China Declares War on Bitcoin (?)

[Weawant]

https://www.youtube.com/watch?v=4hZU7qska34

China Uncensored
1.56M subscribers

China declares war on Bitcoin. Inner Mongolia, where a huge amount of bitcoin mining occurs, will be banning it. But the Bitcoin news is part of a broader attempt by the Chinese Communist Party to create a national digital currency that the Party controls.

....


China claims it must "crackdown" on bitcoin to save the environment and the planet.

Given that a high percentage of cryptocurrency (pow) mining is powered through hydroelectric and green energy. The cost of which helps fund the expansion and development of cleaner non fossil fuel based plants around the world.

Perhaps we can propose an alternative if china is serious about fighting climate change and being Greta Thunberg's proud poster boy.

Chinese companies to build 700 coal plants in and outside China

Even though they're one on the known countries that has a huge problem regarding on pollution, it's ironic that they want to save the planet by doing such things and what will they achieve if they declare war on bitcoin? It's quite illogical with these kinds of actions that they think they can save the world.

Citing data gleaned from the world’s biggest developers of coal-fired power plants, Urgewald found that of all the new coal generation expected to go online over the next decade, Chinese companies will build nearly half of it. Specifically, that means 700 new coal plants, with most to be built in China, and about a fifth outside the country, according to figures provided by Urgewald and reported by the New York Times:

SIGN UP FOR THE ENERGY DIGEST
Overall, 1,600 coal plants are planned or under construction in 62 countries, said Urgewald, which uses data from the Global Coal Plant Tracker portal. The new plants would expand the world’s coal-fired power capacity by 43 per cent.

The fleet of new coal plants would make it virtually impossible to meet the goals set in the Paris climate accord. Electricity generated from fossil fuels such as coal is the biggest single contributor globally to the rise in carbon emissions, which scientists agree is causing the earth’s temperatures to rise.

https://www.mining.com/chinese-companies-build-700-coal-plants-outside-china/

China is known for having 14 out of the top 30 most polluted cities on the planet due to its heavy reliance on coal. In some places the air pollution is so bad, it is claimed simply living and breathing the air is like smoking two packs of cigarettes a day.

I am curious to know what peoples thoughts on these topics are.

Could the environment better be protected by china replacing its 700 planned coal power plants with cleaner options.

China is emerging as a hub for solar panel and windmill manufacturing. It is well suited to leverage EV vehicles due to the abundance of rare earth minerals within china's own borders. Its policy of pursuing coal energy in the face of cleaner and more affordable power options remains an enigma to me. Fossil fuel based power is heavily criticized and attacked by the media in the west. While in the east it is embraced with bold plans in motion to extend the scale of coal based operations. How can this discrepansy be explained. What are the motives and reasons behind it.

[jrrsparkles]

China don't want to people to use the cheap power availability to mine bitcoins and it seems they are talking about particular region so its not really against bitcoin but they want the miners to pay more fee for them or they don't want those miners to earn money for themselves alone. Environmental polution is simply a pure political strategy to avoid any blame on them so we can't take those reasons as serious.

[Ozero]

China don't want to people to use the cheap power availability to mine bitcoins and it seems they are talking about particular region so its not really against bitcoin but they want the miners to pay more fee for them or they don't want those miners to earn money for themselves alone. Environmental polution is simply a pure political strategy to avoid any blame on them so we can't take those reasons as serious.

If the Chinese government intends to take measures to reduce the energy consumption of bitcoin miners, then this should hardly be considered a fight against bitcoin. I do not think that this is a big problem for them, there are suitable places in the world for mining bitcoins. The construction of private power plants using solar panels and wind energy is growing all over the world. With these renewable energy technologies, there shouldn't be an energy problem for mining bitcoins. If production decreases in China, it will increase elsewhere, where conditions are suitable for this.

[worle1bm]

China being the main hub of Bitcoin mining has always been problematic to the Communist Party because they want to centerlized everything in their country but Bitcoin doesn't allow them to do so.Thats why they always find many of their excuses to ban Bitcoin but they are also earning a huge source of revenue from them.The electricity consumption is high in Bitcoin mining but it's much low compared to the dam built by the Chinese government that has slow down the rotation of the earth.They are using high amount of electricity for their some useless projects which don't bothers them.Moreover they want to implement their CDBC Digital Yuan to all the people which under btc usage is not possible and they fear of loosing control.But it won't have much impact on btc prices in future because people will find some other modern ways to encourage btc usage.There is no weapon stronger than decentralised of power that can dethrone the monarchs.

[xodakovs]

I didn’t manage to found information but I hardly believe that hydroelectric plant pollute the environment more than coal plants and that this action will help somehow to prevent climate changes. Chinese had better plant all those forests they cut down. The part of Siberia is already totally bald.

[pinkflower]

Other countries that hate Bitcoin will follow China's ban on mining if it is successful. This makes a good reasoning for research and tests on low energy forms of mining like Proof of Space and Time and Proof of Capacity. The wasteful use of electricity must stop.

[LogitechMouse]

Other countries that hate Bitcoin will follow China's ban on mining if it is successful. This makes a good reasoning for research and tests on low energy forms of mining like Proof of Space and Time and Proof of Capacity. The wasteful use of electricity must stop.

Well, do you think that it is really the main reason why China is banning it??
Its just being said to the public so that people will use the CCP's own digital currency which is the Digital Yuan than Bitcoin.

In reality, the CCP just want to use their authority and wants everything in their country to be controlled by them including this thing. They've tried it on 2017 but they failed badly and now they are doing it again. I don't think that they will be successful on this one though and I don't think too that more anti-Bitcoin countries will support them.

And on this "war on Bitcoin" (lol!) topic, I'll come with the fresh news: Chinese Public Firm to Buy $155M of Bitcoin Mining Hardware

Well, a company shows support in Bitcoin Mining base on this article. Might this war declaration a FUD though .

[bitterguy28]

That's pretty royal coming from the WORLDS LARGEST POLUTER.

Haha That Makes sense 

They are aware of that but yet trying to Put the Blame in bitcoin , How cruel this country is .

[hector3115]

China is interested in the digital yuan, and nothing more.

[pinkflower]

Other countries that hate Bitcoin will follow China's ban on mining if it is successful. This makes a good reasoning for research and tests on low energy forms of mining like Proof of Space and Time and Proof of Capacity. The wasteful use of electricity must stop.

Well, do you think that it is really the main reason why China is banning it??
Its just being said to the public so that people will use the CCP's own digital currency which is the Digital Yuan than Bitcoin.

In reality, the CCP just want to use their authority and wants everything in their country to be controlled by them including this thing. They've tried it on 2017 but they failed badly and now they are doing it again. I don't think that they will be successful on this one though and I don't think too that more anti-Bitcoin countries will support them.

I think they wont be successful but high electricity usage and the professionalized mining is becoming an attack vector. The CCP can take licenses away and tax them so high to make it unprofitable them to mine.

Proof of Space and Time would make mining cheaper for the users, more decentralized and exponentially less damaging to the environment.

[Innerpumper]

well, I think it's been happening since 2017, where china and the USA are trying to control bitcoin. However, it turned out that it could not. they are trying to limit and even ban the circulation of bitcoin in the country. We ourselves saw in 2018 some exchanges and cryptocurrency projects closed and very difficult to develop so colabs. I don't know if in the next few years will China re-enter bitcoin to master it? We all know that China is the best country in terms of economy.

[Clement Kaliyar]

Consulting Lee a consulting firm focusing on bitcoin mining is involved in china’s Inner Mongolia decision and industry regarding the ban on cryptocurrency mining bitcoin allows anyone to buy anything from uganda to china in an instant no matter the bank no matter the exchange rate. There is no intermediate agency this currency can be quickly moved from one country to another but in the current currency transfer system it takes a few days to go from one country to another It costs a nominal amount to send this coin from one person to another it does not depend on the amount of money sent again. The same cost to send one bitcoin and one million bitcoins the current money transfer costs a lot of money.

So what you are trying to tell is that they are trying to promote their banking system and hence they wanted to impose restrictions on bitcoin.
It is a strange country for an outsider as i always thought that they were living in a bubble even before the pandemic as the government controls everything including what sites they use and for a country to control a new technology is not that surprising.

[masterrex]

I think it is lousy recycled news, thats, why I dont believe it anymore. my point, is how come China will control the uncontrollable, Bitcoin is decentralized and I think it can survive no matter what happens, Let them waging a stupid war against Bitcoin, and then let see what will happens next. the Chinese Communist Party is trying hard to control everything just like grabbing the entire sea like their own lake so what can we expect from them. Just let them lose Bitcoin are here to stay no matter what happens.

[Argoo]

Other countries that hate Bitcoin will follow China's ban on mining if it is successful. This makes a good reasoning for research and tests on low energy forms of mining like Proof of Space and Time and Proof of Capacity. The wasteful use of electricity must stop.

This is not a war against bitcoin. It is stupid to create conditions for making it difficult to get bitcoins and consider it a war against him. Is it possible for the Chinese government to damage bitcoin by doing this, even if it achieves a complete cessation of bitcoin mining on its territory? Of course not. Even if absolutely all states unite and somehow make it impossible to mine it, then this will not be fatal for bitcoin. After all, about 18 million out of 21 million bitcoins have already been created in the world. Only created bitcoins will be used. However, Bitcoin, if it is banned from mining in China, will continue to be mined in other countries. Therefore, this decision of the Chinese government is more economic in nature.

[Om.monata]

China again and again. More than 10 years and people are manipulated by news from China. Let me remind you that if news from China can dump bitcoin, it will also be able to pump bitcoin.

The last pump with news from China is Xi pump in October 2019. That news: CRYPTO MARKETS PUMP AS PRESIDENT XI CALLS BLOCKCHAIN A ‘BREAKTHROUGH’

More than one year from that news, do you think China plays big role to the growth of blockchain industry?

China seems to have had a big influence on crypto, although its policies have always been controversial. but this is the global market, we can't forbid china to make any issue, now any news that comes out of china always affects crypto, i think if china is preparing a surprise for crypto,

[pinkflower]

Other countries that hate Bitcoin will follow China's ban on mining if it is successful. This makes a good reasoning for research and tests on low energy forms of mining like Proof of Space and Time and Proof of Capacity. The wasteful use of electricity must stop.

This is not a war against bitcoin. It is stupid to create conditions for making it difficult to get bitcoins and consider it a war against him. Is it possible for the Chinese government to damage bitcoin by doing this, even if it achieves a complete cessation of bitcoin mining on its territory? Of course not. Even if absolutely all states unite and somehow make it impossible to mine it, then this will not be fatal for bitcoin. After all, about 18 million out of 21 million bitcoins have already been created in the world. Only created bitcoins will be used. However, Bitcoin, if it is banned from mining in China, will continue to be mined in other countries. Therefore, this decision of the Chinese government is more economic in nature.

Okay, it's not a war against Bitcoin but it's a war on mining Bitcoin which is essential for Bitcoin to continue working. But the same problem. Mining Bitcoin has become very professionalized that securing it with the computing power it needs will not be enough without a license.

[Kelvinid]

I think it is lousy recycled news, thats, why I dont believe it anymore. my point, is how come China will control the uncontrollable, Bitcoin is decentralized and I think it can survive no matter what happens, Let them waging a stupid war against Bitcoin, and then let see what will happens next. the Chinese Communist Party is trying hard to control everything just like grabbing the entire sea like their own lake so what can we expect from them. Just let them lose Bitcoin are here to stay no matter what happens.

They are somehow targeting Bitcoin to fully held at their hands and control it but very unfortunate the situation won't let this thing makes possible.
Chinese government did great before, they support cryptocurrency, in fact, major number of miners are there. But as they are started to banned Bitcoin and force stoppage of their crypto mining industry, that's the time it started the chaos. And there might more similar new to published in the coming days but this just be ignore coz we know that not only China could ruin crypto and stop Bitcoin.

[Bilgent]

China claims it must "crackdown" on bitcoin to save the environment and the planet.

Saving the environment with this action? Really? It is just no more than an excuse for banning Bitcoin. Bitcoin mining is not the only thing which has disadvantages for the environment. There are many other and serious problems than that. Besides, I don't think that mining will always continue to consume too much electric. They will absolutely find green solutions in the future.

[cryptojigga]

Then i think BTC scaling to prove of take is coming soon with the help of other blockchain.

https://www.youtube.com/watch?v=4hZU7qska34

China Uncensored
1.56M subscribers

China declares war on Bitcoin. Inner Mongolia, where a huge amount of bitcoin mining occurs, will be banning it. But the Bitcoin news is part of a broader attempt by the Chinese Communist Party to create a national digital currency that the Party controls.

....


China claims it must "crackdown" on bitcoin to save the environment and the planet.

Given that a high percentage of cryptocurrency (pow) mining is powered through hydroelectric and green energy. The cost of which helps fund the expansion and development of cleaner non fossil fuel based plants around the world.

Perhaps we can propose an alternative if china is serious about fighting climate change and being Greta Thunberg's proud poster boy.

Chinese companies to build 700 coal plants in and outside China

Citing data gleaned from the world’s biggest developers of coal-fired power plants, Urgewald found that of all the new coal generation expected to go online over the next decade, Chinese companies will build nearly half of it. Specifically, that means 700 new coal plants, with most to be built in China, and about a fifth outside the country, according to figures provided by Urgewald and reported by the New York Times:

SIGN UP FOR THE ENERGY DIGEST
Overall, 1,600 coal plants are planned or under construction in 62 countries, said Urgewald, which uses data from the Global Coal Plant Tracker portal. The new plants would expand the world’s coal-fired power capacity by 43 per cent.

The fleet of new coal plants would make it virtually impossible to meet the goals set in the Paris climate accord. Electricity generated from fossil fuels such as coal is the biggest single contributor globally to the rise in carbon emissions, which scientists agree is causing the earth’s temperatures to rise.

https://www.mining.com/chinese-companies-build-700-coal-plants-outside-china/

China is known for having 14 out of the top 30 most polluted cities on the planet due to its heavy reliance on coal. In some places the air pollution is so bad, it is claimed simply living and breathing the air is like smoking two packs of cigarettes a day.

I am curious to know what peoples thoughts on these topics are.

Could the environment better be protected by china replacing its 700 planned coal power plants with cleaner options.

China is emerging as a hub for solar panel and windmill manufacturing. It is well suited to leverage EV vehicles due to the abundance of rare earth minerals within china's own borders. Its policy of pursuing coal energy in the face of cleaner and more affordable power options remains an enigma to me. Fossil fuel based power is heavily criticized and attacked by the media in the west. While in the east it is embraced with bold plans in motion to extend the scale of coal based operations. How can this discrepansy be explained. What are the motives and reasons behind it.

[jjdub7]

In my opinion, the definition that China is against Bitcoin is not very accurate. They have a big program to reduce bad emissions, which was launched years ago and is underway now. The closure of Mongolia's Bitcoin mines is part of the province's domestic policy and their way of achieving the government's set goals for reducing bad emissions and pollution that all provinces in China have.
And I think the smaller part of these Bitcoin mines are in Mongolia, and that won't affect the market much.