China is cracking down again on bitcoin mining

[Rtz007]

The recent problems at Chinese exchanges have been followed by a ban to crack down on bitcoin miners
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[kentrolla]

 China have become the gaints of BTC mining I don't have any idea on the article but trust me mining is not easy as many think, it's very complicated believe me you can't even afford the profit to pay your electricity bills.

Well in China the charges are low also I went through some articles where it says the hydropowers are available which may cost you low electricity bill, so they have lot of advantages and they are cracking not surprising to me.

[stompix]

You could have translated that !!!!! I think we count on the fingers of two maybe three hands the numbers of people speaking Chinese around here.
For everyone wondering what's that image:
(of course raw translation with a bit of touching up)

Provincial (district, city), Inner Mongolia, Internet financial risk special work leading group office:

According to the relevant departments there are some "virtual currency" mining enterprises, which consume a large number of resources at the same time to promote the "virtual currency" hype. According to the National Financial Work Conference, on the prevention and control of risks, in order to reduce the outflow of fund, Internet finance special rectification work leading group related member units, decided that from November 27, 2020, all "virtual currency" mining enterprises in the province should be inspected and shut down immediately, and that the relevant network equipment should be cleared by December 30, in violation of the law.

Of course, it's an image with no source with no link where it was taken no confirmed news from etc etc etc.....et cetera
Take it with a ton of salt.

[Sterbens]

You could have translated that !!!!! I think we count on the fingers of two maybe three hands the numbers of people speaking Chinese around here.
For everyone wondering what's that image:
(of course raw translation with a bit of touching up)

Provincial (district, city), Inner Mongolia, Internet financial risk special work leading group office:

According to the relevant departments there are some "virtual currency" mining enterprises, which consume a large number of resources at the same time to promote the "virtual currency" hype. According to the National Financial Work Conference, on the prevention and control of risks, in order to reduce the outflow of fund, Internet finance special rectification work leading group related member units, decided that from November 27, 2020, all "virtual currency" mining enterprises in the province should be inspected and shut down immediately, and that the relevant network equipment should be cleared by December 30, in violation of the law.

Of course, it's an image with no source with no link where it was taken no confirmed news from etc etc etc.....et cetera
Take it with a ton of salt.

I'm not completely sure about that information yet. Just as you have said, there has been no further clarification or confirmation from the party who made the statement. Even so, China has received good results from previous mining results. So if it is true that the circular says there will be a mine closure, it will obviously have a big impact on the miners who have already incurred huge costs.

[Haunebu]

No matter how much the Chinese government tries, they will never be able to ban cryptocurrencies or crypto mining since their citizens will find solutions due to the financial incentives associated with them.

If they ban one mining operation, another one takes its place. This has always been the trend there and history has proven that which is why I wouldn't care too much about the above article(Legit or not).

[Tipstar]

No matter how much the Chinese government tries, they will never be able to ban cryptocurrencies or crypto mining since their citizens will find solutions due to the financial incentives associated with them.

If they ban one mining operation, another one takes its place. This has always been the trend there and history has proven that which is why I wouldn't care too much about the above article(Legit or not).

But the mining hardware are expensive. When they are seized, the investors would have nothing to continue with. Mining in china was somehow promoted by some local government and they were running it without any issue. With Xi Jinping on power, he's eliminating the power of every local leaders and his opposer in the party. Xi has even punished the popular CCP supporter like Jack Ma and Jackie chan just because they are rich and popular.

[stompix]

If they ban one mining operation, another one takes its place. This has always been the trend there and history has proven

When has this forced shutting down and replacing taking place in hisotry?
Can you point to one kind of event like this?

No matter how much the Chinese government tries, they will never be able to ban cryptocurrencies or crypto mining since their citizens will find solutions

Do you think you can find solutions to mining if the government wants to fully crackdown on it?
Let's not even go into thousands of gear farms as that can be shut down easily, you just have to follow local consumption patterns, but house mining?
You need at least one s9 or equivalent, that's a miner that draws 1400W, that's 34kwh per day or close to 1000kwh per month, the average household in China only consumes 1300 in a year! You know how easily is to track you? What house does at least constant 1400W (at least! consumption 24/7) even in the US this a bit of a stretch?
And once we go to next-generation miners and try to run 2-3 of those, you simply can't with the usual household lines.

If they really wanted to ban it they will eradicate 90% of the hashrate in China in less than a week, probably the rest in a month, the thing is that there is no real sign that they want to do so.

[Baofeng]

Yes @stompix, take this news with a bag of salt,  , and just like any news coming from the Russian.

I think it coincide with the recent spike again, so mark this as a FUD coming from the source article. Shutdown immediately? Huh? as in when the price is about to hit $20k again? Not buying this news and I'm sure as much as we think that it will put a dent on the price, nah, it won't have any effect whatsoever.

[usekevin]

No matter how much the Chinese government tries, they will never be able to ban cryptocurrencies or crypto mining since their citizens will find solutions due to the financial incentives associated with them.

If they ban one mining operation, another one takes its place. This has always been the trend there and history has proven that which is why I wouldn't care too much about the above article(Legit or not).

Some Chinese may face this issue due to the government action.Mining is the source for the bitcoin trading,if the Chinese government targeting the mining,they are focusing on the trading indirect.But the interested people will do mining with other source,even it was captured by the government source and interest play a vital role.

[mindrust]

1 activity, 1 post, 5 months old user... You waited more than 5 months just to post this image?

China ain't cracking down on bitcoin mining. Why would they when they are making all the bitcoin miners in China?

[Hydrogen]

Some hoped bitcoin mining would gradually become less centralized in china. That the crypto mining industry would decentralize outside of china's borders to become more distributed and less polarized. For some strange reason, china appears to want the same thing. And has taken steps to cripple or destroy their own crypto mining industry more than once over the past decade.

Chinese crackdowns on crypto mining often occur after the value of bitcoin surges in a strong upwards trend or breaks out of horizontal trading patterns, eventually reaching an all time high. In essence it would appear to be agenda based or market manipulation of some type.

[Mike Mayor]

But that is China for you. The government is always saying crazy things. I won't complain if China loses most of their mining power. Better for the rest of us. I love though that "supposedly" this is legit and that the government wants to ban mining yet... There are actual violent crimes going on but hey let's focus on miners. Why don't they try educating their people first?

At some point, China is going to more than likely create their own cryptocurrency that might even replace or run alongside the fiat currency they are already using.

[ropyu1978]

The Chinese government could plan to cover the biggest bitcoin factory and take action against bitcoin miners, with reasons to reduce energy consumption, and other reasons that cornered bitcoin, I don't think so, even though they can ban but I'm sure other operations will replace it, because of that has become a population trend in china ..

[Gamerholic]

I think there are two reasons why this happens. The first reason is electricity - as everyone knows the scale of mining in China and the implications for power grids including accidents and fires. The second reason is that the state, as far as I know, wants to completely monopolize production, concentrate it in its own hands - in order to influence the course from a single center in the future (and maybe even now).