More China Craziness - "Cracking done on mining"

[leea-1334]

China wants digital yuan,,, and anything that is competing or even looks close to their CBDC must be considered a threat. They were even giving out free CBDC in some provinces last year so we know for sure digital yuan is not IF but WHEN.

They will kill Bitcoin seemingly at first but this will end up being a good thing for crypto, just see!:)

[Expecto]

China continues to damage the market with its actions recently. They banned cryptocurrencies first and now this happens. There were already some rumours that China would lose its dominance in Bitcoin mining. And it starts to come true.

[dkbit98]

China is banning Bitcoin every year so I think it would be a good idea to have special Bitcoin Ban day we can all mark on our calendars and celebrate annually.
Look at it from positive side, if they ban and restrict Bitcoin mining that means that pools from other countries will have bigger share and there will be no more fake news how China controls Bitcoin.
Bitcoin is like a living organism and it adapts to whatever conditions are in the world with regulations and everything else, but I think Chinese will just move everything underground and continue their business as usual.

[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.

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.

As though China wanted to maintain yuan's value by banning cryptocurrencies. They see this market as a threat. If there is such possibility, then why doesn't the USA do the same, for example. And yes, they can't destroy Bitcoin with such actions. Bitcoin will bounce back and reach its old levels at least.

[downgm]

the same news every 3 years....
https://i.ibb.co/rpDhM3k/145454.jpg

[Gatorelf]

Bitcoin miners should Ban China 

[vintag386]

This is really about the CCP's need to control its populace. crypto-currencies remove the government's hand in financial transactions, which threatens the entire communist system. I really don't think there's a conspiracy to manipulate the crypto market, but rather to exert more control over their population. Chinese citizens are already required to report other Chinese abroad that are doing anything that could threaten the CCP. Look at Hong Kong, they cracked down on the independent democratic government there. This is the real power of BTC, and by getting this message out there, we can hopefully reverse the negative trend that's hit the market recently.

[temple]

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

I am more and more convinced that China is trading the cycles that it helps produce. Maybe they bought Bitcoin for $100 billion, now do everything they can to drive the price down, refill their bags and let the market build up again. They threaten so often but still a major part of the industry is located in China and probably will always be located in China.
They won't the whole mining industry including the chip production and so on. I will only believe it once it happened.

[ILuckyGuyI]

China didn't want to content themselves with only banning cryptocurrencies. They wanted to ban mining also. I can't say that I'm surprised about this. When it comes to China, everything is possible. 

[CaVO32]

China didn't want to content themselves with only banning cryptocurrencies. They wanted to ban mining also. I can't say that I'm surprised about this. When it comes to China, everything is possible.  

But it is good for other miners in other parts of the world or should I say, some of these chinese mining companies are already going to other countries like BIT Mining. So if China doesn't want them, they can always set-up their mining facility outside of their country. It is not a loss for these mining companies, but loss from China.

https://www.coindesk.com/chinese-bitcoin-mining-company-invests-25m-in-new-facility-in-texas

China is not the only place that they can set-up their mining facilities, there are other parts in this world that will gladly accept them to invest on their area of jurisdiction. Sooner or later, China will realize that bitcoin will survive even without them.

[elisabetheva]

I am more and more convinced that China is trading the cycles that it helps produce. Maybe they bought Bitcoin for $100 billion, now do everything they can to drive the price down, refill their bags and let the market build up again. They threaten so often but still a major part of the industry is located in China and probably will always be located in China.
They won't the whole mining industry including the chip production and so on. I will only believe it once it happened.

even this has several times China said and made threats that lead to crypto, of course we can be sure that there is a certain load behind it. because we know that the biggest mining sector is in China. Is it possible that China will do that because he does not know, obviously not possible. but there is a charge behind it that will clearly be seen, because this is the umpteenth time they have done that and returned to normal as usual and as if nothing happened that was very worrying.

China plays a very important role in crypto and clearly has a huge influence when it comes to actions that are against reality. although they are very disciplined and obey the rules that may be made, but I do not believe it.

[chshlo1]

In the past six months, the price of metal products has risen too high, and the electricity consumption of steel has greatly increased. Coupled with the problem of greenhouse carbon emissions, this disaster has been caused. In fact, there is nothing to fear from what I have experienced in the early years.

[virasog]

China continues to damage the market with its actions recently. They banned cryptocurrencies first and now this happens. There were already some rumours that China would lose its dominance in Bitcoin mining. And it starts to come true.

This is just temporary or false statement to move the market down. Nothing is gonna change as the biggest mining farms are in china and they are not going to close. We should stop following these news or atleast try to remain out of market for next two weeks. Hopefully by then, this fud will fade away.

[electronicash]

another recycled fud. can't believe China would really go along with this renewable energy play they are doing as if the fungibility will be affected. i guess they just play along till they see where this is going. with the successive fud, institutions are also grabbing coins, they should just let the price dip below the 27K. i wouldn't be buying this dip until they push the price below $27K, there is even a chance for it to go $20k.

[Gatorelf]

China is banning Bitcoin every year so I think it would be a good idea to have special Bitcoin Ban day we can all mark on our calendars and celebrate annually.
Look at it from positive side, if they ban and restrict Bitcoin mining that means that pools from other countries will have bigger share and there will be no more fake news how China controls Bitcoin.
Bitcoin is like a living organism and it adapts to whatever conditions are in the world with regulations and everything else, but I think Chinese will just move everything underground and continue their business as usual.

Agree lol, it will just be mined in the dark now much like the days of prohibition and alcohol...  it became illegal but they still made and sold it.

[sholoml18]

CHINA IS CRAZY

[temple]

I am more and more convinced that China is trading the cycles that it helps produce. Maybe they bought Bitcoin for $100 billion, now do everything they can to drive the price down, refill their bags and let the market build up again. They threaten so often but still a major part of the industry is located in China and probably will always be located in China.
They won't the whole mining industry including the chip production and so on. I will only believe it once it happened.

even this has several times China said and made threats that lead to crypto, of course we can be sure that there is a certain load behind it. because we know that the biggest mining sector is in China. Is it possible that China will do that because he does not know, obviously not possible. but there is a charge behind it that will clearly be seen, because this is the umpteenth time they have done that and returned to normal as usual and as if nothing happened that was very worrying.

China plays a very important role in crypto and clearly has a huge influence when it comes to actions that are against reality. although they are very disciplined and obey the rules that may be made, but I do not believe it.

It could be a possibility that the government themselves has been into Bitcoin for a long time. The Chinese are very forward looking and I don't think they would just ignore a technology like Bitcoin, but rather explore it and develop a strategy that they can best exploit without getting caught.

[uneng]

It's a good opportunity for mining companies move their businesses to another countries and decrease the total mining power China is responsible for. It will give a lot more stability for bitcoin if mining power isn't concentrated in one only country, especially a country ruled by communist dictators like China. It's also a chance for smaller countries which need to increase their income to attract these mining bitcoin operators to their territories.

[LeastComicStanding]

It's a good opportunity for mining companies move their businesses to another countries and decrease the total mining power China is responsible for. It will give a lot more stability for bitcoin if mining power isn't concentrated in one only country, especially a country ruled by communist dictators like China. It's also a chance for smaller countries which need to increase their income to attract these mining bitcoin operators to their territories.

Yes! So much opportunity created here to make things better overall. It seems like a big hit if you look directly at the BTC price, but when you see the big picture, it all makes sense.

[avikz]

I am glad that these are happening. If we have high dependency on China for anything, that doesn't ends well. Either Chinese government will pass a law to ban that activity or will just confiscate the equipment. I am glad that Chinese government is at least giving a warning here and a safe passage to move out of the country.

I believe many large scale miners will move out of China to continue with their operations. Slowly the dependency on China will end. That should have happened earlier. So the impact we are seeing now, is temporary. Hopefully we will be back on track by the end of the year.