China says no to miners mean something else

[Jackl87]

I also don't fully understand the meaning of the Chinese government's ban on Bitcoin and miners. is it possible that the Chinese government will make its own mining "state-owned enterprise"? just like when the Chinese government banned Bitcoin and then planned to create their own digital currency.

I guess the decision to ban mining operations in china have the pretty simple reason. It is a political decision to reduce or completely eliminate "superfluous" energy consumption for the sake of the environment. This is simply the current zeitgeist and from the Chinese government's point of view, it makes perfect sense to pass such a law.  All environmentalists welcome this decision, but at the same time it is of course a setback for cryptos in China as a whole. Everyone knows that the Chinese government has always had a rather negative attitude towards cryptos and has already passed several laws that make the use of cryptos more difficult or hinder it.

[ethereumhunter]

What do you guys think about this? I have friend in China and they told me that their government don't want people to mine any more even if you decide to pay them 10% of your mining reward or pay more electricity bill, their plan is no more miners in the country, what do you think is going on here?

My own reply is the government don't want self made millionaires, they want more workers for the government and crypto mining isn't making that happen, am I wrong?

That makes sense because, first, the government can not control how much the miner can profit. Second, the government wants to use the energy for their own purpose. Third, the government does not want to see their people become rich from crypto because they can do anything with their officers once they are rich.

But whatever the reason, I hope someday, the Chinese government can allow the miner and their people to use bitcoin. If it is necessary, the Chinese government can involve in bitcoin mining with their own resources.

[bison]

I also don't fully understand the meaning of the Chinese government's ban on Bitcoin and miners. is it possible that the Chinese government will make its own mining "state-owned enterprise"? just like when the Chinese government banned Bitcoin and then planned to create their own digital currency.

Maybe they want miners in China to switch to the digital currency they are going to make, and deliberately create panic after the ban is launched, because there will definitely be an effect on the value of crypto when the ban is enforced.

[wxa7115]

What do you guys think about this? I have friend in China and they told me that their government don't want people to mine any more even if you decide to pay them 10% of your mining reward or pay more electricity bill, their plan is no more miners in the country, what do you think is going on here?

My own reply is the government don't want self made millionaires, they want more workers for the government and crypto mining isn't making that happen, am I wrong?

It is clear what China wants, they want control of their citizens but you cannot have that when there is a currency out there that no one can control, also they hate miners more than anything because in the case of the people that get their coins by buying them with fiat they can at least tell that at some point they sent money to an exchange and then that money never came out signaling that there was a purchase, and they could use their influences to eventually track those coins out of the exchange as well.

But in the case of mining this is not possible, if you buy your mining equipment second hand or with cash then they cannot track you and see how many coins you are getting and they like this even less, so they decided to go for a full ban on mining activities, however while this will get rid of the bitcoin mining problem in their country they cannot get rid of the problem of their citizens buying bitcoin precisely to resist their draconian laws.

[Argoo]

In my own view, the overarching reasons why the Chinese government has decided to ban Bitcoin and its mining are the following: 1. Bitcoin is something they may have a hard time to control and control is always at the center of the government even up to now and anything that can threaten this control will really have to be kicked, and 2. They don't want anything that can compete with their own digital yuan and Bitcoin is taken as a possible competitor, so they don't like Bitcoin. Now, it would be an insult to them if they hate Bitcoin and then continually allow its mining right within its jurisdiction.

I also generally support such arguments. The Chinese government has always had its own way of developing the economy and a decentralized cryptocurrency clearly does not fit into their plans. Until that time, they did not infringe on the cryptocurrency systematically and at a high level. This has now happened as the Chinese government prepares to officially launch its digitized yuan and cryptocurrency, and private and commercial stablecoins are its direct competitors. The current decision of the Chinese authorities is serious and for a long time.

[Serco]

In my own view, the overarching reasons why the Chinese government has decided to ban Bitcoin and its mining are the following: 1. Bitcoin is something they may have a hard time to control and control is always at the center of the government even up to now and anything that can threaten this control will really have to be kicked, and 2. They don't want anything that can compete with their own digital yuan and Bitcoin is taken as a possible competitor, so they don't like Bitcoin. Now, it would be an insult to them if they hate Bitcoin and then continually allow its mining right within its jurisdiction.

I also generally support such arguments. The Chinese government has always had its own way of developing the economy and a decentralized cryptocurrency clearly does not fit into their plans. Until that time, they did not infringe on the cryptocurrency systematically and at a high level. This has now happened as the Chinese government prepares to officially launch its digitized yuan and cryptocurrency, and private and commercial stablecoins are its direct competitors. The current decision of the Chinese authorities is serious and for a long time.

and due this reason they need to kill another cryptocurrency to make their own digital currency make domination inmarket. since several years ago they always has reason to crack down crypto market , start from miner till recently finance institution. As we know China always banned everything that could not controll and google could be an example for this.

[ven7net]

What do you guys think about this? I have friend in China and they told me that their government don't want people to mine any more even if you decide to pay them 10% of your mining reward or pay more electricity bill, their plan is no more miners in the country, what do you think is going on here?

My own reply is the government don't want self made millionaires, they want more workers for the government and crypto mining isn't making that happen, am I wrong?

I believe that China's refusal to mine BTC is one of the elements of the war between the United States and China. Moreover, China has its own digital Yuan and does not need competitors. Perhaps the reasons are different, but for me personally, everything looks exactly like this. Unfortunately, we cannot know more than we can see for ourselves and understand ourselves, but it is worth noting that now an attack is underway on BTC all over the world. So at the moment we can only wait and watch what is happening, since this has already happened before and after BTC continued its development and growth.

[tokoorochan]

What do you guys think about this? I have friend in China and they told me that their government don't want people to mine any more even if you decide to pay them 10% of your mining reward or pay more electricity bill, their plan is no more miners in the country, what do you think is going on here?

My own reply is the government don't want self made millionaires, they want more workers for the government and crypto mining isn't making that happen, am I wrong?

I believe that China's refusal to mine BTC is one of the elements of the war between the United States and China. Moreover, China has its own digital Yuan and does not need competitors. Perhaps the reasons are different, but for me personally, everything looks exactly like this. Unfortunately, we cannot know more than we can see for ourselves and understand ourselves, but it is worth noting that now an attack is underway on BTC all over the world. So at the moment we can only wait and watch what is happening, since this has already happened before and after BTC continued its development and growth.

i think its not rellated with US war , China policy purely want to controll this market and make no more decentralization for crypto market. China always want to be the winner in every field , and in this case they create their own digital currency so bitcoin and other crypto will be obstacle to reach their purpose.

[Vatimins]

What do you guys think about this? I have friend in China and they told me that their government don't want people to mine any more even if you decide to pay them 10% of your mining reward or pay more electricity bill, their plan is no more miners in the country, what do you think is going on here?

My own reply is the government don't want self made millionaires, they want more workers for the government and crypto mining isn't making that happen, am I wrong?

     While this may certainly be one of the key reasons behind the action of the chinese government towards the bitcoin and other coin miners in china, I think that there are more to this than what is being shown. The way china and other countries has been making decisions towards bitcoin over the years is really suspicious since some go hard on oppressing crypto enthusiasts on one point then change views and then go back again. Looking at how things have been going on like this specially on china, I can only deduce that there must be some connection; a joint effort or something to manipulate the market along with the people within it.

[swogerino]

What do you guys think about this? I have friend in China and they told me that their government don't want people to mine any more even if you decide to pay them 10% of your mining reward or pay more electricity bill, their plan is no more miners in the country, what do you think is going on here?

My own reply is the government don't want self made millionaires, they want more workers for the government and crypto mining isn't making that happen, am I wrong?

I believe that China's refusal to mine BTC is one of the elements of the war between the United States and China. Moreover, China has its own digital Yuan and does not need competitors. Perhaps the reasons are different, but for me personally, everything looks exactly like this. Unfortunately, we cannot know more than we can see for ourselves and understand ourselves, but it is worth noting that now an attack is underway on BTC all over the world. So at the moment we can only wait and watch what is happening, since this has already happened before and after BTC continued its development and growth.

i think its not rellated with US war , China policy purely want to controll this market and make no more decentralization for crypto market. China always want to be the winner in every field , and in this case they create their own digital currency so bitcoin and other crypto will be obstacle to reach their purpose.

Yes but a digital coin which no one will care about except Chinese people and maybe even Chinese citizens will not care.In order for a digital coin to be profitable it must show some value and surely restricting other coins in order to make this coin a winner is a bad strategy from China.I think the reason behind the ban is their new digital coin which they want to make as I don't think they care much if someone can become a millionaire there,I know a lot of people who had succeed in China,yes they are a communist country but with free economy so far.

[m.rifki]

Maybe they want miners in China to switch to the digital currency they are going to make, and deliberately create panic after the ban is launched, because there will definitely be an effect on the value of crypto when the ban is enforced.

Yes, it is the fastest strategy to get crypto players to stop using bitcoin or other crypto assets other than the Chinese ones, because it will definitely force people who are already comfortable with the crypto world to switch to using the digital currencies they created, but it also can't guarantee people to switch because they might decide to leave China just because of the ban on bitcoin.

[aylabadia05]

What do you guys think about this? I have friend in China and they told me that their government don't want people to mine any more even if you decide to pay them 10% of your mining reward or pay more electricity bill, their plan is no more miners in the country, what do you think is going on here?

My own reply is the government don't want self made millionaires, they want more workers for the government and crypto mining isn't making that happen, am I wrong?

If that's true, I don't think you're wrong, or you're right. As far as I know, the Chinese government has orders that make its people obey the government's decisions. And if it really does happen, then this will have an impact on the crypto world.

[michellee]

What do you guys think about this? I have friend in China and they told me that their government don't want people to mine any more even if you decide to pay them 10% of your mining reward or pay more electricity bill, their plan is no more miners in the country, what do you think is going on here?

My own reply is the government don't want self made millionaires, they want more workers for the government and crypto mining isn't making that happen, am I wrong?

If that's true, I don't think you're wrong, or you're right. As far as I know, the Chinese government has orders that make its people obey the government's decisions. And if it really does happen, then this will have an impact on the crypto world.

Hopefully, the impact will not be too bigger because we have other countries that support crypto. Let the Chinese government ban crypto or not allow their people to use crypto because other countries will support crypto. It is normal to see the Chinese government does that because they can not control crypto or have a plan or want to use crypto for themselves and not for their people.

[tvplus006]

Maybe they want miners in China to switch to the digital currency they are going to make, and deliberately create panic after the ban is launched, because there will definitely be an effect on the value of crypto when the ban is enforced.

Yes, it is the fastest strategy to get crypto players to stop using bitcoin or other crypto assets other than the Chinese ones, because it will definitely force people who are already comfortable with the crypto world to switch to using the digital currencies they created, but it also can't guarantee people to switch because they might decide to leave China just because of the ban on bitcoin.

The digital yuan is just another form of the yuan, along with cash and non-cash yuan. Since the digital yuan is completely centralized, for this reason it cannot compete with cryptocurrency. The Chinese government's bans on mining and cryptocurrency are caused by the fact that they cannot control the cryptocurrency market.

[Ararbermas]

What do you guys think about this? I have friend in China and they told me that their government don't want people to mine any more even if you decide to pay them 10% of your mining reward or pay more electricity bill, their plan is no more miners in the country, what do you think is going on here?

My own reply is the government don't want self made millionaires, they want more workers for the government and crypto mining isn't making that happen, am I wrong?

its not a big deal mate and for your information these kind of news from china is already done and solved, so nothing to worry about it.. If they want to build their own digital currency then who cares.? Indeed only mining is banned on their country not the crypto currency itself.. So stop worrying because this cannot affect the market anymore ..

[vv181]

Maybe they want miners in China to switch to the digital currency they are going to make, and deliberately create panic after the ban is launched, because there will definitely be an effect on the value of crypto when the ban is enforced.

Yes, it is the fastest strategy to get crypto players to stop using bitcoin or other crypto assets other than the Chinese ones, because it will definitely force people who are already comfortable with the crypto world to switch to using the digital currencies they created, but it also can't guarantee people to switch because they might decide to leave China just because of the ban on bitcoin.

The miners intent is to get profitable, not to use it as a currency. Therefore, China banning mining does not correlate with forcing users to use their own CBDC. How could the miners intent to get a profit would be switched to use their centralized currency one, I'm sure there will be no incentive doing that.

After all, we couldn't exactly know why the reason and what is the motive they banned it. But noting, the whole cryptocurrencies especially Bitcoin operate in a decentralized way it sounds plausible if they want to limit it.

[mobtc]

The mining industry is basically prohibited in China. Chinese miners only go to Pakistan, Russia, the United States or countries in Southeast Asia to continue mining.
China want to promote the digitization of the renminbi, so decentralized Bitcoin is still not going well in China.

[TWW]

If china wants to do that, will he be able to beat Bitcoin later? I'm a little worried about what China is doing until now. The country has a million crazy ideas that you probably can't imagine. If you can get into it maybe you will become one of the richest people later. Crazy idea that bears sweet fruit.

no one ever bothered about what the china excuses were or what china was planning. What is clear is that we have seen how dangerous China is in making big news.
not just in the crypto market, this applies to the investment stock market in the world. China is as dangerous as the US.

[masterrex]

What do you guys think about this? I have friend in China and they told me that their government don't want people to mine any more even if you decide to pay them 10% of your mining reward or pay more electricity bill, their plan is no more miners in the country, what do you think is going on here?

My own reply is the government don't want self made millionaires, they want more workers for the government and crypto mining isn't making that happen, am I wrong?

You know that the Chinese government is run by the Powerful Communist Party and their own word is the law in China, If the Communist Government has warned you it means that they are dead serious to enforce that law, If the Government says that mining all kinds of cryptocurrency is not allowed in China it must be enforced with all might that's their law they don't care about those self-made millionaires they only care about is their own interest and since they have the CBDC project (Digital Yuan) that they want to protect. that's why we must consider China out of the Crypto Picture.  

[campusnet]

I think you're right. China want to control their people and don't give them too much freedom, which is one of the basics of crypto. And also they might consider making their ownr digital currency and destroying the competition.

Maybe the regulations made for crypto miners in China are also related to subsidies or assistance provided by the Chinese government for listed companies.
many possibilities, actually, that's because China itself does not publish their problems related to crypto mining in their country.