China says no to miners mean something else

[sulis sudibyo]

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.  

indeed that is the reason why china is so persistent in banning bitcoin and crypto. they have a vested interest in the digital Yuan, and bitcoin is the bottleneck. if bitcoin still existed in china, its citizens would be more interested in a more decentralized coin.

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[jostorres]

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 do not think that it really changed a lot, I mean China never liked bitcoin anyway so why worry? I think we should just ignore it. It is not just about self made rich people, look at Jack Ma, they are very happy about him making a huge business because they just took over, and even kept that guy away from the world for months and months, have you ever seen anything like that in other nations? Don't get me wrong USA is a horrible nation in 1 million different ways, people are dying because they can't buy insulin they need while there are rich people who buy yacths that have helicopter pads (or helipads) and that is just insane to think that you can't even increase the tax of people who make more than 10 million dollars a year to 2% higher a year because then you will be called communist.

However even while at that, you never see government doing bat shit crazy thinks like kidnapping rich people and threatening them, so I would still prefer USA if I had a choice. Just ignore China completely, that is the only way.

[btcltcdigger]

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?

IMO they couldn't find a foolproof way to tax them, and decided to ban them altogether.
And this will not only happen in China. Any government that smells money which they can't tax, or they do tax but there's a way around it, will ban it.

[Evgenklm]

I am inclined to believe that China is not very good with the environment, and the miners just gave a push to make such a decision, but I am sure that most of the miners in China will safely transfer to other countries.

[Bitcoinjheta]

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 is the big reason also why government of China strictly implement a total banned of crypto mining in there country. Taxation are basically the main problem why they can not pursue to deal with it because digital currency are illegal and they know its a treat to there economy/fiat in the future.

[cliber]

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 think they do not want the birth of an independent millionaire, because they are worried that it will become a big problem for their country, usually independent millionaires don't really care about the influence that is happening in their country, they are more likely to live independently without any rules, this concern is what is sweeping their country, so the fear of not wanting to work with the government is a ghost for the country, in terms of social control, independent millionaires are much higher than government workers, considering that the financial source they spend is their own capital to socialize or help more people without having to report their financial sources to the authorities that have been set

[tokoorochan]

I am inclined to believe that China is not very good with the environment, and the miners just gave a push to make such a decision, but I am sure that most of the miners in China will safely transfer to other countries.

kazakhstan be main purpose for mining relocation from CHina. And now finally China loss great opportunity from miners , how much money from taxes if they collect it in a year. Its really be great news for us if most miner moved from China , no more decentralization which is give CHina government have power to control cryptocurrency market.

[imstillthebest]

giving them 10 percent cut and paying more for electric bills is a nice offer but they didnt accept it.  
that shows that they their offcials are loyal to their duties but if that is offered in someone else for sure they wont ignore that. you could be wrong with your assumptions .
mining is only banned but not other business . i dont think they hate it when somone became rich for their own hardwork but that is honorable. 

[el kaka22]

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 is the big reason also why government of China strictly implement a total banned of crypto mining in there country. Taxation are basically the main problem why they can not pursue to deal with it because digital currency are illegal and they know its a treat to there economy/fiat in the future.

When you can't charge taxes for something that you can't see but know it is there, the best course of action is to ban it for many people. However what I would advice would be to let it, sure people would be deregulated and you are not getting taxes from them, which is unfair to everyone else that pays taxes but at the end of the day why would you not want your people to have more money?

Think about it, Chinese miners spend money in china, they are Chinese and live in china, so when they get rich, they spend that back into their country, and Chinese miners hire Chinese workers as well, and they spend their costs such as energy and all in china as well, compared to all of this, where do they get their money? Mainly from other nations, because they get bitcoin from mining and then go out there and use exchanges to sell their bitcoin and get dollars. So Chinese government is an idiot for thinking this is a good idea to ban it.

[Sendi blackspade team]

giving them 10 percent cut and paying more for electric bills is a nice offer but they didnt accept it.  
that shows that they their offcials are loyal to their duties but if that is offered in someone else for sure they wont ignore that. you could be wrong with your assumptions .
mining is only banned but not other business . i dont think they hate it when somone became rich for their own hardwork but that is honorable. 

there must be something wrong with crypto mining in China. this creates a ban without any negotiation for the miners.
those who have already invested large sums of money should rethink how they continue their company.
what is certain is that China has made great strides by doing all that. different from many other countries. maybe China has prepared something.

[Oneandpure]

giving them 10 percent cut and paying more for electric bills is a nice offer but they didnt accept it.  
that shows that they their offcials are loyal to their duties but if that is offered in someone else for sure they wont ignore that. you could be wrong with your assumptions .
mining is only banned but not other business . i dont think they hate it when somone became rich for their own hardwork but that is honorable. 

there must be something wrong with crypto mining in China. this creates a ban without any negotiation for the miners.
those who have already invested large sums of money should rethink how they continue their company.
what is certain is that China has made great strides by doing all that. different from many other countries. maybe China has prepared something.

I think not about cheating why China banned bitcoin and never allowed for mining space working there, last four years China have been banned bitcoin, ICO project and mining but just few company still stay keep mining and now have go away from China. There are not friendly
and good country for cryptocurrency, but never forget first time how bitcoin popular because China become most support country for bitcoin before the banned now.

[Davian144]

I am inclined to believe that China is not very good with the environment, and the miners just gave a push to make such a decision, but I am sure that most of the miners in China will safely transfer to other countries.

Yes, for miners who have found very good results, it will be easy to think about moving to another country in order to be able to carry out mining continuously because for those who already know how it will be difficult to forget the mining they have started.

[bots1]

In my opinion, the impact of China banning cryptocurrencies has made cryptocurrency prices plummet. Not only crypto miners are prohibited by the Chinese government, other institutions are also not allowed to provide savings, agreements including crypto currency guarantees, and financial products related to crypto currencies. One of the reasons China is banning crypto is that they see crypto as disrupting the economic order.

[john_nautica]

In my opinion, the impact of China banning cryptocurrencies has made cryptocurrency prices plummet. Not only crypto miners are prohibited by the Chinese government, other institutions are also not allowed to provide savings, agreements including crypto currency guarantees, and financial products related to crypto currencies. One of the reasons China is banning crypto is that they see crypto as disrupting the economic order.

I agree that it is seen as a threat to their existing economic orders. Also, it looks like that the Chinese government has concerns and even speculations about the volatility of cryptocurrencies. They see its power and potentials being possibly utilized for money laundering and other illegal actions. So, the government decided to just cut off everything related to cryptocurrencies.

[ILuckyGuyI]

It's hard to understand China's aim on this. Some people say that they are afraid of the possibility that yuan could get harmed and it's because they banned cryptocurrencies and mining both. But there are also some other people who are thinking like the government cares about its profit in this so it decided to do such thing.

[llecrf]

China has a digital currency that is Reminbi and I think with the idea of the MMT economic system that they created, it will have a bad impact on the coin if Bitcoin continues to be mined and China becomes a producer of Bitcoin because of the miners, there are many countries that support cryptocurrency and I think we need to give appreciation to the miners so that they don't stop mining and can immediately continue mining Bitcoin elsewhere

[adzino]

As far as I know, the Chinese government are making their own crypto/digital currency. If bitcoin exists in their country, it will be a direct competitor of their own digital currency. Hence, the government wants to clean their country off bitcoins. So they put a ban on all sort of crypto related activities. Their people can't even access well know exchanges because of the great firewall. And if I remember correctly, the government banned all financial institution from offering crypto related services. The mining was the last thing left. They are now cleaning those miners too.

[Coroline]

Beijing desperately needs control, with its financial system now increasingly visible. Bitcoin, the world's largest digital currency, and other cryptocurrencies are untraceable by a country's central bank, making it difficult to regulate. Chinese authorities banned trading this month to "prevent and control financial risks".

Analysts say China is concerned about the proliferation of illicit investment and fundraising. China also has strict rules around capital outflows. "China has no open capital accounts and cryptocurrencies avoid this which is anathema to Chinese authorities," Jeffrey Halley, Asia Pacific analyst at Foreign Exchange trading firm Oanda, told AFP.

But the crypto crackdown has also opened the door for China to introduce its own digital currency, which is already in the works, allowing the central government to monitor transactions.

quoted : https://techxplore.com/news/2021-06-china-tough-crypto.html

[carrigan]

China always has hidden secrets and purposes for everything that they are doing and planning.
They are smart and China is a big country. So far, much bad news comes from this country, moreover about the Bitcoin ban.
And we don't know whether it has a relation to politics or their economic purpose.

[mhine07]

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?

This is what i saw in the internet a few days ago about china banning bitcoin miners, there are mining cryptocurrency that they have closed, and i think that china want to control everything in their country. We all know that china is a big country and a powerful one, chinese government do not want their people to use bitcoin as cashless payment that is what i have read in an article.