China is thinking about unbanning bitcoin mining after price rise

[Rufsilf]

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.

I also read the article that was posted by OP, it seems that the author of the said article was just guessing about China's unbanning mining or other crypto-related transactions just to reclaim its position that was filled by USA's miners and it's not valid or solid enough to know that China is indeed planning to unban.
Same here @pooya87, I will know if it's true if the government of China itself will release a news regarding of unbanning bitcoin and other cryptocurrency.

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[AicecreaME]

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 don't think this is a credible news to believe in. They have so many claims and assumptions that aren't backed up with enough evidences, which technically says that the content is just a speculation and not a fact. In journalism, claim of fact is important. We should know how to distinguish the claims of the news outlets. Certainly, we should be wary of claim of value and policy that should not be the basis of a news most especially if it targets to inform because it could relay false information to the readers. In this case, I think claim of policy was done in order to release a so-called 'article' for the sake of clicks.

But to focus on the topic, if ever China really have plans to reverse the banning, definitely they thought it was a bad move because bitcoin is still soaring high. Since it is not something to be controlled of, 'maybe' they have made up their mind to just use bitcoin and its mining to their advantage. However, I don't think miners would be enticed to go back because it's so hard to move and act in a space that screams uncertainty. They'll just waste time and effort if ever things go chaotic again. This is just my speculations though.

[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.

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

However, 53% of coal as an energy source is in China. They want to reduce this reliance on coal so they have begun reducing their importation of thermal coal from Australia. This caused their manufacturing sector to presently experience power shortages so they needed to ban the most unessential consumer of energy in the country.

[goldkingcoiner]

So I doubt if they will even consider a reverse decision to benefit from an increased Bitcoin price. The Chinese government will do anything to control their citizens and Bitcoin was a threat to their power. ("people's democratic dictatorship")  

china is not actually as controlling as you think
im not a chinese resident (im british white) but the propaganda of trying to make china look like evil dictators is a media problem not a political problem

Unless there is some positive crypto news coming directly from a chinese government-owned news source, or in other words: a chinese news source, then theres no need to get excited.

Sorry but you are a bit out of touch with reality. I suggest you google Falon Gong organ harvesting and Uyghur camps.

China has banned its citizens from accessing the internet (except their own) and only allows certain individuals (government workers and government owned news) to bypass this restriction. China threatens and harasses family members of chinese individuals who are living in other countries, if they do something China does not like. China does not care about whether if the people want something. It cares about saving face and making the PRC party look good. Also, only the PRC dictates which candidates can or cannot be voted for. So democracy is not the word I would use for anything chinese.
They support brutal regimes like North Korea and spy/steal western technology. I recommend you take a look at China Uncensored on youtube, if you want proof and actual facts.

[bbc.reporter]

@goldkingcoiner. That might be true, however, China’s ban was never because the politicians in Beijing hate bitcoin. They have proper reasons for doing these bans. For bitcoin mining, it is the fight for carbon neutrality and to manage the power shortages. The bitcoin news media has only made the ban appear like a toxic religious war hehe.