Xi Jinping Beats Crypto, Bitcoin Mine Closes

[CaVO32]

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.

And if they will continue this crackdown, for sure other miners that are capable to set-up their facilities outside China can very well go to these countries that are more open to crypto-related businesses. And actually, some are already moving out. There may be impact in the market, but I don't think it will be long term. They are not the only country why bitcoin exists. This is the beauty of this market, it is not dictated by one country or so.

[Sithara007]

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.

Sounds like another conspiracy theory. Even if there is any truth with this, it didn't turned out as expected. Bitcoin exchange rates are up by 12% for the last 24 hours and the prices have touched $39,000 per coin. The Bitcoin dominance has also gone up, and that figure is close to 45% now. The reaction from the market suggests that there is hardly any impact from the China FUD. The prices are being driven by the hype around Bitcoin adoption in El Salvador. And I won't be surprised with that. It is one of the most significant milestones for BTC till date.

[Lucius]

Too much importance is attached to something that is not really detrimental to Bitcoin at all, because if the majority claims that China has too much influence on Bitcoin anyway and that in some provinces mining energy is obtained from coal-fired power plants - in that case shutting down such mining farms and their relocation outside China or in areas where there are hydropower sources can only have a positive effect. 

China banned crypto trading a few years ago, but it also sent clear warnings to crypto miners that they would not tolerate their operations forever - some took it seriously and relocated, others would have to do so by force. I hope that things will work out so that China will no longer have as much influence on cryptocurrency markets - because we must understand that the decentralization promoted by Bitcoin will never be compatible with the communist system that rules that country.

In addition, news coming from China is often false or poorly translated, so we have a case where it was announced that Yunnan Province bans crypto mining - which later turned out to be fake news.

CORRECTION (June 11, 2021, 18:15 UTC): This article originally stated that Yunnan province ordered crypto miners to be shut down. The source for this claim appears to have been a counterfeit. Read more. The original article appears below.

[AndySt]

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.

Sounds like another conspiracy theory. Even if there is any truth with this, it didn't turned out as expected. Bitcoin exchange rates are up by 12% for the last 24 hours and the prices have touched $39,000 per coin. The Bitcoin dominance has also gone up, and that figure is close to 45% now. The reaction from the market suggests that there is hardly any impact from the China FUD. The prices are being driven by the hype around Bitcoin adoption in El Salvador. And I won't be surprised with that. It is one of the most significant milestones for BTC till date.

Maybe the market is already tired of reacting to news that brings little positive? The news about El Salvador and bitcoin is quite positive, but given the size of the economy of El Salvador, I am not sure that this news is decisive in the current exchange rate dynamics. Not the most optimistic news from the People's Republic of China has long been played out by the market and the struggle of the Chinese authorities with mining simply begins to lead to the flow of mining capacity from China to other countries, which is probably why such news is not so fatal for the current market.

[cheezcarls]

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. ...

China’s president can’t influence the entire world in doing the same after doing the crackdown on Bitcoin mining farms within their country. They embrace blockchain but not on cryptocurrencies except in havingn their own state-backed digital currency? For sure, they would be left behind and may have a change of heart in the near future like what India does.

[Wind_FURY]

Xi Jinping Beats Crypto, Bitcoin Mine Closes

Is OP trolling? Bitcoin continues to chug along, producing blocks, still remains uncensorable, and still useful to buy Heroine from the dark markers, unable to be stopped by your beloved Xi Jin Ping, and it also will continue to chug along and produce more blocks after Xi Jin Ping is dead. The Honey Badger don’t care. Haha.

[dark1234]

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. ...

China’s president can’t influence the entire world in doing the same after doing the crackdown on Bitcoin mining farms within their country. They embrace blockchain but not on cryptocurrencies except in havingn their own state-backed digital currency? For sure, they would be left behind and may have a change of heart in the near future like what India does.

Mining was closed there, but the Chinese government still supports the development of the blockchain technology that underlies bitcoin, it can't be denied.
as we know bitcoin can weaken temporarily because the issues raised by the media seem to drop and will slowly recover and then pump as it did before because the bitcoin/crypto world is not as easy as imagined and will continue to grow

[RealMalatesta]

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. ...

Bitcoin mines are not things that you need to have it in one place, you can remove it from china and go to any other nation and keep working there as well, so there is nothing wrong with that. In another instance we are talking about renewable energy these days, it is a hot topic right?

Well, if you go to ANY sunny place in the world and plant some solar panels then you can make it for free as well, technically it has a huge capital requirement to do something like that but it would allow you to basically run your entire operation for free without ever paying for it. After a while it will pay for itself and you will be just running on pure profit, that is as good as it gets, you can pick the most expensive electricity in the world and as long as you create your own, it doesn't matter to you, go to New York if you want, as long as you have your own energy source, it is free for you.

[icopress]

I hope that things will work out so that China will no longer have as much influence on cryptocurrency markets - because we must understand that the decentralization promoted by Bitcoin will never be compatible with the communist system that rules that country.

This is only in theory, since the Chinese mining capacities after moving to the near abroad will still remain Chinese. As far as communism is concerned, this statement is for the most part also erroneous, since as far as I know, almost all Chinese mining giants are registered in Hong Kong.

Their business model is structured in such a way that these companies pay low tax rates in one place but do business in another (including the creation of a mobile mining infrastructure to save money during the rainy season). For this reason, there is no point in worrying too much about this, since in the event of an extremely negative government policy, all capacities will be relocated as soon as possible.

[SaShiRaJaVu]

Sounds like another conspiracy theory. Even if there is any truth with this, it didn't turned out as expected. Bitcoin exchange rates are up by 12% for the last 24 hours and the prices have touched $39,000 per coin. The Bitcoin dominance has also gone up, and that figure is close to 45% now. The reaction from the market suggests that there is hardly any impact from the China FUD. The prices are being driven by the hype around Bitcoin adoption in El Salvador. And I won't be surprised with that. It is one of the most significant milestones for BTC till date.

I did not see any change or drop in the hash rate in the Bitcoin network and usually the transaction charges goes through the roof if major mining powers are shut down by force, but i did not see anything to come to that conclusion because i am able to send Bitcoin at really low transaction charges for the past few days and these are just FUD because the market is trying to break a major resistance  .

[AicecreaME]

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 has happened before several times already. But as you can see, bitcoin is still reigning.

This already occurred before because China has been trying to minimize the electricity consumption and it's understandable. We just have to acknowledge China's regulations because after all, it concerns their natural resources. Despite this situation, I know bitcoin will just bounce back again. This is the usual phase of bitcoin. We all know its nature - volatile. Hence, we should always expect sudden price drops whenever these kinds of scenarios happen.

Just chill and relax. IMO, we have nothing to worry about. Every thing is still under control.

[Koro-Sensei]

There are several cases happened before saying that China's banning Crypto in their country. It is not new to have these news and as far as I know, it was in 2017 where they start banning it. I know it was just for pure market manipulation and still crypto market is still being bullish.

[swiftbits]

This is probably due to their regulation movement on the industry; there's an issue that miners illegally use electricity for mining.
China has been regulating the industry for their security; this is not new; ICO was also regulated due to compliance order evasion.

[Vishnu.Reang]

I did not see any change or drop in the hash rate in the Bitcoin network and usually the transaction charges goes through the roof if major mining powers are shut down by force, but i did not see anything to come to that conclusion because i am able to send Bitcoin at really low transaction charges for the past few days and these are just FUD because the market is trying to break a major resistance  .

This is what makes me suspicious as well. On multiple occasions we hear about Chinese provinces shutting down the mining operations. But the only instance when I noticed a drop in the mining hash rate was a few weeks ago, when Inner Mongolia temporarily asked the miners to suspend their operations. I heard similar news from provinces such as Xinjiang and Qinghai, but there was zero impact on the hash rate. Also, there was similar news from Iran as well. And once again, the hash rate remained at the same level.

[zanezane]

This is probably due to their regulation movement on the industry; there's an issue that miners illegally use electricity for mining.
China has been regulating the industry for their security; this is not new; ICO was also regulated due to compliance order evasion.

Meaning to say that this crackdown in mining is a temporary or not worth noticing for the future of bitcoin because it doesn't have any worth doing so plus if these continues and miners in China haves enough of it, they can just go to other countries that have a more relax regulation.

[lixer]

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. ...

Your topic is totally different from what you have written in your post. Your topic says that Bitcoin mining has closed in China, but your write-up says that it’s just one province in china that ordered Bitcoin mining to be stopped. So how does that affect miners in general? You would only say that when it is something that is being carried out in the whole of China.

For now it is not, so I believe that Bitcoin mining will still be going strong there. I don’t know the reason why that particular province have decided to ban bitcoin mining, but maybe the miners can move to other locations where it’s allowed.

[Coroline]

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. ...

Your topic is totally different from what you have written in your post. Your topic says that Bitcoin mining has closed in China, but your write-up says that it’s just one province in china that ordered Bitcoin mining to be stopped. So how does that affect miners in general? You would only say that when it is something that is being carried out in the whole of China.

For now it is not, so I believe that Bitcoin mining will still be going strong there. I don’t know the reason why that particular province have decided to ban bitcoin mining, but maybe the miners can move to other locations where it’s allowed.

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 close in the province by Wednesday (9/6/2021).

The Xinjiang Hui Changji Prefectural Development & Reform Commission also sent out a notice ordering the cleanup of the sector on Wednesday. The Cryptomining project in Xinjiang's national Zhundong Economic-Technological Development Park was ordered to close.

According to University of Cambridge data, Xinjiang is the largest bitcoin mining center in China, accounting for about a third of the total computing power. Qinghai was in ninth place.

You can check here: https://www.cnbcindonesia.com/market/20210612101703-17-252591/xi-jinping-makin-hajar-kripto-tambang-bitcoin-cs-ditutup

[so98nn]

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.

Yeah man they are like devil's of the era. Don't know why but starting from the covid outbreak to booming the medical equipment industry and now closing the bitcoin operations all connections are linking to the China itself and they are real villain here. There is only one output and they want to become more trillion dollar industry and want to overcome the industrial era throughout the globe.

I dont think that they will be left behind as you stated, because it's other way round. We need china market more than anything right now. This is all artificially created need by them.

[newwest]

Since they want to just promote and keep their coin which they will be introducing it shortly and want to promote it internationally where people use there coins rather than btc and others will take a impact as worldwide users will not buy it because the bitcoin fall is happening because of them. So only thing citizens in China forcefully if want or not have to use their government coin only.

[ashmodeus]

and getting worse everyday , remember yesterday ? the latest china FUD , i just wonder how big the impact from china to all crypto world, every single FUD have a huge fear to bitcoin , i just thinking , how low the bitcoin hashrate if every miner on china shutting down , and how low price can go ?