Xi Jinping Beats Crypto, Bitcoin Mine Closes

[btc_angela]

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.

Or trying to create FUD? anyhow, for average Joe like us, this news is kinda scary, but if we have to read between the lines, it might be good for the market in the long run. And as everyone pointed out, the title of the thread is misleading, nothing will beat bitcoin or crypto not as big as a country like China. Yeah, honey badger will continue and be resilient even if it has to take the "Dragon" here, 

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[inoes]

I don't understand why people feel government will allow Crypto is thrive in an environment like China where everything is being centralised and controlled from top to bottom. I will wait and see how their own Digital currency will fair in the market, not just in China but also in International market

Chinese government is very nationalist.  that's what I admit.  provided they know the technique, the concept, and the strategy then they will create their own.  and the people who have to make it successful.  they banned FB, WhatsApp.  they banned google.  they imitate and modify it.  very creative.  therefore it is likely that they will also launch their own crypto.  all done so that they are independent apart from the global game.

[Sithara007]

I don't understand why people feel government will allow Crypto is thrive in an environment like China where everything is being centralised and controlled from top to bottom. I will wait and see how their own Digital currency will fair in the market, not just in China but also in International market

A decentralized asset like cryptocurrency, which exists only in the digital form cannot be effectively banned. So the best thing to do for various governments is to legalize and regulate it. These sort of bans will be never effective, and in due course the users will find loopholes to get around it. The Chinese government is concerned about the cryptocurrency, because their own national currency is heavily manipulated and no one will use the Chinese Yuan, if they have a better alternative in the form of Bitcoin. 

[Xinarae*]

Bitcoin is decentralized so no one can control it the demand for this digital currency will increase further if the government supports it. Xi Jinping will not be able to shut down bitcoin mining without biting crypto because it is not under their control although china has banned crypto they are considering supporting it because bitcoin is more profitable than other digital currencies and is able to launch new currencies by investing in bitcoin. If the price of bitcoin goes down other currencies will never become profitable.

[Vishnu.Reang]

This is only closed mining, I don't think there will be a big impact, moreover the influence of bitcoin is strong everywhere, even Bitmain has moved mining to other countries so in my opinion closed mining on Qinghai province and a district in Xinjiang has no impact on global investors.

I heard that one big mining firm moved their mining equipment to Kazakhstan. But we don't know much about the expenses involved and the duration it took to transport everything. Ideally I would like to move a considerable portion of mining activity from China to other countries. But I have serious doubts about the financial viability in doing so. Also it needs to be seen, whether countries such as Kazakhstan and Russia are happy to have such energy intensive activity in their jurisdictions. In the end, it may be a necessity however, given the increasingly hostile stance of the Chinese government.

[icopress]

[...] 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 ?

It may be FUD, but the government put forward a requirement for the five largest banks and Alipay that they begin to suppress any operations with crypto.
As for the Chinese monopoly, then Nobody has a completely reliable information, but it is clear for sure that if Chinese gives a taboo, then there will be a big move either to Russia or to Indonesia, (one way or another, bitcoin mining will cease to be under the auspices of the communist regime). Although if there are no idiots in the US government, then the US may well lead the vacant niche by luring large mining enterprises with subsidies.

[el kaka22]

I don't care what that winnie the pooh guy does, he is just not as powerful as people think. Actually people are more powerful than they realize and the only reason there are dictators in the world who can do whatever they want is the reason people give him that power. Can you imagine how many people there are in China?

Even the official number is close to 1.4 billion and the amount of soldiers they have is around 2 million, between police and all the hidden numbers let's say they have as much as 50 million, which they do not but let's assume that, do you really think that 50 million could stop 1.4 billion? Well, when it is about life or death they may not, but when it comes to crypto they easily ignore him and do whatever they want, in this case the worse that could happen is not death, at most a fine and they will pay that and move on that's it.

[Snappycoco]

It's China's loss though not for the miners. These miners will probably leave that country and find other country who accepts bitcoin mining and probably with safer and cheaper source of electricity. This Xi Jinping guy is not just a bully one but crazy too. In addition, it wasn't new though. In the last 10 years, many regulation against bitcoin was established in China. All we have to do I guess is to stay away from that shitty country.

[southerngentuk]

It's China's loss though not for the miners. These miners will probably leave that country and find other country who accepts bitcoin mining and probably with safer and cheaper source of electricity. This Xi Jinping guy is not just a bully one but crazy too. In addition, it wasn't new though. In the last 10 years, many regulation against bitcoin was established in China. All we have to do I guess is to stay away from that shitty country.

I don't think the problem is so serious. The Chinese government's interference in the cryptocurrency market is understandable given that they are the leading economic power. To me this only slows down the growth of this market, and there will probably be many theories put forward for that matter.

[KevinRosa]

This news is actually not surprising, because it has always been there, but this year it is particularly prominent, and there is no need to worry too much. The official reason is that everyone knows that the consumption of electricity resources is too large to affect carbon neutrality. In fact, considering this issue from another angle is very positive, indicating that Bitcoin has had a huge impact in China. As a country with a large population, Bitcoin has a large number of participants, which affects the government's interests.

I want to say that your title does not match the content of the post. The text wall makes people feel very stressful.

[Wind_FURY]

OP, Bitcoin hashing power is slowly coming back online, and slowly recovering from the recent crash, https://bitinfocharts.com/comparison/bitcoin-hashrate.html#3y

The network will be around for a very long time, open and permissionless and just waiting to be used, and filling gaps where Bitcoin can fill them. Tell Xi Jin Ping, the cat is out if the bag.

[magneto]

Lmao. This is the nth time that someone has proclaimed BTC dead.

The truth is that there are probably just as many bitcoin holders in China right now who recognise the issue with the fiat monetary system and the central bank digital currency that the PBoC is trying to push out. Only regulated entities are going down.

A lot of miners and holders are unregulated, unregistered, and completely away from the prying eyes of the government no matter how hard they look - that's the beauty of a decentralised asset like BTC.

[SaShiRaJaVu]

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.

What does that even mean? Even if China is cracking down on the mining farms what it has anything to do with cryptocurrency trading and how it is getting worse ?.
Majority of the news coming out are FUD and it is time that we start neglecting these FUD.

[sana54210]

This news is actually not surprising, because it has always been there, but this year it is particularly prominent, and there is no need to worry too much. The official reason is that everyone knows that the consumption of electricity resources is too large to affect carbon neutrality. In fact, considering this issue from another angle is very positive, indicating that Bitcoin has had a huge impact in China. As a country with a large population, Bitcoin has a large number of participants, which affects the government's interests.

I want to say that your title does not match the content of the post. The text wall makes people feel very stressful.

I agree, china never really liked bitcoin to begin with so this is something not really that shocking, we all knew that china hated it so I understand that people may not really like the current situation we are in but we are used to it by now. I think this is even better, China finally proved what they want to do with crypto and that is the important part, now that we know about it we can get ready accordingly and that is what matters, from now on we could actually do what we want to do without caring about crypto at all.

I am not really interested in what China will do from now on, they do not have that dooming hammer of ban in their hands threatening crypto, they did what they want and from now on they are irrelevant, who cares what China will do from now on, unless they decide to suddenly support bitcoin a lot then no matter what bad thing they can think of, it will be irrelevant since they already banned it.

[TimeTeller]

This news is actually not surprising, because it has always been there, but this year it is particularly prominent, and there is no need to worry too much. The official reason is that everyone knows that the consumption of electricity resources is too large to affect carbon neutrality. In fact, considering this issue from another angle is very positive, indicating that Bitcoin has had a huge impact in China. As a country with a large population, Bitcoin has a large number of participants, which affects the government's interests.

I want to say that your title does not match the content of the post. The text wall makes people feel very stressful.

I agree, china never really liked bitcoin to begin with so this is something not really that shocking, we all knew that china hated it so I understand that people may not really like the current situation we are in but we are used to it by now. I think this is even better, China finally proved what they want to do with crypto and that is the important part, now that we know about it we can get ready accordingly and that is what matters, from now on we could actually do what we want to do without caring about crypto at all.

I am not really interested in what China will do from now on, they do not have that dooming hammer of ban in their hands threatening crypto, they did what they want and from now on they are irrelevant, who cares what China will do from now on, unless they decide to suddenly support bitcoin a lot then no matter what bad thing they can think of, it will be irrelevant since they already banned it.

Changing their perspectives in the future may not come as a surprise.
Because they have the history of changing their stance towards crypto before.
So if they see their advantage on crypto market and other countries are making btc as legal tender, they may change their tune.
They have large percentage of miners in their country and shutting them down will have an impact to their economy, even if we say, it is not that significant.
There will be losses of jobs and those mining equipment manufacturers/distributors will lose some of their large market, which China itself is the producer of these gadgets.
But in terms of its effect in crypto market, it may have an effect in general but it will not be the reason for btc to go down. Just a temporary glitch.

[breathlessz]

This news is actually not surprising, because it has always been there, but this year it is particularly prominent, and there is no need to worry too much. The official reason is that everyone knows that the consumption of electricity resources is too large to affect carbon neutrality. In fact, considering this issue from another angle is very positive, indicating that Bitcoin has had a huge impact in China. As a country with a large population, Bitcoin has a large number of participants, which affects the government's interests.

I want to say that your title does not match the content of the post. The text wall makes people feel very stressful.

I agree, china never really liked bitcoin to begin with so this is something not really that shocking, we all knew that china hated it so I understand that people may not really like the current situation we are in but we are used to it by now. I think this is even better, China finally proved what they want to do with crypto and that is the important part, now that we know about it we can get ready accordingly and that is what matters, from now on we could actually do what we want to do without caring about crypto at all.

I am not really interested in what China will do from now on, they do not have that dooming hammer of ban in their hands threatening crypto, they did what they want and from now on they are irrelevant, who cares what China will do from now on, unless they decide to suddenly support bitcoin a lot then no matter what bad thing they can think of, it will be irrelevant since they already banned it.

I watched China as if they were making trouble when prices went bullrun, currently they are banning mining and China is the biggest country in that regard, something similar happened in 2018, China also gave a negative statement at that time. apart from that the price will gradually return to normal after they hit it down. and this is the greatness of bitcoin that no one can stop

[Wind_FURY]

Lmao. This is the nth time that someone has proclaimed BTC dead.

The truth is that there are probably just as many bitcoin holders in China right now who recognise the issue with the fiat monetary system and the central bank digital currency that the PBoC is trying to push out. Only regulated entities are going down.

A lot of miners and holders are unregulated, unregistered, and completely away from the prying eyes of the government no matter how hard they look - that's the beauty of a decentralised asset like BTC.

Plus what many people haven’t truly realized is that everytime there’s an authoritarian government flexing their political muscles to gain more control over the system, the more it gives open, permissionless, censorship-resistant systems like Bitcoin more value. Chinese government widened the gap, Bitcoin is still here to fill it.

[Kittygalore]

It's China's loss though not for the miners. These miners will probably leave that country and find other country who accepts bitcoin mining and probably with safer and cheaper source of electricity. This Xi Jinping guy is not just a bully one but crazy too. In addition, it wasn't new though. In the last 10 years, many regulation against bitcoin was established in China. All we have to do I guess is to stay away from that shitty country.

That is if they can leave the country though, aren't there a citizenship points employed in China right now meaning that the miners might probably have a really big deduction to their citizenship points because they are involved in something that the Party isn't in favor of. And one of the effects of low points is that they might be barred or not prioritized by the immigration to leave the country or anything.

[icopress]

That is if they can leave the country though, aren't there a citizenship points employed in China right now meaning that the miners might probably have a really big deduction to their citizenship points because they are involved in something that the Party isn't in favor of.

This is the first time I hear about such a system of encouraging the Chinese population ... but if this is really so, then such a system has nothing to do with either individuals or legal entities associated with Bitcoin mining. Only for the reason that all these persons and companies for the most part have a Hong Kong passport or are legally registered there.

Just so you know the difference: "A HongKonger needs special permission from the Chinese authorities to enter mainland China". But returning to the topic of discussion, we can say with confidence that even after the relocation of Chinese mining capacities to the near abroad, these capacities still remain Chinese.

[lixer]

It's China's loss though not for the miners. These miners will probably leave that country and find other country who accepts bitcoin mining and probably with safer and cheaper source of electricity. This Xi Jinping guy is not just a bully one but crazy too. In addition, it wasn't new though. In the last 10 years, many regulation against bitcoin was established in China. All we have to do I guess is to stay away from that shitty country.

That is if they can leave the country though, aren't there a citizenship points employed in China right now meaning that the miners might probably have a really big deduction to their citizenship points because they are involved in something that the Party isn't in favor of. And one of the effects of low points is that they might be barred or not prioritized by the immigration to leave the country or anything.

They do not even have to leave the nation, they just need to send the machines to another nation, hell they can even employee other people. So let's just give an example, you are a miner in china, you hire people to run it right? Otherwise how are you going to handle 1000+ machines? So what do you do when china bans it?

You send it to another nation, let's say Iceland, then you plug out all the machines in china, box them up, ship them to Iceland, hire a partner there, he takes care of unboxing all those machines and plugging them in and all the workers working on this, and you get your money anyway. So as you can see you do not even have to leave the nation to handle all of this, you could still do it all while sitting at home, might be making less profit but I rather make less profit than no profit at all. It is still a big loss to china for sure.