Xi Jinping Beats Crypto, Bitcoin Mine Closes

[fara_buduk]

China's crackdown on cryptocurrency (crypto) trading is getting worse. This week, authorities in China's northwestern Qinghai province and a district in Xinjiang ordered cryptocurrency mining projects to close. According to Reuters, the Qinghai office of China's Ministry of Industry and Information Technology ordered a ban on new cryptomining projects and ordered existing ones to be closed in the province by Wednesday (9/6/2021) if this continues to see if prices will weaken again. ...

[paxmao]

Way too misleading title. The closure on one operation means pretty much nothing in the context, more like a show or something to make the news a provoke some fear on others, but a determinant attempt to crack on crypto would need to be much harsher than this. Anyway, while we cannot ignore the effect of a hostile China policy, this is will not determine the faith of bitcoin nor the network. It is much more about adoption and large investments coming from Wall St.

[magneto]

Don't forget that China has done this plenty of times before.

The Bitcoin market is extremely resilient and we have seen it bounce back substantially from these regulatory constraints before. It would be incredibly stupid to bet against BTC prices going up in the long run just because of further restrictions on bitcoin mining in China when the whole industry has essentially moved underground already.

This current bear market is simply a natural phase of the bitcoin market cycle that occurs every 4 years. All the bad news are being magnified, and the good news ignored.

[Psynthax]

Doesn't matter, bitcoin will run just fine like it was, i'm pretty sure those who owned mining facilities and have made some big money could move to smaller countries in maybe south east asia quite easily and start new mining facilities there.
if the main reason is because the power blackout, then there's many developing countries that offers electricity due to excess of power generation and lack of power consumption. also, if the hash power decreases, difficulty automatically adjusts anyway.

[Sithara007]

The market may not take this FUD seriously this time. Chinese provinces have been restricting mining activity for some time now (to combat the rising electricity consumption). The restrictions in provinces such as Xinjiang, Qinghai and Inner Mongolia makes sense, because most of the electricity generation is from thermal powerplants. The largest mining farms are located in the province of Sichuan, and they mostly source electricity from the hydroelectric plants. As long as the farms in Sichuan are under operation, I guess we are fine.

[so98nn]

I know one thing for sure, if China closes their mining operations then other miners will be benefit from this. I’m talking about the miners around the world. The algorithm will put more work on the other miners giving them more rewards (if they produce that much hashrate ) which will be required to overcome the part of China mining power.

Who cares about the mining operations closing in China if others gonna benefit from this ?

I’m saying this from my own mining operation. For example, I’m mining RVN coin and the pool hash rate was 600 GH which dropped to 300 GH because many of the miners switched to another coin probably. This diverted lot of shares or work to my miners and I saw increased hash rate output on my miners with bigger shares.

The rate of 100 RVN per two days increased to 200 RVN in single day.

I’m not sure if this comparable with bitcoin mining operation but logically this should happen with it and it won’t matter if China close down completely.

[jaysabi]

China's crackdown on cryptocurrency (crypto) trading is getting worse. This week, authorities in China's northwestern Qinghai province and a district in Xinjiang ordered cryptocurrency mining projects to close. According to Reuters, the Qinghai office of China's Ministry of Industry and Information Technology ordered a ban on new cryptomining projects and ordered existing ones to be closed in the province by Wednesday (9/6/2021) if this continues to see if prices will weaken again. ...

Why would prices weaken because a mine closes? It doesn’t have anything to do with supply or demand so closing a mine in China shouldn’t have any effect on the price. People keep scapegoating this to divert from the fact that bitcoin is weak because it’s value is arbitrary and it’s going to swing back and forth because that’s what arbitrarily priced assets do.

[WinBIts]

China FUD works like clocks, every time the same result

[Obito]

Doesn't matter, bitcoin will run just fine like it was, i'm pretty sure those who owned mining facilities and have made some big money could move to smaller countries in maybe south east asia quite easily and start new mining facilities there.
if the main reason is because the power blackout, then there's many developing countries that offers electricity due to excess of power generation and lack of power consumption. also, if the hash power decreases, difficulty automatically adjusts anyway.

In the long run, it will be just a footnote in the long history of bitcoin, about how China has an on and off history with bitcoin and how they did a big mistake of letting go the opportunity to be the biggest contributor in pursuance of their selfish goals of making an anti bitcoin.

[tabas]

With what I've read in some posts in the forum, those provinces with mining farms that have been closed are the ones who have been using coal for their energy.
I'm not updated with the whole thing but sometimes news like this has always been misinforming the internet.

[cryptomaniac_xxx]

China's crackdown on cryptocurrency (crypto) trading is getting worse. This week, authorities in China's northwestern Qinghai province and a district in Xinjiang ordered cryptocurrency mining projects to close. According to Reuters, the Qinghai office of China's Ministry of Industry and Information Technology ordered a ban on new cryptomining projects and ordered existing ones to be closed in the province by Wednesday (9/6/2021) if this continues to see if prices will weaken again. ...

Nothing has changed though, they've having this kind of news in the last couple of weeks so what is the fuzz? And if you are going to ask if there is a effect on the price, maybe, but pretty sure other mining pool can cover enough for those mining project ordered to be close by the Chinese government. The price has been weakening so I doubt that this news will have negative effect long term.

[bengsabeng]

bitcoin is used to this kind of news, so this kind of news will not have a big impact on the bitcoin price. In fact, I'm more worried about FUD made by big people, like Elon Musk for example. only by writing on social media he can hypnotize the minds of many people 

[int03h]

Only Chinese living in China understand the nature of the ban. I believe that China is not short of electricity so that miners and the government clearly understand the profitability of cryptocurrency mining.
The ban on information about cryptocurrency exchanges could also be a step towards adopting their national digital currency.

[oHnK]

The Chinese government will never stop in its tough policy towards world innovation. Not only for innovations in the financial sector that clearly affect the economy, for things like social media that only impact the social life of the community is strictly limited. I feel Chinese people are also very used to this kind of ban and it's not something new.

[Similificator]

This guy is getting used to bullying people who are engaged in this industry this is really unfair considering how these people are only doing their best to earn money without stepping on anyone nor doing anything bad like scamming other people. If china decide to continuously allow such behavior from a leader, there will be nothing in good in store for this country and their people in the future. China eill get left behind and quite far at that.

[sana54210]

China's crackdown on cryptocurrency (crypto) trading is getting worse. This week, authorities in China's northwestern Qinghai province and a district in Xinjiang ordered cryptocurrency mining projects to close. According to Reuters, the Qinghai office of China's Ministry of Industry and Information Technology ordered a ban on new cryptomining projects and ordered existing ones to be closed in the province by Wednesday (9/6/2021) if this continues to see if prices will weaken again. ...

They keep "saying" that they are cracking down but in the end people still do end up using it, there is really no logic in this because let's face it they are keep saying the same thing over and over again and they say no miners, they say no ICO, they say no whatever and in the end we look at it and its still there, at this point I am starting to think that maybe China is not as dictatorial as we believe, they just do not have power over crypto people, they are weak against crypto people in china, look at them trying to ban crypto for nearly more than 5 years and they are still trying to do that, why are they so bad at it if they have that much power?

They will not be able to ban anything do not be worried, they keep saying these things but they end up not doing them at all. This is why I believe there is a good chance we could end up with more Chinese people as well.

[Fortify]

China's crackdown on cryptocurrency (crypto) trading is getting worse. This week, authorities in China's northwestern Qinghai province and a district in Xinjiang ordered cryptocurrency mining projects to close. According to Reuters, the Qinghai office of China's Ministry of Industry and Information Technology ordered a ban on new cryptomining projects and ordered existing ones to be closed in the province by Wednesday (9/6/2021) if this continues to see if prices will weaken again. ...

It's clear that a CCP official in that region wanted to prove themselves to the party and taking down a bitcoin operation to get in Dear Leader's good books is a way to make a name for themselves. It is clear that the Chinese government sees bitcoin as starting to smear their image on the global stage and draw in a lot of local money which they won't be able to control. It allows CCP officials and Chinese business owners to circumvent government wealth controls. Most people who make big money in China want to get as much of it away from the country as possible, because the CCP rules through fear and oppression with little logic at times. Plus instead of cracking down on polluting miners using dirty fuels, they just outright decided to ban in instead - the lazy route out as is typical.

[TheGreatPython]

China's crackdown on cryptocurrency (crypto) trading is getting worse. This week, authorities in China's northwestern Qinghai province and a district in Xinjiang ordered cryptocurrency mining projects to close. According to Reuters, the Qinghai office of China's Ministry of Industry and Information Technology ordered a ban on new cryptomining projects and ordered existing ones to be closed in the province by Wednesday (9/6/2021) if this continues to see if prices will weaken again. ...

So they have cracked down one crypto mine? Does that also mean that they are going to be cracking down the others as well? Cause I don't really think that is going to be the case. It's quite possible that they can order one mine to close because of one issue or the other, but it doesn't mean that they will do that to every mines. They might allow the others to continue.

Well, I do know for sure that it is going to be very bad if they should order every mines to be shut down, it's going to affect the business owners, and those working there. That aside, we also know that it is going to affect the price of Bitcoin for sure, though that's not a big problem, because with time, the market will pick up again.

[nightrider]

Don't forget that China has done this plenty of times before.

The Bitcoin market is extremely resilient and we have seen it bounce back substantially from these regulatory constraints before. It would be incredibly stupid to bet against BTC prices going up in the long run just because of further restrictions on bitcoin mining in China when the whole industry has essentially moved underground already.

This current bear market is simply a natural phase of the bitcoin market cycle that occurs every 4 years. All the bad news are being magnified, and the good news ignored.

The Chinese government announced that it will strictly handle all acts of mining and trading virtual currencies, causing mines to stop completely or partially. Up until this point, China accounted for more than half of the global Bitcoin supply. China's strong hand with Bitcoin mining has caused mines in the country to close or move abroad. Along with that, the country's Bitcoin mining equipment manufacturers must also look elsewhere.

[perryxi2]

The closure of Bitcoin mining farms in China as a prelude to FUDs to reduce the value of BTC, but that does not mean that Bitcoin will go down and lose value, it is just news. aim to reduce the value of BTC briefly as they have done this many times before.