China says no to miners mean something else

[Roy Asher]

The main reasons for China’s prohibition should be well known. China produces its own national cryptocurrency. The Chinese government regards cryptocurrency and Bitcoin as a threat to its country’s cryptocurrency. He recognizes that he will not be able to control the transactions between Bitcoin and cryptocurrency.

[Keila Faith Villanueva]

China’s ban actually suppressed cryptocurrencies and caused short-term panic in the market when the ban was first issued. However, I personally think that large-scale mining migration is also beneficial to Bitcoin. In addition to reducing the dependence of Bitcoin's decentralization on Chinese miners, this is a net benefit in the long run. Bitcoin will become more decentralized in the future.

[Snappycoco]

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?

A no from China means yes to others. I heard that many of these miners are migrating to other countries who aren't bully to its citizens. Some of them might stop mining but those hardcore miners will probably be leaving china and operate in countries where electricity power are much low cost and renewed.

[clarkt]

China saying no to miner in my opinion is more of politics than control. China have created an environment of economic opportunities for it's citizens,  though having control on their freedom is something China will not give up. This recent China policy about miner is about the west. I am sure China that is known for secrecy will be mining bitcoin secretly as well for political reason!

[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.

indeed this reason makes sense. they are indeed very strict about money laundering. and they always try to control their citizens in all aspects. so banning crypto in china is the right choice for the chinese government at this time. and besides bitcoin mining also has problems for the environment. On this basis also China made a ban.

Yes, I also think that China is really after controlling their citizens, their actions and their economy in general. Although, I do not know if this is really the right decision to make. If for the illegalities that has been made with cryptocurrencies, it can be considered as a good decision. However, there are far more negative consequences, especially for the sake of their citizens, when such decision has been made.

[Psynthax]

Then just make the coin switch to POS then its all solved, although they forbid mining I think its mainly because they believe mining is the reason of their power blackout recently but I think in china crypto still alive more specifically the altcoins. Or maybe they just want the whole market for their own CBDC basically its all their plan

[sana54210]

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. 

Crypto is not just about miners but the miners were a big part of the business. This means that they will definitely keep up the other business, like maybe have exchanges or have buying and selling by Chinese at least, that is going to keep going by the looks of it, hell the official Chinese some government branch publishes best crypos list every year, so it means they are doing fine.

However mining is a huge business and not getting bribed with more money is just idiotic, why? Because while they can make a lot of money for their nation, they are just not doing it because they are afraid that their power will be taken from them and that's wrong, it will give them power instead of taking it from them, mine billions of dollars worth of bitcoin each year and sell it to people from other nations. I am glad that china doesn't have that power anymore.

[apa don]

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.

Yes, I totally agree with that, China is a smart country in every way, but China doesn't want to compete hard in terms of the current digital market assets, because with the current digital market assets, right, Then the Chinese economy will go down by itself.
and digital market assets are now happening, China will ban it in that country, because China doesn't want unwanted things to happen, right.

[Teknisi88]

Yet crypto mining is huge in China, accounting for more than half of global Bitcoin production.
But China's State Council has suppressed Bitcoin mining and trading as part of its efforts to control financial risk.

[Findingnemo]

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 saw some videos in YouTube about miners being shutdown by the one who runs it, so its is actually shutting down but China has been imposed lot of restrictions over cryptocurrency for very long time but none of tbem stopped the actual market.

[livingfree]

Maybe they will be the ones to take all of those hash rates as it sounds money to them and that's why they're lessening the hash rate that comes from their people so they'll be the ones to hold the record.

It becomes a big threat to the Chinese state if they cannot learn or understand about Bitcoin or other virtual currencies. If you look at the many Asian countries that continue to invest with China, surely China has a specific purpose.

They know about cryptocurrencies and they understand it. There's just an internal purpose why they're stopping the miners to operate.

[aioc]

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 are right in some ways but that won't stop these miners to stop their operation they will find a way even illegally, they made a good profit from mining and they will be made more money, not the best and right time to stop, they will either go underground or just transfer a country that will suit their needs as a miner.

[2tang]

I saw some videos in YouTube about miners being shutdown by the one who runs it, so its is actually shutting down but China has been imposed lot of restrictions over cryptocurrency for very long time but none of tbem stopped the actual market.

Yes, obviously nothing can stop the cryptocurrency market even though China has restricted cryptocurrency miners in their territory, because that is also part of the country's strategy in terms of maintaining a real economy.

[bastian466]

I think this prohibition refers to taxation because the China government has not been able to issue the size of the tax that must be paid from mining revenues, on average all governments have to levy taxes on income and valuables,  I feel it is natural that crypto mining is a government concern because  can generate large amounts of money and consume electricity, recently in my country a miner was convicted of being caught stealing electricity to avoid electricity billing

[Argoo]

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 are right in some ways but that won't stop these miners to stop their operation they will find a way even illegally, they made a good profit from mining and they will be made more money, not the best and right time to stop, they will either go underground or just transfer a country that will suit their needs as a miner.

In my opinion, the point here is not in relation to individual groups of people, to whom the government for some reason has claims or does not want to enrich them. The situation is much broader and the government wants to significantly strengthen its economy so that it is not only competitive with advanced economies, but also significantly surpasses them in the future. To do this, they create a digitized yuan in a special way and now clear the way for its circulation and remove competitors, which to some extent is a decentralized cryptocurrency, as well as private and commercial stablecoins.

[bitcon]

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?

Everything is because of chinese political structure. The government wants to subjugate and control people, but crypto is unregulated so they can’t let it develop. They are trying to replace cryptocurrencies by creating digital yuan, but it is not the same as ordinary crypto as  they will still be regulated by the government. Authorities can't accept such a strong economic rival, so they restrict everything that is connected with crypto.

[Findingnemo]

I saw some videos in YouTube about miners being shutdown by the one who runs it, so its is actually shutting down but China has been imposed lot of restrictions over cryptocurrency for very long time but none of tbem stopped the actual market.

Yes, obviously nothing can stop the cryptocurrency market even though China has restricted cryptocurrency miners in their territory, because that is also part of the country's strategy in terms of maintaining a real economy.

China is actually having better economy in this 2021 so they have no reason to ban the crypto miners because it gives opportunities for their citizens to make money. From this we can understand that the main motive behind banning the crypto related things is only to not to give so much freedom to their people which isn't surprising as well because China never has been a country who care about their people.

[$anounimus$]

I think this prohibition refers to taxation because the China government has not been able to issue the size of the tax that must be paid from mining revenues, on average all governments have to levy taxes on income and valuables,  I feel it is natural that crypto mining is a government concern because  can generate large amounts of money and consume electricity, recently in my country a miner was convicted of being caught stealing electricity to avoid electricity billing

Yes, it could be that as you say this is also true because every country clearly applies taxes on everything that can generate money and use electricity, because cryptocurrency mining always consumes more electricity than others, so the state always monitors it carefully

[jostorres]

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.

Yes, I totally agree with that, China is a smart country in every way, but China doesn't want to compete hard in terms of the current digital market assets, because with the current digital market assets, right, Then the Chinese economy will go down by itself.
and digital market assets are now happening, China will ban it in that country, because China doesn't want unwanted things to happen, right.

Chinese economy will go down thanks to crypto with or without needing miners in their nations. It doesn't matter if they ban crypto in their nation because the reality is that they are still going to have a horrible problem because other nations will grow richer thanks to crypto whereas they will not grow to their standards. This is crypto, it is basically making everyone rich as long as they wait, and china will be left behind. Think about it, Chinese miners were making billions of dollars every year and where did that money came from? Mostly Europeans and Americans, so china literally said no thanks to billions of dollars every year.

What I believe will happen next is that we are going to face with a lot of backlash from miners in china, it is a dictatorship so it won't be in the official backlash but more like "convincing of the party" basically.

[livingfree]

It becomes a big threat to the Chinese state if they cannot learn or understand about Bitcoin or other virtual currencies. If you look at the many Asian countries that continue to invest with China, surely China has a specific purpose.

They know about cryptocurrencies and they understand it. There's just an internal purpose why they're stopping the miners to operate.

It could be a strategy that will become a bomb later, I thought of such a thing to see a sizeable advantage of the country. Maybe something big will happen in the next few years.

We don't know.

But AFAIK, they have their CBDC and that could be the bomb that you're defining and that's really for sure will be dropped within the next years.

Or as early as next year.