Mining plants in China are shutting down. How will this be reflected on Btc

[Twinkledoe]

So far there has been no significant impact on the price of bitcoin, China will always add something good or bad to bitcoin.
today the power of bitcoin is not what it used to be which is easily swayed by some bad news, now investors have realized this trick.

Well, the impact on the market price is not instant, maybe you can just see it later.

Anyways,
This is not the first time that China bans crypto, they hated it so well and I don't think this could have an ending story. And it was not to wonder why the impact doesn't just come so fast because their people are already moving away from China just to continue mining before the government bans the crypto mining industry.

Yes, China is not the only country that you can do mining. Now, you can read that these Chinese mining facilities are setting up in countries like USA or Canada or other crypto-friendly countries. If they don't want crypto, then, so be it. But it doesn't mean that the market will stop just because of them. Or bitcoin/crypto market will cease to exist just because one country is strict with it. Later on, they will change their stance on crypto.

[buwaytress]

Well, we'll find out in a day or so what happens when difficult adjusts up about 13%. Miners will be at max output, or they switch off and then we get even tighter on congestion for another couple of weeks. Then they jump back right in for the certain difficulty down adjustment after.

For as long as market keeps sideways anyway. So... Same same.

[Maslate]

This will affect hugely on bitcoin, but it should only be temporary because miners could relocate and find a country that is crypto-friendly. Anything that is considered as bad news could really affect the market, and in fact, the bullish market is now gone due to bad news that was reported so far.

[stomachgrowls]

This will affect hugely on bitcoin, but it should only be temporary because miners could relocate and find a country that is crypto-friendly. Anything that is considered as bad news could really affect the market, and in fact, the bullish market is now gone due to bad news that was reported so far.

For sure they will and how many times we did experience this mining ban? They can always make some step but effects would be just temporary.

They'll never ever learn that no matter what kind of decision they would make it cant really completely shutdown Bitcoin even how hard they do try.

People are way just too reactive that anytime these kind of news pops out they are been too afraid that the market would crash out.
If they cant plant on China then they can simply migrate into other place where Mining isnt restricted as simple as that.

[jqprez]

@jqprez
In regards to the question on the subject field, I don't think this time around it'll have a significant impact on BTCitcoin... From what I've read online, only three provinces ^{[Inner Mongolia, Xinjiang, and Qinghai]} so far have banned such operations and it appears that they're targeting "only" coal-based regions; In other words, other regions may continue their operations depending on how they're operating it ^{[not yet a nationwide ban]}.

mining is banned in CHINA. Each province will decide the timing to remove mining from their area.  Right now they just got notice so I would assume at least 30 days

[SFR10]

mining is banned in CHINA. Each province will decide the timing to remove mining from their area.  Right now they just got notice so I would assume at least 30 days

A nationwide ban on BTCitcoin mining? Would you mind providing a "reliable" source in regards to that? I've tried looking for it on google but had no luck and lately, I've been reading a lot of conflicting news coming in/out of China.
^{- If what you've written here is indeed the case, then it could have some bad long-term effects [I'm referring to most of the ASIC manufacturers as opposed to its price].}

[South Park]

Due to the big blackout in China, the government has decided to ban mining and I have verified that, indeed, many mining facilities are closing. I have seen that there has been a nice cut of hashpower but, I have also found that some hosting centers have closed. This could be good because fewer miners would have more income.

The situation in China has been unstable for some time for what I have read, this is something that no business will ever want so I think that what we are seeing is that those mining operations will relocate to other countries and then start mining again, even if they are not as profitable as before this is better than to have to deal with a government that does not know what to do with the miners, and while this is a problem during the short term overall this is good for the long term as China losses control over bitcoin mining.

[BrewMaster]

bitcoin is currently over sold and the trend is side way so no matter what new thing comes out whether FUD or real it won't change that because there is no way to push it any lower and the price isn't ready to go back up again and we are left with disappointing market.
i'm curious why altcoins are still dumping since they should be pumping while bit coin goes side ways.

[SaShiRaJaVu]

Due to the big blackout in China, the government has decided to ban mining and I have verified that, indeed, many mining facilities are closing. I have seen that there has been a nice cut of hashpower but, I have also found that some hosting centers have closed. This could be good because fewer miners would have more income.

I am looking for a decentralized system and closing down mining farms is not good at all and that does not mean one less competition to earn mining rewards, you cannot think like that because the strength of the network is determined when more people are supporting the network.

That been said these shutting down will not affect the price as they will be moving to other locations and we do not have hash power issue right now as the problem is sorted when the difficulty was adjusted.

[poodle63]

Due to the big blackout in China, the government has decided to ban mining and I have verified that, indeed, many mining facilities are closing. I have seen that there has been a nice cut of hashpower but, I have also found that some hosting centers have closed. This could be good because fewer miners would have more income.

I don't think that China will completely ban the mining operations because it has its good and bad to their own country as well, but if they decides to close then these mining farms will simply move to other countries and keep making profits.

yes, can  be. But where?

Many neighbouring countries of china that have relatively high electricity generation will definitely be fine, there are many smaller countries in there that are
quite developed and quite reliable. Moreover if they uses renewable energy by choosing the right place probably increase the odd of getting the permit.
Also chinese miner could just move to taiwan, I heard it's permitted there, remember mining in China is different than mining in Taiwan.

[adaseb]

When BTC was rallying past $50K many miners were taking profits but later on they stopped selling, then when news of China cracking down came there were reports of some miners selling their coins.

In the end it doesn't really matter. The same amount of coins is released everyday whether there are more or less miners. Thats how difficulty works. Most likely these rigs will just be shipped to another country like Iran and they will be powered back up there. So the same miners will be back however they might have more expenses now since they had to relocate and might sell more BTC as a result however this should be very little.

[Ararbermas]

This is actually a common reason why some countries ban bitcoin activities because it really can cause some problem such electricity outage and etc. But mostly based what i saw in some news like in other country they don't ban bitcoin wherein they need authorization just to minimise the activity to avoid such problems again .. So perhaps china will do the same as they are the most popular when it comes mining, And this is just a temporary news and not up to date in personal opinion.

[Vaskiy]

China has the majority of the mining firms, and the same has made Bitcoin market depend on Chinese economy. Right now things have changed, and if someone is leaving the market then the vacant space is getting filled in no time by another person. This means if a Miner/large number of miners leave the network, there are many other waiting to get in. So this won't make a big impact on Bitcoin market. Maybe there'll be short term impact.

[jqprez]

mining is banned in CHINA. Each province will decide the timing to remove mining from their area.  Right now they just got notice so I would assume at least 30 days

A nationwide ban on BTCitcoin mining? Would you mind providing a "reliable" source in regards to that? I've tried looking for it on google but had no luck and lately, I've been reading a lot of conflicting news coming in/out of China.
^{- If what you've written here is indeed the case, then it could have some bad long-term effects [I'm referring to most of the ASIC manufacturers as opposed to its price].}

Not just bitcoin Mining,  all the mining. I have some friends that are my source with miners hosted offline

[ene1980]

China has the majority of the mining firms, and the same has made Bitcoin market depend on Chinese economy. Right now things have changed, and if someone is leaving the market then the vacant space is getting filled in no time by another person. This means if a Miner/large number of miners leave the network, there are many other waiting to get in. So this won't make a big impact on Bitcoin market. Maybe there'll be short term impact.

Majority of the mining farms were located in China but how come that means that the Bitcoin market is depending on the Chinese economy , this is not a right statement and most of these miners will be moving outside the country and we are well aware that they do not have any cryptocurrency exchanges and when they had they usually fake their numbers and tried to manipulate the market for a long time.

[Oceat]

China has the majority of the mining firms, and the same has made Bitcoin market depend on Chinese economy. Right now things have changed, and if someone is leaving the market then the vacant space is getting filled in no time by another person. This means if a Miner/large number of miners leave the network, there are many other waiting to get in. So this won't make a big impact on Bitcoin market. Maybe there'll be short term impact.

Just right before Elon Musk announced that Tesla will be accepting Bitcoin again and this has been circulating around already. It's seems like it's not a FUD but it would dramatically affect the Bitcoin market although we haven't seen a negative effect yet, I guess this is due to Elon Musk announcement.

How will the miners make a solution about this? Maybe they have to transfer to another country since their miners are banned due to the massive blackout but if they won't then there would be a slight effect on the market anytime soon.

[jqprez]

I heard there was a nuclear accident at a new generation Chinese power plant. Didn't the blackout start from there? Then there is also to add that it should not only deal with mining rigs but also pools. Let's not forget that f2pool and poolin, just to name a few, are Chinese.

[magneto]

Absolutely no effect in my opinion.

BTC's long term health does not depend on Chinese interest or miners. This has been proven over and over again.

The same people who are concerning themselves with the current dump and attributing it to Chinese bans are the same ones who panic sold in 2017 when Chinese regulations tightened and yet BTC went up to 20k shortly after. People are really myopic and don't appreciate the true nature of decentralisation - to combat precisely these bannings.

[DU18]

China is a country that has long been home to more than half of the world's bitcoin miners, and it is estimated that almost 75% of the world's bitcoin mining takes place in China and with so many miners carrying out mining activities it certainly consumes a lot of electricity supply, because the bitcoin mining process itself requires an energy source which is intensive enough to generate new coins and record all existing digital token transactions and certainly have an impact on China's electricity needs in other areas that may require more electricity.
Now the Chinese government has expelled many miners from the country and most likely the miners will migrate to Texas (United States) because it is said that Texas has the cheapest electricity in the US and even the cheapest in the world.

[Sled]

Due to the big blackout in China, the government has decided to ban mining and I have verified that, indeed, many mining facilities are closing. I have seen that there has been a nice cut of hashpower but, I have also found that some hosting centers have closed. This could be good because fewer miners would have more income.

It could but the effect was not huge and it recovers back shortly. Why? Because we are not only relying on China, a lot of countries that have crypto mining business and they are enough to cater to the huge number of transactions without China's support. And to know what, we are not considering China as a part of crypto development, maybe before but not now.
For how many times that they are Banning crypto, banned those mining companies, there is nothing to expect with this country.