China is thinking about unbanning bitcoin mining after price rise

[Kadal Ijo]

This is normal, of course the Chinese government sees many benefits and great opportunities from cryptocurrencies so now it is unbanned mining and allowing cryptocurrencies, and this is a strong indication that cryptocurrencies will shine even more so that it will make the market bull run soon.

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[RiskySanchez]

If this news is true, its means a like a boomerang for China because they indirectly lost one step to America in economic factors, it will be interesting if China will legalize crypto miners in the future. yes, in conclusion, anything that benefits their country will certainly be the best option to take the step of unban mining bitcoin

[Congyang]

I still can't find any further news about this.
but if this is true and can be trusted I'm not too excited about this because indeed they will definitely do it again. and things like this have happened over and over and the cycle is almost the same.
they banned bitcoin from making fud everywhere and made negative news about bitcoin, investors panicked and sold their assets, after a while the bitcoin price rose again and china began to legalize it again.
This cycle is always repeated and if it continues like this, the actual effect produced is getting less and less

Few rumors coming out about these things but still uncertainty around as well because they are now confused with price rise other thing is also good now they understand China factor is not having any impact on crypto and bitcoin so just because of this rumours working around crypto world about China unban and allowing mining again.

One thing is sure if China going to allow this all again then surely we will have some good impact and this price can go in very good rise most chances we will touch this magic figure $100K which is really important for this community.

As this could be first milestone for going much higher in future which is predicted many times but still less time from dead of Bitcoin.

actually I'm not too worried about the price of bitcoin whether it's $100k or not for now I don't really care about that because I'm sure sooner or later it will touch that price.
but the problem is that China always wants to match it even though it won't be possible.
and now they want to legalize bitcoin again. actually I'm not too excited about this because sooner or later they will surely do it.
on the other hand actually they now have no power anymore whether it is in the matter of tires or not because even though their economy is strong but Bitcoin is a different thing.

[sherenikaw]

I don't really follow the latest news about china but if it happen then that's a good thing. we know that China is one of the countries that prohibits crypto and caused an uproar about the news. I don't know what the reason is but if it happens then that's good news and I hope that in the future countries that prohibit crypto will start to open up and accept crypto. crypto is starting to spread its wings and many countries are already accepting crypto and making good use of it. but again, every country has its own policies to accept or prohibit the crypto.

[DarkDays]

What do bitcointalk’s community and users think and speculate about this latest news development? Would anyone consider that the Chinese government might be recognizing that they have made a mistake and might be ready to unban mining for bitcoin and other cryptocoins?



According to CoinTelegraph, China’s National Development and Reform Commission (CNDRM) is now seeking public opinion on the inclusion of crypto mining in its list of “phased-out” industries, after seeing that the ban helped the U.S. to become the world’s dominant crypto mining nation.

It looked like China’s stance regarding crypto mining was finally cemented with the ban imposed in May this year, after it had been going back and forth on the issue since 2019, but now, they are skeptical after most of the Bitcoin hashing power was relocated from China to other states, helping the U.S. become the leading hashrate provider.

Read in full https://digesttime.com/2021/10/24/china-is-thinking-about-unbanning-bitcoin-and-started-a-new-research/

I think it is all but another HEADLINE.

Nobody wants to recognise that they have been wrong and certainly not such a high level mistake. For one, I do not trust this speculative news, and it is a situation that would have become visible right from the start of making this decision you can't return from. Even if China becomes crypto-friendly, people will straight up know that's not entirely legitimate and why would miners return from a place they've been forced to leave? The news is all a 'what if', looking for reactions - that's it!

[D-law]

I find this hard to believe that China wants to unbanned bitcoin mining, to me I feel this are simply rumours and purely speculated news.
This won't be a bad idea though,that is if they simply have plans to unbanned bitcoin and Crypto currency activities,this will up the level of the bitcoin Price.

[Rruchi man]

Is this a reliable news article? It seems the news does not have anything solid to say. It is purely speculation. This is like one of the many crypto-related articles that are published on online news sites for the sake of having released a new article.

from the topic of OP, i already knew that it was just a mere speculation. How can we know what China is thinking? why will china be sharing their thoughts? Does anyone really care anymore what the Chinese government decides concerning btc? i don't think so. People's mind including that of some Chinese citizens have already been made up towards btc. Some like me have made strong decisions to HODL for as long as we can, truth is we no longer pay too much concern to whatever any government thinks.

[franky1]

oh... and one extra little nugget.
although china banned trading/mining and such MONTHS AGO
they are now opening a consultation period about reforms and changes to the rules
https://hd.ndrc.gov.cn/yjzx/yjzx_add.jsp?SiteId=372
so definitely not a "ban, end of story"

[omone1]

I think th Chinese government never anticipated this level of price growth for bitcoin after their sentimental crackdown on miners, now the USA has taken the lead and the world are saying "bye bye China". Well, China Communist party sometimes don't care.

[masphie]

If this is true, it means that China is starting to open up to technology outside its home country. But my question is could there be a certain meaning behind all this?

[Victorik]

Maybe they (China) had thought that banning Crypto in their country will crash the price of Bitcoin. Unfortunately, the reverse was the case as their ban was quite inconsequential to the price of Bitcoin. Instead of price falling, the price has surged.

[Questat]

No, it can't be serious and China has been banning crypto mining several times, and then one day we heard a rumor like this, it is really ridiculous and that sounded like a joke. Well, let see if that is true, can't verify it now, or just I miss something but I don't have to believe it easily.
With the current sentiment and price hike without China will imply that the crypto market doesn't need their support either. Perhaps, Bitcoin will still grow and many countries will help it out and to prove that China is wrong.

[rizqoAD]

I think the rising price of Bitcoin has influenced the Chinese government not to ban Bitcoin mining, but China sees this as a very good opportunity for the people there. Not only for the people there but Bitcoin is a very good business to do, in this time of pandemic it is difficult to find work and income from work is very low. But the rising price of Bitcoin provides new hope for people who want to contribute in the field of cryptocurrency.

[kawetsriyanto]

This is only a kind of news manipulation. I am not thinking negatively, but let's see how long this news will last and will influence the market.
As far as I know, the news of China related to Bitcoin and cryptocurrency generally always become updated news that is utilized by certain parties to pump or dump the price.
And once this news is gone, they will rise up again bad news.
This is like a cycle, isn't this? 

No, it can't be serious and China has been banning crypto mining several times, and then one day we heard a rumor like this, it is really ridiculous and that sounded like a joke. Well, let see if that is true, can't verify it now, or just I miss something but I don't have to believe it easily.

Exactly, they or other parties related to this issues like making this as a joke, like what they want, they do it whatever the ways.
We know how China so far to crypto, and we also know how some certain parties utilize the news about China to again (manipulate) market.

[virasog]

This is normal, of course the Chinese government sees many benefits and great opportunities from cryptocurrencies so now it is unbanned mining and allowing cryptocurrencies, and this is a strong indication that cryptocurrencies will shine even more so that it will make the market bull run soon.

They must have realized their mistake on banning the bitcoin mining in their country. This decision only resulted in the movement of the mining farms out of china and thus decreasing their own revenue. There was hardly any significant impact on the bitcoin price and that china news dump was for a very short period of time.

[bbc.reporter]

oh... and one extra little nugget.
although china banned trading/mining and such MONTHS AGO
they are now opening a consultation period about reforms and changes to the rules
https://hd.ndrc.gov.cn/yjzx/yjzx_add.jsp?SiteId=372
so definitely not a "ban, end of story"

Agreed. There is a chance that this ban might be very temporary, however, the miners might have to wait for China to win their fight for carbon neutrality. According to some articles, Beijing’s target year is the year 2060. There should also an energy surplus from renewable sources. I hope we are very much alive on 2060 for this beautiful event hehehe.

[phillipjackson]

I am not sure that China will take such a big decision so soon. It’s banned story is still too fresh.

[pooya87]

I am not sure that China will take such a big decision so soon. It’s banned story is still too fresh.

It really isn't that fresh. China has been cracking down on bitcoin miners (and others involving bitcoin such as traders) for a very long time which is actually the source of almost all the FUD we have heard through the years.
Whether or not they are going to regulate bitcoin mining is a different thing and I wouldn't take any news I read seriously until either they regulate it or someone from China can explain it to us.

[Uang_kartal]

It's a good plan. Because with the rumors make me personally as a trader happy. Even if there are no regulations. It's bittersweet when I heard in 2019 crypto is no longer used for transactions and stamped illegal in china. Every country and good citizen they develop officially and do not exploit. Crypto is healthy both mining.trading and investing is everyone's right. What do you think beyond the news for the advancement of crypto?

[franky1]

oh... and one extra little nugget.
although china banned trading/mining and such MONTHS AGO
they are now opening a consultation period about reforms and changes to the rules
https://hd.ndrc.gov.cn/yjzx/yjzx_add.jsp?SiteId=372
so definitely not a "ban, end of story"

Agreed. There is a chance that this ban might be very temporary, however, the miners might have to wait for China to win their fight for carbon neutrality. According to some articles, Beijing’s target year is the year 2060. There should also an energy surplus from renewable sources. I hope we are very much alive on 2060 for this beautiful event hehehe.

it has never been about carbon neutrality..
most of the chinese mining since 2014 has always been on hydro, where they buy the excess.
(thus not impacting the residential supply)
this whole banning thing is standard politics.. you cannot regulate something and licence/permit it/control it unless you ban it first and then you can make rules about who is acceptable to use it.
its as old a story as the alcohol prohibition era. the gun laws(pre 1700). the war on drugs.
ban first the regulate permits

yes china dont want hobby miners in residential neighbourhoods blowing the local circuits of their street. but to permit large farmers using allowed excess electric. they first need to ban it to gain the control to make allowances.

take wild west america. when anyone could have a gun.
they had to ban guns in certain states to then offer gun licences