China says no to miners mean something else

[TheMimic1]

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?

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[nira09]

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.

[tabas]

If that is coming from someone there then it only means that the CCP is really controlling every aspect that seems to be profitable for their people. It is questionable but their citizens cannot do anything with it because the Chinese government has always been too strict with policies and issues that they are bringing to their people.

[yazher]

The way the miners work in China doesn't give their governments some privilege to control the flow of the money that the miners can get or they realize that they cannot have full control on them so they decided to close it totally without excuse. Chinese are known throughout the world for their brilliant business mind and the only answer for this is somehow connected there. They just don't want to get the minimum, they wanted to take control of it as long as they see the huge income that the miners could get.

[cryptoaddictchie]

Chinese are clever fellow. They want btc miner out cause they cant get a lot profit from them, also its not about the crypto market. If you would notice China has some plan to make their own digital coin so there must be something related that triggers the banning on mining. Maybe they are preserving their resources for something else. But one thing Im sure China will have a hidden agenda with this kind of action.

[DapanasFruit]

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.

[Beparanf]

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.

They want control money flowing in cryptocurrency. We know that there's a lot of whale traders in china that freely moving money without paying any tax. China wants to avoid this because its very hard for them to regulate as cryptocurrency is decentralized, a completely opposite on Chinese government principle as a communist country.

[crzy]

That's a communist country where the government controlled it's people, so whether they like it or not, they have to follow that regulations. Chinese government made a lot of changes with regards to Bitcoin Mining regulations, they banned this one for a reason which I can see as a temporary only. Tell your friend to stop operating for now or find a better place to do mining, China is not a cryptofriendly anymore.

[DeathAngel]

It’s called oppressive communism & nobody should be surprised. Chinese government has a long history of banning/outlawing innovation & effectively anything that gives the people more power & them less so.
China has banned Facebook, Google, Whatsapp & many more great companies. The Great Firewall If China is famous. Bitcoin will be fine though, it doesn’t need China. 

[kidbounty]

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're not wrong. indeed that is one of the reasons why they issued a ban. their government doesn't want their citizens to be independent, they want to always control their citizens. besides that crypto mining also has an impact on the environment. So the Chinese government's decision is indeed the right one. and it also benefits them. even so I am also disappointed with the ban, because the ban issued by China always creates FUD.

[Nhazwrath]

I saw an interesting article the other day.  It Claimed that most if not all chinese billionaires are fake.  it makes this claim that when these billionaires go to buy say a private jet which would be a rounding error on their bottom line they never "buy" it.  they borrow money and offer stock to the bank to get the jet.  << just one example theres lots more.

The article said theres no good reason for someone with the networth of a few billion dollars to borrow money for a 20 million dollar plane.  its almost pocket change.   So the reality of the billionaire is they have such poor cashflow or their handlers in the Party will Not let them spend their money. and the only way to buy a plane is to either borrow money or offer stock.

so they really dont exist as billionaires.  all Paper tiger so to speak.   

[_MrTuyul404]

Chinese authorities say cryptocurrencies disrupt economic order, and facilitate illegal asset transfers and money laundering. Analysts say Beijing is also worried about potential competition for the digital yuan and that the power-hungry business of bitcoin mining could damage the environment.

[Gozie51]

China since 2017 have not been supportive of cryptocurrency. They have made one rule or another to discourage anything concerning cryptocurrency in their country, example is the banning of cryptocurrency ico then. The mining issue has come again in China. I think early this year, miners also had issues there. I think most government are really fighting cryptocurrency because of selfish reason of trying to protect there own currency and also they do that because they feel threatened by the emergence of new millionaires but I believe they should face the business of governance and trade not to bother the people.

[BitcoinPanther]

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.

Well to say it in a simple way, China doesn't want any activities that does no benefit their own scheme.  They are doing a process of elimination in order to have a full control over their citizen's finance.  Still, this is just a gossip until it is officially published by the Chinese government since this is just a hearsay from a friend as what the OP said.

[MusaMohamed]

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?

It can be temporary fud from China when the nation is in temporary shortages of energy. When season changes and the shortages become less severe, government there can flip their ban.

Miners will come back and hashrates will increase again with huge supply from miners are shutting down their rigs.

Not only Chinese government but also others want to get tax. They have gains from crypto trading s so soon they will make more regulations to have gains from Bitcoin and cryptocurrency mining.

It is unfair when miners get big gains but don't share anything to governments.

[distr@yopmail.com]

that means the government doesn't want to deal with taxes from crypto. the regulations that are carried out are for no mining and crypto use there. this is not tax-related I guess.
The Chinese government is more of a judge, maybe the crypto market can destroy the stock market and investment projects in China. isn't that very possible?

[sapnu]

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?

Recently, China's decision of banning crypto usage in their country has been making so much noise and it has made a huge impact on bitcoin's price after the news came out. There are a lot of possible reason behind this decision and one of which is that the government is secretly investing in crypto and are trying to take all the possible quantity in mining. It can also be because they are preparing for something bigger wherein after a long while of restricting crypto mining, they will open up to the world that they will be regulating crypto. China is a powerful country and they will do anything to lead the world in almost every aspects.

[MusaMohamed]

that means the government doesn't want to deal with taxes from crypto. the regulations that are carried out are for no mining and crypto use there. this is not tax-related I guess.
The Chinese government is more of a judge, maybe the crypto market can destroy the stock market and investment projects in China. isn't that very possible?

Chinese government do not ban all crypto mining and trading. The only ban ICOs and Bitcoin mining in Inner Mongolia.

Not all miners from China stopped mining in last two months. The 50% drop of hashrates is a good proof that Chinese miners are mining somewhere else, just outside the Inner Mongolia.

Tax, Chinese government want it, from miners, traders and investors. Pay them tax from your activities, operations z earnings and you can keep mining, trading, investing.

[worle1bm]

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?

China FUD is not new thing to bitcoin market and they have made several attemps to ban bitcoin but nothing major negative effect have been made on prices in long run.This time they have attacked the miners inspite of earning from them but they have banned most of the social platforms in the country and media is also controlled by communist party for which they will not let people live freely in their lifestyle.But bitcoin won't be under their control so no major effect will be there like miners will be welcomed at other crypto friendly places and business will run again.

[Reid]

I don't believe that's all the reason behind it.
It's a big country and all their rules and regulations must be for all and not individually.
It also has nothing to do with making people millionaires.

IMO, it must be because people don't understand the risk they are taking and they don't want that to happen to most of their countrymen. Or, they just want their new digital currency to be used more rather than the unknown.