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

[South Park]

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.

I think the opposite, one of the great things about mining bitcoin is that it is a portable source of consumption of energy, one of the problems with renewable sources of energy is that you need to be at a specific place to obtain that energy and many times there are not cities there so you need to transmit that energy long distances and this has a cost, mining allows you to consume that energy at a lesser cost and to develop more of this clean energy and yet people do not see this and think that bitcoin is a danger to the environment when this is clearly not the case.

[henmark]

Bitcoin getting rid of china is something I always loved, it is something we should always cherish, it is something we should be happy about, it is china for Christ sake you can't even say "president is a bad person", you will be jailed and even worse you could be killed, just for saying that, I know I do not live in worlds greatest place but at least I can say my president is a bad person, or the party that is in charge is a horrible party, I can say that.

Now, if a nation that is ruled by dictatorship keeps the control of bitcoin market by keeping the miners at bay? That would be horrible and so far it has been sort of like that, he wasn't controlling but it was under his control which is why I think it is quite good that we do not end up more and more miners there, even USA (which has higher electricity rate) has more and more miners because you are more free there.

[stompix]

I heard there was a nuclear accident at a new generation Chinese power plant. Didn't the blackout start from there?

That nuclear powerplant is in Guangdong, only there provinces matter for bitcoin mining and those are Inner Mongolia, Xinjiang and Sichuan.
Besides, there was no blackout reported and I don't even know if they've halted the reactor at all, oh, btw, the reactors are french made, China has only one home-built PWR reactor.
https://www.reuters.com/world/china/what-happened-chinas-taishan-nuclear-reactor-2021-06-15/

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.

Nothing recovered and it won't be short at all.
The difficulty a month ago was 25.05 T, then it dropped  -15.97 % to 21.05 T  then again - 5.30 % to 19.93 T and now we're looking at another -10% drop.
Overall a 30% drop since May and lower than in October a year ago when BTC was at 10k.
And you have the wrong idea about how the number of miners influences the number of transactions, and the fact is that they don't!

[semobo]

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.

China banned thousand times already related to cryptocurrencies so this is not going to affect anything and I don't see there is any drop in the mining operations or need of high hast rates since the number of unconfirmed transactions are less than 5K in the recent times.

[Obito]

The prices are going to go down but it will be a temporary thing because people will move on and the mining companies that were shut down in China can relocate to other places that have a more relax regulation and no looming Damocles' sword is hanging on their head for mining bitcoin.

[jqprez]

The prices are going to go down but it will be a temporary thing because people will move on and the mining companies that were shut down in China can relocate to other places that have a more relax regulation and no looming Damocles' sword is hanging on their head for mining bitcoin.

my idea is: low hashrate low value. Cause the btc price go up when the hashrate go up

[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].}

this is the fundamental problem of china. Very little transparency. Even listed companies give very little information and this is what makes investing in China very risky. I believe the source is reliable but we await news

[carlfebz2]

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].}

this is the fundamental problem of china. Very little transparency. Even listed companies give very little information and this is what makes investing in China very risky. I believe the source is reliable but we await news

What would you expect from China? For a communist type of country then all the things that would be against into their interest would be definitely be gone or would be banned and when the time that they do saw that they can benefit again then they would revoke such decision and allowing it again.

This isnt the first time on China had been playing with this crypto market and since from those old years where China do really loves on stirring up the crypto scene and this is why anytime they do make out decisions then it turns out to be a casual situation already.

The community doesnt already get surprised and just letting them on all the things  that they do wanted to do.We dont really care at all.

[STT]

China is probably seeking to promote its own home grown alternatives to BTC where it has so far failed to corner as a market or in mining.  I believe they are incorrect to think they can do better but who will argue with the Red Army so let them try, the dynamics are natural not dictated.   Less miners in China is probably a positive for the world and Bitcoin, perhaps China will inadvertently advance crypto by their attempts but the first moment I hear they intend anything new as a centralized politically controlled system I will know enough.

[jqprez]

China is probably seeking to promote its own home grown alternatives to BTC where it has so far failed to corner as a market or in mining.  I believe they are incorrect to think they can do better but who will argue with the Red Army so let them try, the dynamics are natural not dictated.   Less miners in China is probably a positive for the world and Bitcoin, perhaps China will inadvertently advance crypto by their attempts but the first moment I hear they intend anything new as a centralized politically controlled system I will know enough.

the paradox: China close the miners and El Salvador adopts btc as legal value

[Kong Hey Pakboy]

China is probably seeking to promote its own home grown alternatives to BTC where it has so far failed to corner as a market or in mining.  I believe they are incorrect to think they can do better but who will argue with the Red Army so let them try, the dynamics are natural not dictated.   Less miners in China is probably a positive for the world and Bitcoin, perhaps China will inadvertently advance crypto by their attempts but the first moment I hear they intend anything new as a centralized politically controlled system I will know enough.

They are pushing for their CBDC which is the Digital Yuan which is I think is the main reason why they are cracking down on cryptocurrency and the mining of it, they don't like competition which is integral in my opinion to the growth of a digital currency.

[inoes]

We just need to wait some more days patiently. Obviously a positive news can bear good result on the price of bitcoin. I hope within short possible of time, we'll be able to get positive news from China. It will help bitcoin to grow $60k again.

it is clear the closure of the BTC mining factory in China will greatly affect the price of BTC, the Chinese government directly prohibits crypto and as a result the public's interest in crypto will decrease, purchasing power decreases and is likely to bring about many changes in the market.  Moreover, China is a fairly large contributor in BTC mining.  Even though the reward between miners is getting bigger, but with bad market conditions, the btc that is dumping results in even less profit.

[Dave1]

We just need to wait some more days patiently. Obviously a positive news can bear good result on the price of bitcoin. I hope within short possible of time, we'll be able to get positive news from China. It will help bitcoin to grow $60k again.

it is clear the closure of the BTC mining factory in China will greatly affect the price of BTC, the Chinese government directly prohibits crypto and as a result the public's interest in crypto will decrease, purchasing power decreases and is likely to bring about many changes in the market.  Moreover, China is a fairly large contributor in BTC mining.  Even though the reward between miners is getting bigger, but with bad market conditions, the btc that is dumping results in even less profit.

I think the news is already price-in, even if we hear like everyday news coming from China that they have been 'forcing' to cut electricity for the miners, the price is still going strong above $35k. So investors are not going to bite and sell off because of this news. We are tired of bad news coming from China so for me it's already price in.

And for the miners? they can still do what they want, specially for big mining farms, get out of China, go to friendly countries, used your profit to make more profit. They don't have to stop their business just because their government is clamping them down.

[ILuckyGuyI]

This news can't have a permanent affect on Bitcoin price first of all. And secondly, this is more related to Bitcoin miners rather than Bitcoin price itself I think. They will have to move their mining rigs to another country.

[Slow death]

what did people expect from china? Years ago the Chinese government made their position in relation to cryptocurrencies very clear, today people should not be surprised by these decisions because they already knew that in the future this would happen, the Chinese government never gave any hope of change in relation to seeing well the cryptomedas. we are talking about the Chinese government, that government that all of them must be controlled, all things must be Chinese, an anti-democratic country that restricts people's rights. could not expect good things coming from china.

[serjent05]

MIning farm shutting down in China will somehow have an effect on Bitcoin confirmation time until the difficulty adjustment on the next block.  Aside from that, I don't think it have a huge effect on security.  Though I think this will have a huge effect on the Bitcoin market price as we see when this news comes out, Bitcoin fall from $50k+ to $30k+ due to FUD had been spread that changes the market sentiment.

[pooya87]

what did people expect from china? Years ago the Chinese government made their position in relation to cryptocurrencies very clear, today people should not be surprised by these decisions because they already knew that in the future this would happen, the Chinese government never gave any hope of change in relation to seeing well the cryptomedas. we are talking about the Chinese government, that government that all of them must be controlled, all things must be Chinese, an anti-democratic country that restricts people's rights. could not expect good things coming from china.

You just described all governments in all countries in all history, not just Chinese government!
Besides it does not surprise anyone that some government in a country did something that was against bitcoin, they have been taking actions against bitcoin for years now all over the world. What surprises us is that people still believe the FUD that tells them "China controls bitcoin" so that they can continue that with "Power outage in China == bitcoin death" and then they panic sell!

[jqprez]

what did people expect from china? Years ago the Chinese government made their position in relation to cryptocurrencies very clear, today people should not be surprised by these decisions because they already knew that in the future this would happen, the Chinese government never gave any hope of change in relation to seeing well the cryptomedas. we are talking about the Chinese government, that government that all of them must be controlled, all things must be Chinese, an anti-democratic country that restricts people's rights. could not expect good things coming from china.

You just described all governments in all countries in all history, not just Chinese government!
Besides it does not surprise anyone that some government in a country did something that was against bitcoin, they have been taking actions against bitcoin for years now all over the world. What surprises us is that people still believe the FUD that tells them "China controls bitcoin" so that they can continue that with "Power outage in China == bitcoin death" and then they panic sell!

You can see some data around the web about 24h change hashrate:
Antpool 16274 phash -29,22%
Poolin 12068 phash -17,46%
Binance pool 11581 -19%
Btc.com 12530 - 14%
This is the data to 19 jun 2021
Seems to be in sept 2017 with the ban of the trading

[South Park]

China is probably seeking to promote its own home grown alternatives to BTC where it has so far failed to corner as a market or in mining.  I believe they are incorrect to think they can do better but who will argue with the Red Army so let them try, the dynamics are natural not dictated.   Less miners in China is probably a positive for the world and Bitcoin, perhaps China will inadvertently advance crypto by their attempts but the first moment I hear they intend anything new as a centralized politically controlled system I will know enough.

We must always try to look at any any positive angle we can from any news and this is one of them, China due to being the country that had the most miners always had a huge influence over the market, if those mining operations are closing down then it is unlikely this is going to be forever and instead those mining facilities are just relocating themselves, so this is good for bitcoin as the dominance of China over that aspect of the network finally begins to disappear or at least it is not as strong as it is now.

[jqprez]

China is probably seeking to promote its own home grown alternatives to BTC where it has so far failed to corner as a market or in mining.  I believe they are incorrect to think they can do better but who will argue with the Red Army so let them try, the dynamics are natural not dictated.   Less miners in China is probably a positive for the world and Bitcoin, perhaps China will inadvertently advance crypto by their attempts but the first moment I hear they intend anything new as a centralized politically controlled system I will know enough.

We must always try to look at any any positive angle we can from any news and this is one of them, China due to being the country that had the most miners always had a huge influence over the market, if those mining operations are closing down then it is unlikely this is going to be forever and instead those mining facilities are just relocating themselves, so this is good for bitcoin as the dominance of China over that aspect of the network finally begins to disappear or at least it is not as strong as it is now.

https://www.btctimes.com/news/pboc-orders-banks-alipay-to-cut-off-bitcoin-linked-transactions
surely china is pushing to bring btc elsewhere