.

[Red-Apple]

Since China holds half of the bitcoin's global hash power

i am curious about whether we have any actual data supporting this. i tried searching for it once recently but i could not find anything apart from news sites making claims without proof.
all the data or evidence we have are mining pools but pools doesn't own hashrate they just link people together.

[alyssa85]

Since China holds half of the bitcoin's global hash power

i am curious about whether we have any actual data supporting this. i tried searching for it once recently but i could not find anything apart from news sites making claims without proof.
all the data or evidence we have are mining pools but pools doesn't own hashrate they just link people together.

See the following long article from Wired:

https://www.wired.co.uk/article/bitcoin-mining-china-ban-crypto-cryptocurrency-wechat

In April they had 70% of the world's crypto-mining capacity.

I recommend reading the article in full because it details how they use cheap electricty, actually migrating their operations to the mountains in the winter because excess rain means excess hydroelectric power which they can buy cheap.

It also explains why the Chinese govt is cracking down - some of these local authorities have actually flooded valleys to create cheap hydro to attract bitcoin miners, in the process ruining eco-systems.

[Casdinyard]

https://www.wired.co.uk/article/bitcoin-mining-china-ban-crypto-cryptocurrency-wechat

Nice article here.
Maybe we shouldn't be surprised by these since everything that we use now are all made in China. And yeah, one of the reason is the cheap labor and same goes with bitcoin. While I don't think they'll ban bitcoin mining or at least give up on this as they surely lose good revenue. We knew the fact that China don't easily give up they see they'll benefited, just look at the Scarborough shoal.

[bounceback]

Should you have any questions and comments about this, kindly spread the word to the comments below.

in a few months ago China was one of the countries that hated bitcoin so their megara government had passed a law on bitcoin bans, their president only supported blockchain technology because of the reason they wanted to launch their own digital currency based on blockchain technology and now why they lift the ban they have issued, I doubt about this kind of news.

[BrewMaster]

i have been around for a couple of years and have read thousands of articles from before that time. i have seen lots of news about China banning bitcoin. if they wanted to ban it they would have done it already not wait for 10+ years and then do it!
the fact is bitcoin has been a very good thing for their economy. from the mining farms to mining pools and bitmain all the money they produce for the electric companies and all the jobs they create is a big economy of its own. the only reason why they shut down exchanges was their illegal activities and the only thing they have ever banned was ICO which are obviously scams and everyone knows that!

[Pearls Before Swine]

Ah...I was wondering what the regulations were in china regarding mining.  It was only a *proposed* piece of legislation (right?), and I had thought that they had already banned mining.  Thank you to op for posting this.

This is pretty big news in my opinion.  China is a beast in the world of crypto (I mean that in a good way) and if they had banned mining it might have crippled the mining world, or at least wounded it significantly.  Glad to hear this.

[Kprawn]

The Chinese are relaxing policies regarding Crypto currencies, because they are developing their own government coin and they want to garner

support for their own technology in the future. They cannot ban other tokens and Blockchain technologies, if they are going to issue their own

Crypto currency, it will just look bad. They even went as far as punishing people, if they talk crap about Crypto currencies, so it shows that they

are serious about this new venture.    I will search for the article, where they issue warnings about penalties for people who spoke negative

things about Crypto technologies.

[tsaroz]

That's not a surprise. Mining Farm in China are one of the larger source of foreign capital income. It has directly and indirectly created many jobs in China and has crafted many individuals as specialist in the field. China would not want to fall behind US in any technology mostly in case of the one that may have huge impact to the society in coming time.

[panganib999]

China will not refuse such an opportunity

China is known to have a great political management and great leaders that's why their economic status is also great, and there's no way  China won't let an opportunity this big slip through their grasp. Also their president Xi Jinping announced that they would support and will invest for a further research about blockchain and other businesses related to it, one of those is bitcoin.

[Hamphser]

The opportunity is already been there so if they're trying mess it up they would have done it a long time ago. Besides, CZ as the CEO of the famous Binance exchange, i never think Chinese government would turn their backs on one of their own. Unless he goes full for taking a US citizenship. Anyway, China is the most advanced in terms of technology and also they don't want to get behind by their neighboring countries just because they hated someone.

[Google+]

if the state of China applies the ban I don't think it will have too much influence because we all know that the place for mining is not only in China, there are still other places that can do bitcoin mining and still be able to produce bitcoin, just that it might make prices bitcoin is slightly up because it will be difficult to get bitcoin.

[MURONDI]

maybe this will be good news, I hope this news can make the price of bitcoin rise, as we know in China bitcoin is not ranked first but rather eos, hopefully with this news bitcoin becomes the main crypto in the country.

[TravelMug]

Perhaps they are making good money here that's why they suddenly made a U-turn again.

Just a couple of months ago their government said that it is harming the environment that's why they have plans to shut it down.

But still, we need to be cautious and not celebrate this as kind of 'victory', we still don't know if this is true or not and still baffles me why is the main reason though for relaxing their policy on bitcoin mining.

[hatshepsut93]

Whatever the Chinese government is going to do, they sure as hell won't let their citizens enjoy any sort of freedom and privacy. If Bitcoin will be allowed, it's use will be tightly regulated, exchanges and all other services will be required to verify their customers, there will be measures to prevent capital flight and so on.

[joinfree]

That's true, China would definitely not ban Bitcoin because the government is aware of the income that all these bitcoin mining companies make and also the number of people whom they have hired to be working with them. Banning Bitcoin will certainly make people not have jobs to do and also bring about huge losses among these big mining companies.

[suzanne5223]

Sources:
https://www.coindesk.com/china-scraps-plan-to-categorize-bitcoin-mining-as-industry-to-be-eliminated
https://static.coindesk.com/wp-content/uploads/2019/04/bitcoin-yun-860x430.jpg
Another topic regarding this: https://bitcointalk.org/index.php?topic=5199187.0

Before, the China National Development and Reform Commission (CNDR) tried to categorize the industry of bitcoin to be banned from their country. It was included in their catalog (pertaining to industries needed to be banned) that virtual currency and mining activities should be phased out in their country.

The initial draft of the catalog states that "Virtual Currency mining" particularly bitcoin mining should be eliminated, thus recommending local governments to scrap bitcoin mining out of their industry. Now, there's a sudden turn table in their decision:

during the press conference on Wednesday, the catalog received 2500 suggestions concerning bitcoin mining, and most of it was taken into consideration.

Here's my point of view:

          1. Since China holds half of the bitcoin's global hash power (according to https://www.coindesk.com/china-scraps-plan-to-categorize-bitcoin-         mining-as-industry-to-be-eliminated), the service that bitcoin provides will not just retain, but also be further develop in the future as China will not put restrictions to bitcoin mining. Thus, will let cryptocurrency mining more efficient.

          2. Inducing Market Adoption - China scrapping their plan to eliminate bitcoin mining to their country will enable their people to trust bitcoin even more, and will lead to much better bitcoin adoption that will not affect their country, but also the whole world.

          3. Great control to Cryptocurrency - Regarding the news, reducing the resistance for mining industry will entail china to have a great control over the hash power of crypto. As a result, more control to cryptocurrency.


It is evident that even big a country with restriction to cryptocurrency and mining is now in favor and showing support to crypto. There are better future that awaits us in crypto space and we should be knowledgeable about that.

Should you have any questions and comments about this, kindly spread the word to the comments below.

I think the OP don't understand or go through the news source site cause what he said/posted was actually different from the topic the article writer said cause what I find on the article site was "Chinese Agency Scraps Plan to Eliminate Bitcoin Mining Industry".
Please read article very well before posting it to avoid misconceptions and spreading of false news.

[Artemis3]

Whatever the Chinese government is going to do, they sure as hell won't let their citizens enjoy any sort of freedom and privacy. If Bitcoin will be allowed, it's use will be tightly regulated, exchanges and all other services will be required to verify their customers, there will be measures to prevent capital flight and so on.

Bitcoin mining is not really related to freedom. In fact you could have a place where Bitcoin is banned but mining is allowed. The miners don't need to use the bitcoin they obtain, except to buy the local fiat to keep operations running. This produces a small but constant demand on that coin helping its position in the markets.

Its a form of export, like exporting electricity, without the wires. Even the countries that hate an uncontrolled coin, would welcome this, if they are smart enough to understand it. China wants its own State crypto coin, and i wouldn't be surprised they restrict bitcoin use to the point it could only be exchanged for the gov approved coin. Or they could still ban it altogether and the miners would need to exchange for an intermediary fiat abroad first.

So no, its not what some people think. If a government actually mentions Bitcoin by name, such as Japan, then yes you can give them some benefit of doubt, but the likes of China probably fear a coin that cannot be "controlled", or its rules changed by political decision at any point later. If Petro was sign, you can expect something just like that over there, not unlike other country backed initiatives, just repeating the same fiat fiasco in digital form.

If the Chinese would have banned mining, that income would have moved to the neighbors. In fact some of those neighbors are already doing it, so they would have loved that.

This is a time limited opportunity, bitcoin mining won't be profitable forever, each day that passes this window will close until its no longer profitable to mine at any price. They would be fools to lose this chance, and after the "bitcoin rush" passes, they are left with electricity production that could be sold or used to growth their economy anyway.

[Wintersoldier]

I think the OP don't understand or go through the news source site cause what he said/posted was actually different from the topic the article writer said cause what I find on the article site was "Chinese Agency Scraps Plan to Eliminate Bitcoin Mining Industry".
Please read article very well before posting it to avoid misconceptions and spreading of false news.

You could post the link to that article so we can verify the information provided. As per checking, the news provided by the OP is somehow a bit exaggerated. Meaning to say that the plan was just to scrap the prohibition of bitcoin mining activities. In this case, there might be still a way of leading to China to not ban the bitcoin mining activities. Though the point there is to provide updates, the best way to make this clear is by dropping links directly from the source of the topic.

[White Christmas]

Actually China has already plans to ban bitcoin mining in their country many years ago and some Chinese citizen also hates the bitcoin, the only reason why their president announced the accepting of blockchain technology to their country is just because they have the plans to make their own new digital currency that may change into their fiat and there is also some sayings that their president do this because they want to be open in the possibilities and opportunities that may give of bitcoin mining into their country's economy so they will not ban bitcoin mining in China.
As we can see China is one of the holders of the half of global bitcoin hash around the world so It would be hard to ban bitcoin mining into their country.