Xi Jinping Beats Crypto, Bitcoin Mine Closes

[Refrumatrix]

In few more months or year china will lift the ban once again, they have been doing the same for years for crying out loud, aren't you aware of that already? If they don't do this how will they buy BTC at cheap price? Also ask yourself why now? Why not ban when BTC was at 60,000$ china is one of the smartest country I know don't be fooled.

[so98nn]

In few more months or year china will lift the ban once again, they have been doing the same for years for crying out loud, aren't you aware of that already? If they don't do this how will they buy BTC at cheap price? Also ask yourself why now? Why not ban when BTC was at 60,000$ china is one of the smartest country I know don't be fooled.

The concern is not crypto ban, the concern is "ban of mining operation". Mining operation is critical and when it comes to the largest mining farms then China have been on the top of the list. After they started ceasing the miner operations, the people involved started dumping their rewards, causing the terrific crash in market. In addition to this, network difficulty took the wrong turn pressing burden on the rest of the miners around the world. Obviously FUD was added syrup to the whole thing here. The history of china is obviously worst when it comes tot he crypto bans, but this time, everyone is in jeopardy.

[sapnu]

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. ...

Since China has been one of the largest contributors in Asia and in the world, it will surely make a significant change on bitcoin's price now that mining opreations have been shut down. It maybe one of their schemes, to let the value of bitcoin down and start buying huge amount of bitcoin on hold and start regulating crypto after being banned for a while. It is quite unfortunate for the holders yet we all know that some circumstances like this are supposed to happen and will happen eventually. Once the price drops, we should take it as an opportunity to start buying as much as we can and hold till bitcoin comes back strong once again.

[Fredomago]

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. ...

Since China has been one of the largest contributors in Asia and in the world, it will surely make a significant change on bitcoin's price now that mining opreations have been shut down. It maybe one of their schemes, to let the value of bitcoin down and start buying huge amount of bitcoin on hold and start regulating crypto after being banned for a while. It is quite unfortunate for the holders yet we all know that some circumstances like this are supposed to happen and will happen eventually. Once the price drops, we should take it as an opportunity to start buying as much as we can and hold till bitcoin comes back strong once again.

With such kind of news the after effect with the current value really showned up, but like what you have said, the value will drop as expected since there are investors from China aside from those mining farm owners, there are rich millionaires who don't want to compromised thier investment.

This action from the government may not be permanent knowing how they treaed crypto/bitcoin before and how they changed it up after some time, maybe you are also true that they are just trying to create some shake and buy those cheap coins that will be sell out from the market.

[Shenzou]

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. ...

This decision may have a bad outcome on the price for the short term, and we might see more of it before it starts recovering, but this might be a good solution to many people's problem that they have with how decentralized the bitcoin mining is since china has been the number one in mining business for a long time, as for many mining companies that were located in china they have already made their plans of moving elsewhere because this ban has been going on for a long time and it is only now that they are making some harsh action about it.

[jossiel]

In few more months or year china will lift the ban once again, they have been doing the same for years for crying out loud, aren't you aware of that already? If they don't do this how will they buy BTC at cheap price? Also ask yourself why now? Why not ban when BTC was at 60,000$ china is one of the smartest country I know don't be fooled.

How can you be sure with that? we all know that they've been still in the crypto scene despite the news of them about banning ICO.

But this time it's entirely a different news, I guess they're trying to remove the competition towards bitcoin and what they've been doing for their CBDC.

[jaberwock]

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 what exactly is he going to gain from banning bitcoin in China? I do understand that they (government) don’t like Bitcoin, but that doesn’t mean they should ban it, because there are lots of people there that I know for sure would be relying on bitcoin as their means of income on a daily, especially those people who are working as Bitcoin miners.

Most of these miners has invested a lot in crypto buying miners so that they will be able to mine bitcoin, and then all of a sudden they are being told that they cannot continue with their business because the government has decided to ban what they are doing for a living. From what I have understood, the Chinese government are just trying to ban Bitcoin as a way to push their digital Yuan.

[jaysabi]

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.

This doesn't make any sense. The ban is on all crypto dealings, so you can't run a mine from China any more than you can run the mine in China. You really think that people are going to risk jail time over this? And it's not a loss for China because they're after something much more important the to the communist party- total control over the economy.  They can't risk tolerating a competing currency because it weakens the party, so they won't be lenient on anyone continuing to break the law.

[FloridaKid]

Very funny, why said xi jinping beat crypto? We all know that's impossible assuming I'm a Chinese guy and crypto is the only way I used for surviving I will pack my things and leave the country immediately, china sold their rigs to other parts of the countries and people are buying them very fast, it's only a matter of months another china like country will take over