China’s Bitcoin ban is short-term negative, long-term positive

[Woodie]

This is truly a missed opportunity for China!

The problem these guys have is they want to control everything
in their way,, and if they understood that cryptocurrencies are successful because they aren't under the sole control of one entity....I don't think they would be introducing a state owned coin because frankly I don't see it being as popular as decentralized coins like bitcoins.

This makes one ask if these guys even consult before making these decisions, do they have millennials  to give them an insightful view of how crypto works...anyway these will be on the wrong side of history.

[tulusikhlas]

in fact bitcoin is starting to go green again, will it last long, as seeing altcoins start to follow it little by little lessens the downside. so like the OP said this will only last for the short term, or is it positive in the long term.
It's certain that Bitcoin current rise is still under powered, after so many dumps.

[pixie85]

This is truly a missed opportunity for China!

The problem these guys have is they want to control everything
in their way,, and if they understood that cryptocurrencies are successful because they aren't under the sole control of one entity....I don't think they would be introducing a state owned coin because frankly I don't see it being as popular as decentralized coins like bitcoins.

This makes one ask if these guys even consult before making these decisions, do they have millennials  to give them an insightful view of how crypto works...anyway these will be on the wrong side of history.

China is a crazy country where you can get executed in public and where they show off people on a death row to the public on stadiums. I wouldn't even try to explain their actions.

It's important for people to understand that even if all mining in china were to shut down on the same day the network wouldn't become compromised in any way. Even if blocks slow down for a while it's not a bearish sign! What you're seeing is miners being forced to sell the coins they were stashing to have enough money to move their operations abroad. This was to be expected for months if you lived in China.

All attacks on the network are a bad sign but they also make it more robust. Chinese government is stupid to think that banning all other cryptocurrencies will make people use their own centralized coin.
The leaders are spoon feeding shit to their people and sooner or later they're going to puke it back at them.

[dothebeats]

Anything moving out of China is something positive IMO, given that the government always wants to get a fair share of the pie and be always on the lookout for possible things that goes against the ideals of the communist party. The initial reaction would mostly be negative, especially the markets, but like what happened years ago, the market will just cope and continue existing and prospering.

[Renampun]

That's right, the fud that happened because of China will only have a short impact on the market...

I read on online news that hundreds of Bitcoin miners from China moved to Kazakhstan, This is good news and has a good effect on Kazakhstan. in the next few weeks or months maybe the Bitcoin price will sideway but by the end of the year we will see new ATH of BTC.

[NicNacCoin]

China government second time ban cryptocurrencies uses in his country because they once ban Binance exchange 2017 and now they ban cryptocurrencies 2021 so easy to understand that they would again permit cryptocurrencies. So wait for another bull run. ...

[Barry Mantle]

I very much agree with the op’s point of view. Although China hinders Bitcoin from various means such as mining and trading, we can also see that many mining farms have gradually moved to other countries, which just diversifies China’s computing power, which is for other countries. It is a good thing, and under such severe measures, Bitcoin is still above $4,000, indicating that the impact on Bitcoin is not that big. I believe that after these, Bitcoin will slowly rise, and it is still in a bull market.

[rodskee]

Couldn’t have said it better. It’s crazy they can’t see how nimble making a NEW currency is in the time of crypto. hunch hunch even the US is scared of it, just a little clue. I’m just a avg civilian and I can see that...

Well China clearly knows what they are doing and with their strong economy they can easily support the coin they will be creating now like US that is now in bad economy.

China government second time ban cryptocurrencies uses in his country because they once ban Binance exchange 2017 and now they ban cryptocurrencies 2021 so easy to understand that they would again permit cryptocurrencies. So wait for another bull run. ...

China Banned the Mining in some areas and not the whole country , and with this effect the market shaken slightly but look at it now , recovering fast with good movement upward since yesterday.

[pooya87]

How can you say that after what happened in Xianjing? We had a forced closure of mining farms, documented even by Chinese miners and the hashrate dropped to 30% exactly on that day, as soon as they reopened the hashrate went back to normal.

It may be slightly higher, it is just an approximation, maybe an extreme one but still.
Also keep in mind that over the past two month we have had a lot of price drops and these falls started after we were sitting above $50k for a couple of months, which means hashrate had grown to that price or close to it. That also means part of the hashrate drops is because of miners' low profit (or lack of it). We can't associate it all with China, even the sudden drops.

If you put price charts and hashrate charts together last time price was in $30k range hashrate was 114 on average and currently it is about 90 on average which is a 20% drop. Of course when price was $58k on average the hashrate was 140 on average which we shouldn't use in calculation for obvious reasons I mentioned above. But when you do you get 35% which is misleading.

[stompix]

If you put price charts and hashrate charts together last time price was in $30k range hashrate was 114 on average and currently it is about 90 on average which is a 20% drop. Of course when price was $58k on average the hashrate was 140 on average which we shouldn't use in calculation for obvious reasons I mentioned above. But when you do you get 35% which is misleading.

Sorry, but when was that?
Also, the fact you're using max price hash rate as an indicator of optimal profitability, that's misleading.

The hashrate from August till November last year was between 120-140Exa, with the price in the range of 9-13K, it would make zero sense for somebody that was mining at that time to turn of their gear now because of the slump in price. We're still talking about 3x profitability compared to November at the same profitability as the second part of May when we reached 179.25 EH/s or the same as in February where we were also at 155.47 EH/s, while now we're moving towards 100EH/s not taking into account miners that have already moved, not considering constant gear delivery done by Bitmain since then, especially the May batch.

[ShowOff]

China Banned the Mining in some areas and not the whole country , and with this effect the market shaken slightly but look at it now , recovering fast with good movement upward since yesterday.

The recent bitcoin price correction may have an impact on China's mining ban in some region. Price correction have been happening so frequently lately and this has created a lot of hesitation among short or medium term holders and investors to hold bitcoin longer. Nonetheless, the market recovered more quickly and currently bitcoin has traded back at $34K after dropping briefly to $29K yesterday.

[NicNacCoin]

Couldn’t have said it better. It’s crazy they can’t see how nimble making a NEW currency is in the time of crypto. hunch hunch even the US is scared of it, just a little clue. I’m just a avg civilian and I can see that...

Well China clearly knows what they are doing and with their strong economy they can easily support the coin they will be creating now like US that is now in bad economy.

China government second time ban cryptocurrencies uses in his country because they once ban Binance exchange 2017 and now they ban cryptocurrencies 2021 so easy to understand that they would again permit cryptocurrencies. So wait for another bull run. ...

China Banned the Mining in some areas and not the whole country , and with this effect the market shaken slightly but look at it now , recovering fast with good movement upward since yesterday.

China government ban bitcoin mining his severals areas but it's effect acutely whole world and all cryptocurrencies. But we notice that bitcoin starting it's correction and price again hit $34k after hitting $29k yesterday.

[Tumanggor]

china is nothing, to hell with their government
spread Bitcoin fud to increase the use of the digital yuan is a very hypocritical act

the BTC miners in there are smart people, they definitely know what to do, moving their facilities to another country is the best way
after this fud passes like the wind then we will see a price spike on BTC, keep hold

[Ararbermas]

china is nothing, to hell with their government
spread Bitcoin fud to increase the use of the digital yuan is a very hypocritical act

the BTC miners in there are smart people, they definitely know what to do, moving their facilities to another country is the best way
after this fud passes like the wind then we will see a price spike on BTC, keep hold

correct because the opportunity of mining bitcoin still huge than what's China trying to do..  Only fuds is the problem here but for sure this will not long last and only for shorts.  Indeed bitcoin is proven tested so once they're all gone spreading fuds, bitcoin will start to spike again like what always happen because ever since i don't see bitcoin didn't fight every time someones trying to make him down on the market,  how much more now that it almost hiy the highest price on this year... There will be more surprises in the future for sure.

[bitterguy28]

china is nothing, to hell with their government
spread Bitcoin fud to increase the use of the digital yuan is a very hypocritical act

the BTC miners in there are smart people, they definitely know what to do, moving their facilities to another country is the best way
after this fud passes like the wind then we will see a price spike on BTC, keep hold

correct because the opportunity of mining bitcoin still huge than what's China trying to do..  Only fuds is the problem here but for sure this will not long last and only for shorts.  Indeed bitcoin is proven tested so once they're all gone spreading fuds, bitcoin will start to spike again like what always happen because ever since i don't see bitcoin didn't fight every time someones trying to make him down on the market,  how much more now that it almost hiy the highest price on this year... There will be more surprises in the future for sure.

Let China make their statements against bitcoin but they must admit to become a believer of Crypto in which the pioneer is bitcoin.

So in totality it is still Bitcoin is the roots of their Digital yuan and this brings them to be stupid enough to amake false accusation against bitcoin while they are pushing Digital Yuan.

[sapnu]

In any aspect in the world where there is competition, China always make sure that they can outsmart the other countries. It might seen bad for bitcoin on having mining within Chinese territiories banned but sooner or later, we will see how beneficial it will be both for bitcoin and for China with regards to bitcoin. We should analyze further more why such things are happening so that we can have an idea on what are the best thing during such transitions or situations. China and crypto will soon play well with each other and rest assured that China will be included on those who will dominate the world.

[CryptoStar19]

There will be two long-term advantages as the hash rate moves out of China:

These miners will have access to more stable / reliable sources of electricity wherever they move to... in the past many Chinese miners have had to move rigs from locations with hydroelectric sources to inner Mongolia with coal-powered sources ... and back and forth as hydroelectric power wasn't as reliable a supply with draughts.

... that and wherever they move to will be politically more stable for crypto.

So the hash rate will come back online eventually and will only be more stable and reliable.

And the distribution of the concentration of hashrate out of China is of course great for bitcoin generally.

[ropyu1978]

I totally agree with your opinion, because of the bitcoin ban in China I strongly believe it will be negative in the short term and will be positive in the future, because China has banned bitcoin mining many times, in the past year they have also done the same thing, but the proof is bitcoin still in a safe place..and still there today..

[lepbagong]

I totally agree with your opinion, because of the bitcoin ban in China I strongly believe it will be negative in the short term and will be positive in the future, because China has banned bitcoin mining many times, in the past year they have also done the same thing, but the proof is bitcoin still in a safe place..and still there today..

It must be admitted that external bad news will certainly affect it, it is impossible to avoid it, maybe only the level will determine, because if the news is continuous then the level will not be too sensational when it first occurs. because china has done this for the umpteenth time and everyone already knows that.

but indeed the impact is always there because the character of investors is clearly different and there are those who already understand but also those who do not know. but with the passage of time will eventually get used to things like this. adjustment will occur because bad news is always unavoidable, it's just a matter of how everyone reacts

[clint25n]

maybe we hope like that, this is only a short-term minus and long-term income even though lately it has had a low cycle and we are very confident that the price will stabilize again. maybe it will return to the best point as in a few years ago.if all will feel very confident that the thing that makes us return to the enthusiasm for investing as before, with very high optimism and maybe in a relatively short time will a revival to bitcoin itself