China Will not Ban Bitcoin Mining!

[meanwords]

I knew it. They wouldn't just leave this opportunity. China will do everything it can to prosper and Bitcoin is one of the best opportunity to grab. Those news about China banning Bitcoin is I think is just for show to manipulate the price as China still holds a large portion of Bitcoin in the world. In the near future, we might hear some news about them regulating crypto space properly, I don't know if that will be good or not.

[X7]

It wouldnt make sense, they have always been focused on the growth of their economy. Sure, at first they may feel threatened by this emerging technology. But once that passes they will see ways they can carve out a place for themselves in this market and profit from it, this mind set is one of the reasons they are one of the largest players in the world economic market.

[CryptoBry]

China knows best, indeed. Like a MOTHER looking up what can be good for its child, China now fully realized that it can be a big mistake to let go of an industry that has become very powerful and can be a tool to dominate a very profitable industry. I guess that leaders in China now see that if Bitcoin mining can be helping, in one way or another, its world superpower ambition then it should be retained and even be cajoled. Now, I know that the next question will: Is this a sign that soon Bitcoin is going be welcomed to China? I am crossing my fingers that it can be that way for that Bitcoin recognition, as part of the preparations for the launch of the country's own digital coin. Now, am wondering where is the jump from Bitcoin in reaction to this news?

[investor007]

This news is excellent for the ecosystem, it was something that was already coming, because China has dominion over Bitcoin and the government has realized that allowing its mining and later its use, benefits will be obtained, I believe that the price of BTC is going To raise considerably like the rest of cryptocurrencies, we all expect a year 2020 with a lot of growth.

[hello_good_sir]

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.

Don't think we need data, it's pretty apparent that such a super-country like China would own half of the hash rate of the world, there are a shit-ton of companies with mining farms there, and it makes sense, so I just take these statistics at face value. Oops, just saw the article, there's your proof then

Not sure why China would ever consider banning Bitcoin mining, with them looking to get into the blockchain industry, they can quite easily try and control bitcoin (to a certain extent).

[blckhawk]

Great news indeed since above 50% of the network relies on nodes located in China, and having this update that the government's threat to the Bitcoin network as a whole has been gone. However, things do not stop there, as China's own government is planning to release their own cryptocurrency backed by gold, which may shift the public's interest from Bitcoin to their own cryptocurrency. Still though, we're not sure how this new cryptocurrency would affect the market demand.

[Memminger]

What a great news. I think that China had realized that Bitcoin mining had brought a lot of money into their country and would benefit them in some way than banning it. Though following this news means that China still holds most of the hash power in mining and I think that’s not totally a bad thing. I just hope that China would not change its mind even though they are planning to launch a cryptocurrency of their own, they should still be open to other cryptocurrency in order to diversify their market which would be much beneficial for them.

[Murat]

I don't think that China is going to ban Bitcoin Mining very soon, I think China is the country which is gaining from Cryptocurrency than any other country, Chinses people are getting involved in this system both trading and holding at a large scale, not only that but also they are producing most of the mining equipment and other accessories with a dominating role. so why they are going to miss this chance to gain a huge profit from this platform? I have seen a report regarding this platform which states that Chinese people hold almost half of the Bitcoin hash power so there is a lot of scope working with this system, That's why China will not ban Bitcoin mining and other activities also.

[Wysi]

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.

Whatever China does has a hidden agenda and profit behind it as we are aware that the Chinese news of adopting blockchain is not a surprise since they had been planning this from years and yes mining will help them in their economy so they cannot ban it and moreover they are adopting blockchain for their own benefits not because of their love for crypto or something else, I am sure China is gradually trying to take over the crypto market with their influence and occasional news which has affect of the price of bitcoin.

[stompix]

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

i am curious about whether we have any actual data supporting this.

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.

Oh, and the article claims that...

China has 70 per cent of the world’s crypto-mining capacity, and over 70 per cent of that capacity is nestled in the mountains of Sichuan, where abundant hydroelectric power makes the price per kilowatt some of the cheapest anywhere in the world

With zero proof!!!

Another hint that the claim shouldn't be taken serious is that the biggest bitmain farm is not in Sichuan is in Ordos, Inner Mongolia and it runs on good and old and not so clean coal-generated energy (Ordos is home to one of the largest coal mines)

But who gives a damn about facts anymore, let's just post some non-sense and be done with that!

[Wintersoldier]

Whatever China does has a hidden agenda

I bet you should put some details and sources regarding this because it is mainly too heavy to generalize the entire country with a great economy. Though there are cases that China really does things that are off-limits such as the issues concerning Scarborough shore with the Philippines based on this: https://www.rappler.com/nation/236636-lorenzana-hits-china-bullying-scarborough-shoal-takeover, it is not enough to conclude that everything they do has a hidden agenda.

I am sure China is gradually trying to take over the crypto market with their influence and occasional news which has affect of the price of bitcoin.

On the other hand, I definitely put some applause to this, as China is really inducing market adoption worldwide especially with people knowing how big their population is, that trust cryptocurrency.

[jostorres]

It was lack of understand that made them wanting to reject the mining of the cryptocurrency in their country because I dint see in anyway it will affect them and not even this electricity consumption thing we are talking because china is generating more than enough.

They only wanted to ban the mining in order to frustrate the activities of bitcoin usage for payment so as to protect some of these their own digital payment like Alipay which I think it is the ceo of these digital payment applications that must have been putting things in the head of the president and the government, but now that they understand it fully, I don’t see them banning bitcoin mining again, most especially now that they also want to introduce their own personal cryptocurrency for next year.

[agentx44]

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.

Maybe China realized that banning cryptocurrency within their country would not do them any good, instead they have thought it through about the possibilities that may occur if they are going to regulate cryptocurrency within their territory. China is big country and it contributes massively to the mining of crypto so having it restricting digital coins would surely inflict great damage to the market specially to the investors. On the other hand, if regulated, crypto would definitely improve more if China would legalize it.

[Doell]

I'm sure China wants to greater profits trying to be the best in this industry because electrical power can be bought cheaply which results in greater profits ,this is definitely a good planned and good for the bitcoin industry in the future will be better I agree with your opinion this a great news mate

[Lauren Smith]

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.

The OP hasn't been very helpful in that regard. It was addressed on the next page too. The OP seems to just be making statements that are probably more like guess work then facts. Guess work and a mix of opinion. Not a good match.

China certainly is one of the biggest contributors to hashing that is undeniable. By how much im not sure. I would not be surprised if they contribute to half.

[dimastegar]

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.

Considering 70% is a big number. Indicates that the adoption of crypto in China has been large since a few years ago compared to other countries. Chinese people are very smart in seeing opportunities and making the best use of those opportunities. Of course they also benefit from cheap electricity costs.

[Youghoor]

China has never banned the mining of Bitcoin. News regarding the ban of Bitcoin in China is just FUD spread by people who want to get traffic on their website and content creators. Evidence regarding the ban on mining of bitcoin was never provided throughout the spread of this allegation. So I was very surprised that people were still falling for this FUD. 

[Eugenar]

China has never banned the mining of Bitcoin. News regarding the ban of Bitcoin in China is just FUD spread by people who want to get traffic on their website and content creators. Evidence regarding the ban on mining of bitcoin was never provided throughout the spread of this allegation. So I was very surprised that people were still falling for this FUD. 

It is better to provide links of evidence that states that China isn't really planning to list Bitcoin in their ban list business in their country. Because for me, China is really a big economy that will surely filter out what's best for their country. Cryptocurrency is somehow a threat to the financial currency that a government has, and there might be a sudden turn table why the Chinese plan to disregard the banning of bitcoin mining. I supposed that they already figure out how bitcoin will even help them in their systems.

[Pamadar]

I'm sure China wants to greater profits trying to be the best in this industry because electrical power can be bought cheaply which results in greater profits ,this is definitely a good planned and good for the bitcoin industry in the future will be better I agree with your opinion this a great news mate

China wants profits and nothing else. After learning deeper regarding to this business for sure they will maximize everything that they can get out from this industry. They knew that the advantage of having cheap electrical supplies can be use as an advantage to mine more bitcoin to hold good part of this crypto. Knowing that they are also into adopting blockchain, it can be a good advantage for them to continue much deeper to this market.

[omfg.xekcep]

By mistake it occurred an opinion that China intended to preclude the evolving of crypto technologies and especially mining. Partly it is true but not at all. As far as I know the chinese government wanted to organize the deeper control under the all crypto technologies which were located in China. There was a negative reaction vs such intentions. I consider that the government ought to be distanced from crypto tehcnologies to let them evolve normally