China is preparing to wind down blockchain-related mining

[Rtz007]

https://www.163.com/dy/article/G4BMAUMI0511A641.html

https://finance.sina.com.cn/roll/2021-03-13/doc-ikknscsi2912248.shtml

Bitcoin computing power is about to fall dramatically

[pooya87]

Bitcoin computing power is about to fall dramatically

This FUD is already more than 8 years old and has become too transparent. People need to seriously come up with new FUD, it is getting boring.
Besides the hashrate is already spread well across the globe already.

[cr1776]

https://www.163.com/dy/article/G4BMAUMI0511A641.html

https://finance.sina.com.cn/roll/2021-03-13/doc-ikknscsi2912248.shtml

Bitcoin computing power is about to fall dramatically

Sounds like the same old "China is going to ban Bitcoin" nonsense we've heard dozens of times.  Any reputable sources?

Sure China could do it, but are they also going to seize and destroy the machines?  Will they do it before the news comes out?  Too late for that.   If they don't destroy the machines, they'll be sold to someone outside China to use there. Will China cease production of ASICs?  Won't TSMC, NVIDIA, and others just take over?  Seems very unlikely.

[posi]

China taking down blockchain related mining is out of the attention of the cryptocurrency market because the Chinese government is not stupid, if they want to take it down they would have done it long ago when they ban Bitcoin and the reason why they ban Bitcoin is because they believe it a threat to their CBDC and power since they are marxism country.
With that been said, if China bans crypto mining today it won't affect cryptocurrency but it will pave way for solo mining.

[Lucius]

It would be really great if they banned crypto mining back in the days when they banned crypto trading, just imagine all so-called journalists who would have less material to constantly scare us with how China will do this or that. Even if they introduce crypto ban mining, it will not be instant, and I believe that most miners would be allocated to other countries - and stories say that many have already done so in the past 3-4 years.

Personally, I think China only profits from crypto mining and the production of mining equipment - money unlike crypto trading only comes into the country - and can anyone normal at this point oppose an industry that is a money making machine? It seems that someone desperately wants to bring down the price and pull old skeletons out of the closet - but even small children are no longer afraid of them, let alone those who have been following cryptocurrencies for several years.

[Wind_FURY]

Bitcoin computing power is about to fall dramatically

This FUD is already more than 8 years old and has become too transparent. People need to seriously come up with new FUD, it is getting boring.
Besides the hashrate is already spread well across the globe already.

It’s pumping, load the China FUD again. Hahaha.

Another nocoiner narrative that has always been proven wrong, and will always be proven wrong, by the most important indicator that the Honey Badger don’t care. The Bitcoin Market.

[dkbit98]

Bitcoin computing power is about to fall dramatically

This is only related to inner Mongolia, other countries will take over if they ban it, and that is maybe not a bad thing to make mining more decentralized.
I don't see the point of showing links in Chinese language without translation, and if you think this is fud than wait until western countries start with their propaganda like Greta Thunberg and other climate and environmental activists from world economic forum.

[Sterbens]

China won't let go of the potential of bitcoin that easily, remember while all the digital industry will refer to the blockchain system, so when you say that China will stop mining, I'm not sure it will. blockchain has the power to run every digital transaction, while China has the ambition to continue to dominate a sector like this.

[Fundamentals Of]

Lol. China here, China there, China everywhere. It is always about China. I am now thinking whether our brains are already made in China.

China was said to be the source of COVID-19, which also accordingly caused the great price fall last March of 2020. And now China will also be causing the fall of the computing power of Bitcoin?

Why are we so uncreative in our FUD?

[Dave1]

Great timing though from the Chinese media, when bitcoin has a new all time high, another FUD comes along. Lol, this sounded like a broken record already, and believed me, there are a lot of individuals and investors that are willing to carry the torch and take away the monopoly of bitcoin related mining from China. It's there lost, not the actual community, it could impact the price short term, but in the end, bitcoin will thrive with or without China.

[BrewMaster]

It’s pumping, load the China FUD again. Hahaha.

the number of times we see FUD about bitcoin has always been a very good indication of when we are in the cycle. FUD has always increased at the start of the bull runs when the price is setting a new ATH every month we see FUD also set a new ATH every month.
funny thing that i found last time was that when we were close to the peak there was very little FUD. for example last month of 2017 when price went up 100% everyone was talking about how price will reach $100k and there were little to no talk of bitcoin dying and stuff like this!

[AakZaki]

Great timing though from the Chinese media, when bitcoin has a new all time high, another FUD comes along. Lol, this sounded like a broken record already, and believed me, there are a lot of individuals and investors that are willing to carry the torch and take away the monopoly of bitcoin related mining from China. It's there lost, not the actual community, it could impact the price short term, but in the end, bitcoin will thrive with or without China.

FUD like this has often happened and is always published in credible media. When the bitcoin price goes up and reaches a new ATH it's time to deploy the FUD. Using China as a medium for FUD affects the price of bitcoin.
This is indeed only a short term and in the end bitcoin will continue to grow despite the Chinese sign because Bitcoin exists not because of China but because of investors and traders around the world.

[avikz]

https://www.163.com/dy/article/G4BMAUMI0511A641.html

https://finance.sina.com.cn/roll/2021-03-13/doc-ikknscsi2912248.shtml

Bitcoin computing power is about to fall dramatically

The first link is leading to a chinese website while the 2nd one isn't opening up any more! So not sure what content you have cited to back your argument. But as far as I know, China has been going after bitcoin mining operations from quite some time now. At least as per the news surfaced in various media. It may be old.

Also on the other hand, China has already started experimenting with CBDCs and I believe they have already started a trial run of it. So it's no wonder, they will try to go after decentralized currency systems like bitcoin.

If China goes out of the bitcoin market, that will be Good for the whole bitcoin community, I would say! The network difficulty would drop significantly which will give old miners to connect to network again to see some profitability.

[Theb]

Looks like this news is official and only Inner Mongolia is the affected region that is aiming to ban crypto mining.

China’s Inner Mongolia region plans to ban new cryptocurrency mining projects and shut down existing activity in a bid to cut down on energy-consumption.

The good news I see about this one is Inner Mongolia isn't really the crypto-mining center of China as Shichuan and Xinjiang provinces account to more than 71.7% of the mining hashrate Bitcoin has in the entire world, meanwhile Inner Mongolia only accounts for 7.71%.  With regards to it affecting the other regions on giving a ban I don't think it will come to that as Inner Mongolia just like Hong Kong is another one of those Autonomous regions that has their own government so their decision is most likely independent and not something that can influence the other mainland regions.

[thecodebear]

If they do indeed ban it in this one region, all it does it help the rest of the world make a bit more bitcoin. And bitcoin haters in the west will have to hate bitcoin a little bit less because one of the things they complain about it that China "controls" bitcoin.

China would only hurt themselves if they take away ways for people to bring in more money to China from the global bitcoin economy.

[Wind_FURY]

Looks like this news is official and only Inner Mongolia is the affected region that is aiming to ban crypto mining.

China’s Inner Mongolia region plans to ban new cryptocurrency mining projects and shut down existing activity in a bid to cut down on energy-consumption.

The good news I see about this one is Inner Mongolia isn't really the crypto-mining center of China as Shichuan and Xinjiang provinces account to more than 71.7% of the mining hashrate Bitcoin has in the entire world, meanwhile Inner Mongolia only accounts for 7.71%.  With regards to it affecting the other regions on giving a ban I don't think it will come to that as Inner Mongolia just like Hong Kong is another one of those Autonomous regions that has their own government so their decision is most likely independent and not something that can influence the other mainland regions.

I HOPE Inner Mongolia DOES ban and shut down existing cryptocurrency mining in their region. Excess electricity generated under the current capacity WILL be wasted, and revenues will fall. Other regions will be happy to allow it, and profit.

Looks like this news is official and only Inner Mongolia is the affected region that is aiming to ban crypto mining.

China’s Inner Mongolia region plans to ban new cryptocurrency mining projects and shut down existing activity in a bid to cut down on energy-consumption.

The good news I see about this one is Inner Mongolia isn't really the crypto-mining center of China as Shichuan and Xinjiang provinces account to more than 71.7% of the mining hashrate Bitcoin has in the entire world, meanwhile Inner Mongolia only accounts for 7.71%.  With regards to it affecting the other regions on giving a ban I don't think it will come to that as Inner Mongolia just like Hong Kong is another one of those Autonomous regions that has their own government so their decision is most likely independent and not something that can influence the other mainland regions.

They’re not truly Autonomous, read about the Hong Kong protests. The hand of Beijing is everywhere.

[slaman29]

Bitcoin computing power is about to fall dramatically

This FUD is already more than 8 years old and has become too transparent. People need to seriously come up with new FUD, it is getting boring.
Besides the hashrate is already spread well across the globe already.

Trust me, in another 8 more years we'll see the same headlines and FUD spreading. Bitcoin will be $500k by then who knows, or whatever price, but it seems that every rally seems to bring out the most sour grapes in people who actually didn't get in on time. And they'll always be on the sidelines, and always throwing FUD that of course they and others not in Bitcoin will eagerly clap for. Boring, like you said;)

[Lordhermes]

If they do indeed ban it in this one region, all it does it help the rest of the world make a bit more bitcoin. And bitcoin haters in the west will have to hate bitcoin a little bit less because one of the things they complain about it that China "controls" bitcoin.

China would only hurt themselves if they take away ways for people to bring in more money to China from the global bitcoin economy.

The more fud the more popularity of bitcon across globes, China first ban ICO back during the 2017 period, the market regain her stability in a very limited time, therefore resulting to more buyers, in as much as there are haters of bitcoin, there are more inflow of liquidity providers. If actually this winddown of mining farm occur in China, then the nearest developed country will have plan of building standard mining structure while China looses good bitcoin economy.

[LogitechMouse]

I just watched a video regarding this just a few hours ago and here is the link. It might be the same.
https://www.youtube.com/watch?v=4hZU7qska34

Base on the video, looks like they want to wind down Bitcoin mining for the environment because they are spending too much electricity on Bitcoin mining that it destroys the environment (at least that is what they said). One thing more is that, the CCP wants to focus the people on thing that the Communist can be controlled. Bitcoin can't be controlled by them that is why they released their own digital currency that they can be controlled and it is called Digital Yuan. Well, with regards to the price of Bitcoin and base on the date they released that untranslated statement looks like that it pumped after the article has been released.

[Ziskinberg]

Maybe, it is something we have to ignore news coming from China, they are banning crypto since before and we can't expect that we will give some room for this.

All these FUD's can't be stopped, they were likely to manipulate the minds of their people and put them with negative thoughts about crypto and blockchain technology. They are pretending to be good, a market ruler and they wanted to put everything under their control, and that what they do.