China & The Bitcoin

[electronicash]

they do have cheap electricity and Chinese are known to be entrepreneurs so i'm not surprise if they people mining bitcoin in their houses. i don't think they are anti-crypto country since one of the top projects like TRON and NEO are owned by Chinese and then theres CZ of binance as well. Chinese are into crypto but the the law just says something else. its their government that doesn't like BTC.

[dothebeats]

There is indeed a strange connection between bitcoin and China that has fascinated me as of late.

I understand that they had been pretty much fickle-minded about bitcoin since 2015 and has remained unsure of what to do with the cryptocurrency. Even though they have made negative remarks about bitcoin over the past few years, we still see the likes of Bitmain and Binance being supported by the Chinese government albeit on a discreet manner. Perhaps it has something to do with those who are in the helm of these companies and their connection to the upper ranks of the government but it's still kinda hazy on what really is the status of bitcoin there.

As a communist country, I understand that the thought and concept of a decentralized currency is far from what they want to achieve nor adopt, but the numbers don't lie. Every year, China is posting a lot of improvements on their hashing power and if this does not tell you about the current state of bitcoin and mining in the region then I don't know what will. It's pretty self-evident that they are letting these things (mining operations) go, but doesn't want to get the cryptocurrency adopted by the citizens knowing that it might affect their money supply, and we do know that the Chinese government had been pretty strict on cash circulation, especially the outflow since they wanted to get the economy tight and snappy for them to claim that number one spot on the global economic scene.

They help mint the coins, trade them, and rake in the money into their country = booming economy. Then again, that might not be the case as some mining firms are choosing to keep the coins as is for speculative purposes and are only cashing out a few to maintain operations.

[mrquackquack]

Well somewhat off subject and i don't think alot of people actually think about this but China is a BIG BOY..

[xiboothrezi]

As far as I know, the Chinese government is very open and pioneers in the use of the blockchain and supports it to the maximum even filtering news that says blockchain is a scam. Although it does not support cryptocurrency, there are no strict restrictions on citizens not to participate in any activities related to cryptocurrency, so it's normal if the hash rating is high, isn't the population of China very big?

[diahsw]

many people say maybe China became their business tactics in this way, hating it when they really liked it .. !!

[Yaunfitda]

Seemingly in the news we hear how China is anti Bitcoin and anti cryptocurrency and well that may be all well and true but for an anti Bitcoin Country they sure do have lots of hash. In the Top 10 mining Pools in the world China has around 4 maybe even more. Which comes to the question what is really going on in China & The Bitcoin. As usual thoughts and comments are more than welcome. Thanks.

Didn't hear or know that China was anti cryptocurrency.  Any reference to back up your claim? As far as i know China is against bitcoin and other "decentralized" currency but they do support the blockchain technology.  I remember hearing stories about China trying to make their own centralized cryptocurrency to more easily regulate and track people's finances.

They are now testing their state back up crypto in two of their province already.

https://www.theblockcrypto.com/post/49659/report-chinas-central-bank-to-test-digital-currency-in-two-cities-partnering-with-state-backed-commercial-banks-and-telecom-giants

I just China's bitcoin mining will continue to boom, if the government is taking a hard line stance against crypto specially bitcoin, they should have shutdown bitcoin mining. But why they are not doing it? Probably because they are also benefiting from it, simply as that.

[sunsilk]

I don't think they really are anti bitcoin, it's the media that's labelling them with that kind of tag but the reports about them are unclear and can't be rely on too. If they do are an anti bitcoin country then they wouldn't hold the record for having the highest hash rate.

Why did you even thought of that? it was on the news before when they have banned the ICOs but it's not bitcoin. Now, that when Xi Jinping has announced "blockchain", bitcoin surged and others still say that there's no relation because it's two different entities but it seems that they really are into it.

[Shasha80]

In my opinion, China is not anti-bitcoin or cryptocurrency, but China only wants to control the bitcoin and cryptocurrency markets.
The proof is they support the blockchain and intend to make their own coins, and other reasons the number of mining farms in China
is quite a lot.They do not prohibit mining because China benefits from the mining business. I also believe that the Chinese government
will accept bitcoin if the number of bitcoin users continues to increase.

[CryptoBry]

Seemingly in the news we hear how China is anti Bitcoin and anti cryptocurrency and well that may be all well and true but for an anti Bitcoin Country they sure do have lots of hash. In the Top 10 mining Pools in the world China has around 4 maybe even more. Which comes to the question what is really going on in China & The Bitcoin. As usual thoughts and comments are more than welcome. Thanks.

China (as represented by its official government holding the power) is adamant in its anti-Bitcoin or anti-cryptocurrency stand and there can be no easing on this policy in the next coming years, or so I predict but I am hoping I can be wrong since China is really holding a big key towards more adoption and explosion of Bitcoin. Right now, China has the biggest influence in the mining of Bitcoin which do make some people uncomfortable because considering the mindset of the people at the helm in China we really do not know what can be or if there can be a big trigger that can push China to kick Bitcoin mining business out of its territory. Of course, we are hoping that if ever that can happen then there will be other countries that can step up into the game maybe for as long as mining is profitable.

[bitvalak]

Bitcoin mining in China to my knowledge is not under the auspices of the Chinese government.
Therefore the government prohibits the circulation and use of bitcoin openly.
Because on the other hand the Chinese government is also developing digital currencies using its own blockchain technology.

[Getmon]

Bitcoin mining in China to my knowledge is not under the auspices of the Chinese government.

But it is under the approval of the government of course. It cannot operate there without the nod of the powerful government.

Therefore the government prohibits the circulation and use of bitcoin openly.
Because on the other hand the Chinese government is also developing digital currencies using its own blockchain technology.

There is prohibition but the people there are still actively buying and selling Bitcoin. By the time their own digital currency is out, there must be a stricter implementation of the rules against Bitcoin and other coins.

[yulionoo]

China is a strong country and has the largest population in the world. two years ago the government issued a policy banning using and transacting using cryptocurrency. but before this regulation was made we knew that most investors and bitcoin traders were from China. and I think most of the whales also come from China. so even though China is against cryptocurrency its policy will still affect cryptocurrency.

[crossabdd]

the Chinese government is anti-bitcoin, but not crypto. Why.? because the Chinese government adopts bitcoin technology (blockchain) the government cannot prohibit it. because this technology is considered the perfection of the financial system. anti with bitcoin because it's decentralized. while China will make crypto currencies to centralize and prevent using bitcoin.

[Asmonist]

I think its only the Chinese government is not supporting bitcoin. The chinese people are very active participant of it. There are many Chinese around the world. They can still participate and invest in cryptocurrencies and bitcoin specifically. In the other hand, China is known to be good in business and financial stabilization so I guess they have something done to manage the competition.

[blckhawk]

Some consider it a threat, some does not. Though for me, it might be a concern. Bitcoin has already been restricted in China, implementation is just one hindrance. Though if hard crackdown on such activities related to Bitcoin or any other cryptocurrencies aside from their soon-to-release cryptocurrency is passed into law and enforcement, then it could be a huge FUD that's going to crash the market, and even hash rates too. Also, a paradigm shift might happen, since this government coin would be backed by the government. And given the fact that they're not a democratic country, protests regarding Bitcoin mining would be unlikely to happen, and what the government wants is likely to be achieved.

[Murat]

Most of the people of this platform I mean in the cryptocurrency world are thinking about Cryptocurrency and China are almost parallel but there is nothing anything similar to this saying, I think China has a huge allergy regarding cryptocurrency and Bitcoin, but China is fold of Blockchain system because of their president recently said about the Blockchain system as a potential system for the future purpose, So China could use this Blockchain system in the coming days but they will not allow Bitcoin and Cryptocurrency ever.

[arimamib]

Most of the people of this platform I mean in the cryptocurrency world are thinking about Cryptocurrency and China are almost parallel but there is nothing anything similar to this saying, I think China has a huge allergy regarding cryptocurrency and Bitcoin, but China is fold of Blockchain system because of their president recently said about the Blockchain system as a potential system for the future purpose, So China could use this Blockchain system in the coming days but they will not allow Bitcoin and Cryptocurrency ever.

they are more focused on the blockchain system because their leaders accept and appreciate the technology but not with bitcoin and altcoin, they can make their own crypto if they want because China is a strong country. and for mining problems in China I don't think there will be much problems because they are in the form of companies and certainly they make tax payments to build mining there.

[Ozero]

Seemingly in the news we hear how China is anti Bitcoin and anti cryptocurrency and well that may be all well and true but for an anti Bitcoin Country they sure do have lots of hash. In the Top 10 mining Pools in the world China has around 4 maybe even more. Which comes to the question what is really going on in China & The Bitcoin. As usual thoughts and comments are more than welcome. Thanks.

The Chinese government is against domestic use of bitcoin as a means of payment. However, apparently, they give people money to earn Bitcoin mining there. Therefore, although the government takes some measures to prohibit the use of cryptocurrency by citizens, these measures are not so tough. Now they want to switch people's interest from a decentralized cryptocurrency to their national stable coin, which the government will fully encourage for circulation both inside the country and abroad.

[AniviaBtc]

You can consider that the hasing power from China is bigger than everything else because it's the most overpopulated nation from everyone else.

Therefore you will have more people doing "stuff" for cryptocurrencies than on other place.
Not only that but their economic growth and technology involvement is way bigger than any other Country.

Based on those points you get your answer on why hash rates are bigger there.
Also making some laws against bitcoin or any other crypto doesn't relate the fact they can or not do hashing.

I don't think it's just population. It's also cheap electricity at least. There are other countries which are quite populated but far behind on Bitcoin adoption. Adoption is not evenly distributed between countries based on their population. In Ukraine the adoption rate is particularly small, and in India it's quite low compared to its population.


As for the op's question, I think that China does what it has to do to maintain control. Thus it can be rival to Bitcoin, but careful not to impose such bans that would destabilise the region. Moreover, it seems to be taking "Blockchain but not Bitcoin" approach, so to speak, judging by relatively recent statements from the officials.

When it terms of Bitcoin, China really always want to become superior on any aspects. They are against bitcoin and cryptocurrency because they want to create their own cryptocurrency. China is very money-mindness because of their culture which is they focused on in their country. So that's correct that they're taking the blockchain approach because they know that it will really help their economy grow. China government also want to control their people's money, so they want to decentralized the cryptocurrency on their own, to manipulat the poeple's money.

[mamahdedeh]

You can consider that the hasing power from China is bigger than everything else because it's the most overpopulated nation from everyone else.

Therefore you will have more people doing "stuff" for cryptocurrencies than on other place.
Not only that but their economic growth and technology involvement is way bigger than any other Country.

Based on those points you get your answer on why hash rates are bigger there.
Also making some laws against bitcoin or any other crypto doesn't relate the fact they can or not do hashing.

I don't think it's just population. It's also cheap electricity at least. There are other countries which are quite populated but far behind on Bitcoin adoption. Adoption is not evenly distributed between countries based on their population. In Ukraine the adoption rate is particularly small, and in India it's quite low compared to its population.


As for the op's question, I think that China does what it has to do to maintain control. Thus it can be rival to Bitcoin, but careful not to impose such bans that would destabilise the region. Moreover, it seems to be taking "Blockchain but not Bitcoin" approach, so to speak, judging by relatively recent statements from the officials.

When it terms of Bitcoin, China really always want to become superior on any aspects. They are against bitcoin and cryptocurrency because they want to create their own cryptocurrency. China is very money-mindness because of their culture which is they focused on in their country. So that's correct that they're taking the blockchain approach because they know that it will really help their economy grow. China government also want to control their people's money, so they want to decentralized the cryptocurrency on their own, to manipulat the poeple's money.

it's true that China is a country that wants to dominate the economy of the whole world, we know the biggest mining is in China, but the government bans cryptocurrency, I think this is just a strategy because they don't want to be controlled by other parties, it is likely to make their own crypto