More China Craziness - "Cracking done on mining"

[cr1776]

So more nonsense from the statist authoritarians in China today.  Anyone mining in China should move their (or at least a large percentage of their) miners out of China. 

The thing to remember is that it is irrelevant where mining occurs.  At worst, it slows blocks for a while, and makes it easier for other miners to win the blocks.

Bitcoin’s price tumbled Friday following an intensified call from Chinese authorities to crack down in mining of the cryptocurrency.

In a statement from Chinese Vice Premier Liu He and the State Council, authorities said tighter regulation is needed to protect the financial system.

The statement, released late Friday in China time, said it is necessary to “crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field.”
...

https://www.cnbc.com/2021/05/21/bitcoin-falls-after-china-calls-for-crackdown-on-bitcoin-mining-and-trading-behavior.html

[rhomelmabini]

The government just want a piece to be corrupted, it always comes down to imposing tax, our noobs and weak holders got shaken out again because of this news. I wonder how many times did this ban from China got onto Bitcoin or to the whole crypto space but still at owe that it still has its effect.

[mk4]

So just another rehash of the news yesterday? Man, China might as well just crack down on Bitcoin every 10 minutes just so we can get done with it.

[kayiboyu]

I was just wondering why Bitcoin price has gone down below $40k again. And it looks like this is the reason. China is still continuing to manipulate the market by its recent actions. And I think that should be enough. They don't have another thing left to damage the market anymore.

[zanezane]

So just another rehash of the news yesterday? Man, China might as well just crack down on Bitcoin every 10 minutes just so we can get done with it.

Don't wish for that because China's persistence is going to be something that is pretty formidable and stupid at the same time. Also what is the worse thing that can happen if they cracked down on mining?

[mk4]

Don't wish for that because China's persistence is going to be something that is pretty formidable and stupid at the same time. Also what is the worse thing that can happen if they cracked down on mining?

Lol if freakin republished news is going to again cause weak hands to sell just like recently, let them. All of them. I'd like some cheap bitcoin. Thanks.

[stompix]

So just another rehash of the news yesterday? Man, China might as well just crack down on Bitcoin every 10 minutes just so we can get done with it.

This time is a press release:
http://www.gov.cn/xinwen/2021-05/21/content_5610192.htm?ivk_sa=1023197a

Things are getting a bit uglier, of course, this committee is nothing when it comes to the legislature and as far as Google knows it's a mechanism of coordination, so probably what they get done in one of their meetings is just giving out guidelines that might or might not be put into laws or enforced.
But at the same time, that's also one of the politburo committees, and the guy running it is quite high up 4th vice premier, so I could understand the market moves at hearing those.

Going into conspiracy theories I'm starting to wonder if this drop in hashrate is not made by some miners fleeing danger zone, the current 15% drop we're experiencing makes no sense economic-wise, even if we round the price to 35k.

Anyhow, I'll wait a bit anxious myself for some tweets from guys known to run miners in Xinjiang and Sichuan, if they ring alarm bells, then we're going full bear season, if not, just the usual china dip.

[dimonique88]

So just another rehash of the news yesterday? Man, China might as well just crack down on Bitcoin every 10 minutes just so we can get done with it.

This time is a press release:
http://www.gov.cn/xinwen/2021-05/21/content_5610192.htm?ivk_sa=1023197a

Things are getting a bit uglier, of course, this committee is nothing when it comes to the legislature and as far as Google knows it's a mechanism of coordination, so probably what they get done in one of their meetings is just giving out guidelines that might or might not be put into laws or enforced.
But at the same time, that's also one of the politburo committees, and the guy running it is quite high up 4th vice premier, so I could understand the market moves at hearing those.

Going into conspiracy theories I'm starting to wonder if this drop in hashrate is not made by some miners fleeing danger zone, the current 15% drop we're experiencing makes no sense economic-wise, even if we round the price to 35k.

Anyhow, I'll wait a bit anxious myself for some tweets from guys known to run miners in Xinjiang and Sichuan, if they ring alarm bells, then we're going full bear season, if not, just the usual china dip.

Can you please name those miners?

[Gatorelf]

I was just wondering why Bitcoin price has gone down below $40k again. And it looks like this is the reason. China is still continuing to manipulate the market by its recent actions. And I think that should be enough. They don't have another thing left to damage the market anymore.

good point !  I also think Elon is in the know with China and their stance on crypto. After all the fastest growing demand on his vehicles is from the Chinese market.

[snipie]

Another trash news coming from China. Those politicians ain't anything to do other than recycling their random speech about banning Bitcoin, restricting trading activities, cracking down mining operations...? Apparently, Chinese honest politicians didn't smell yet some ¥ from crypto related operations?

[Reosta_]

China is completely a big joke, nothing different.    First they banned cryptocurrencies AGAIN and now they are cracking down on crypto mining. It is like they are at war against cryptocurrency industry.

[stompix]

Can you please name those miners?

Probably one that will speak first would be Jiang Zhuoer, he has always come either on twitter or on weibo during events like those, the coal plant accident, the inner Mongolia ban that didn't materialize either to date, he runs btc.top, they have a lot of gear of their own in Xinjiang where this thing would hit hardest (if it will even do so).
If he has something clear to say he will be on all over the net in a few days, if not it means this is nothing.

[Gatorelf]

China is completely a big joke, nothing different.    First they banned cryptocurrencies AGAIN and now they are cracking down on crypto mining. It is like they are at war against cryptocurrency industry.

That's probably just how they are looking at it

[Ryker1]

China is completely a big joke, nothing different.    First they banned cryptocurrencies AGAIN and now they are cracking down on crypto mining. It is like they are at war against cryptocurrency industry.

Well, it is possible and perhaps in my own opinion, --there is a big whale there who also secretly manipulating the market.
Not so well to be done for China. I don’t think their decisions towards bitcoin are reasonable. Let us just say that their agendas consider bitcoin as their competition but I don’t think this is the best way to handle it. This is too stupid, I  wonder how miners reacted to their government’s decision. I really find it disappointing honestly. But I think we just had to move on, the government really has the power to stop bitcoin on a national scale, and they just did like many attempts already. But it does not mean that bitcoin’s rise will stop here. Sooner or later, Bitcoin will recover and their yuans that they are very much proud of will soon be gone.

[Twentyonepaylots]

Whatever happens in China stays in China. These people are so disillusioned of their government's nigh-tyrannical rule because of their booming economy which coincidentally is because they are oppressing smaller countries for their resources and power. But take all of that from China and they will be hapless. Still,  we can't do much about this new rule being imposed since we're not in China, or I guess most of us are. And even if we are we can't really go against Xi Jinping.

[davis196]

Sooner or later China will ban cryptocurrency mining for sure.The question is when it will happen.
Another thing that makes me wonder is why the Chinese government didn't ban crypto mining years ago.
Maybe the companies like Bitmain are selling lots of mining hardware and making lots of money,so the government doesn't want to destroy Bitmain.
We have to be prepared for the mining ban.The party might be over and we will never gonna see another 60K USD Bitcoin price.I don't want to spread FUD,but we have to know that such possibility is real.

[LeastComicStanding]

Huge opportunity for other nations - the miners surely won't quit mining, but will simply pick up and move somewhere else. If China doesn't want the economy stimulation, other nations do!

[Kakmakr]

Let me make a quick prediction, so that this can be put in perspective for the people that does not know what is going on. The Chinese government has been talking about their own Digital currency for years now and I think that coin might be close to completion now, so what do they have to do, before they launch that coin? ===> They have to eliminate their competition and guess who is their biggest competition... Bitcoin!

Look out for the Yuan Coin in the near future, because it is going to be the only digital coin that will be allowed in China. 

[Chato1977]

China is really making everything to show the crypto community and market that they are still the dominant figure in talking about Bitcoin and the whole cryptocurrency .


Look how every news or press release from them affected the market flow.

But the thing is that , China is serious or not? because why not stop the mining totally in the whole country?

[Pmalek]

But the thing is that , China is serious or not?

Read the post above yours by Kakmakr to understand.

In short:
China is developing their own digital currency. It's not going to be a decentralized asset like bitcoin is and it's not yet clear whether it will be blockchain-based or not. From some articles I read in the past, they are already trying out their digital coin in a few Chinese cities. Not sure if they consider those trials as successful or not.

It's pretty obvious that they want their citizens to be disgusted by bitcoin as much as possible to increase the adoption rate of their government-controlled digital asset.