China is thinking about unbanning bitcoin mining after price rise

[bbc.reporter]

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/

[bussybuddy]

One thing I know is that they don't care what we think and want, because they are Chinese. The moves represent an attempt by the world's second-largest economy to eliminate risks in the financial system, launching an ambitious campaign to save energy and cut emissions. But the problem is that we are on a very strong development, and they banned it , I have to be more honest that the news does not affect my pursuit of this market and many others.

If you are still afraid of China's crypto ban issue, you should live in China to understand it better, I'm not a Chinese citizen and I support crypto.

[Fundamentals Of]

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.

It even says, "China’s plan to crash the Bitcoin value appears to have backfired." I doubt they have a source for this claim. Did China plan to crash Bitcoin's value? Was there such intention as this from China?

[yazher]

If I were those miners who already migrated to other countries and managed to establish my new mining facility, I don't give a second thought to going back to China where their government is unpredictable and will issue another decision about cryptocurrencies about a year later. I think it's better for those people not to care about their decision and move on wherever in the world they are currently building their new bitcoin mining facility.

[so98nn]

[...]
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.

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

"...is now seeking public opinion", what the hell China. Are you joking or are you a joke yourself?
I gotta say they have put 14 year old on the national development body and he is not able to make the mind on how to develop the nation!

Whatever this CNDRM is, they should have been clever enough to take this opinion before they banned the crypto industry from their nation. Not after the damage has been done dude. Imagine how much crypto money chinese lost already and how they might have sold off their hardware, leased contracts might have been forfeited, employment gone and what not.

This is a serious joke now, that they are asking the same peeps, whether to bring back the crypto or not. I mean who is going to believe on them now?

[mk4]

They done fucked up didn't they? lol. I guess it makes sense for them to be banning something they can't have control of, but if this industry accelerates in growth they'll be missing out on a lot of economic activity.

[GreatArkansas]

I believe that they will unban it in the future but for multiple reasons, not only with the price.
It's like, "They hate you coz they ain't you". For sure these past few days, they starting to realize their decision for banning bitcoin mining in their country. With their recent decision, it's just an example that Bitcoin is standing on its own, no one can control or affect Bitcoin, power of decentralization.

[Poker Player]

Fuck them in the ass. Assuming the news is true, I don't know if any of the miners who left there are getting the urge to go back. The energy there is cheaper, but there is such a thing as legal certainty, and going back to China to mine is playing roulette. You never know if the authoritarian government there is going to prohibit you from mining again. I would not go back.

[ashmodeus]

somehow i still believe , they want bitcoin, they want it as much they can buy as cheap as possible. just think , US as the strong rival didn't ban the bitcoin which mean of course US can get income from it, which it tax or whatsoever, and the latest news , Russia as a friend of china also didn't ban crypto , which mean china is the real clown on this topic

[danileon408]

Assuming the news is true, I don't know if any of the miners who left there are getting the urge to go back.

[witcher_sense]

I'd take with a grain of salt the news articles published by Cointelegraph because they sometimes post an outright nonsense or unverified false rumors. According, to the following article, for example, "Its purpose is to keep the public up to date on industries that the country wants to encourage, retain or eliminate so that provincial and municipal governments can take subsequent action.

Any periodic revision will go through public consultation before a final version is released. As a result, anyone who opposes the crypto mining crackdown orders from this past summer can voice their opinions — but it's highly unlikely such input will influence the decision-making process."

Even if they really decided to unban the mining industry, it wouldn't encourage the miners who already left to comeback.

[Vaskiy]

There'll be lots and lots of business connected with the bitcoin mining. Just because the government doesn't have control, China made a ban on cryptocurrency mining. Maybe they've experienced slight fall in the economic inflow of money that happened through mining related businesses. Also the growth acceleration is taking place with fluctuation, but end of the day there is always some forward progress.

I don't think Chinese government will go with public opinion. Right now it looks like they're in a compulsion, because more countries are showing green signal for cryptocurrency related activities and the same could boost their economy.

[franky1]

for any government to have any control, licence, regulation on who can do something. they first need to ban it completely to then have the control to choose who to allow it.

so its standard practice to ban first, licence second
technically the 'ban' still exists, unless you meet the requirements of the licence

history has shown this.
alcohol is banned(prohibition). but then licenced where you have to be over a certain age. and if your a alcohol brewer, you meet certain requirements to sell it legally

same with soft drugs like cannabis. banned first. then licenced to allow dispensaries to sell "for medical use".

the banning then licencing allows them to make laws about claiming tax off the item. even if the government does not manufacture the item themselves.

NY banned bitcoin.. then 'bitlicence'

what most people in 2021 dont realise is these events even happened. the just think alcohol brewing, driving, cannabis, bitcoin, gold mining, has always been something people can get into. heck most dont even think that a licence/permit is actually a 'ban exemption' they just see it as a worthless bit of paper

[aprilnot]

after strictly banning bitcoin mining, now they are starting to have doubts about the policy they made yesterday. this is ridiculous for such a big country. they seem to want to disturb the USA as the country with the largest hashrate. then what about the miners who just moved their mining equipment. would they gladly accept this offer if it later came true?

[franky1]

after strictly banning bitcoin mining, now they are starting to have doubts about the policy they made yesterday. this is ridiculous for such a big country. they seem to want to disturb the USA as the country with the largest hashrate. then what about the miners who just moved their mining equipment. would they gladly accept this offer if it later came true?

its not about "disturbing USA".. i think its always been the plan to ban, then licence.
so not a mistake to ban, but a standard government process to licence

america didnt want to ban bitcoin trading years ago, for eternity... they just wanted to gain control to regulate and licence bitcoin trading in NY

i can see china putting in limitations like different licencing levels for how much GW a bitcoin farm can utilise. excise tax, etc

[Kakmakr]

The decision to ban Bitcoin mining in China was a political decision to take back control over their citizens and to protect their fiat currency, not a decision to increase profits and taxes.

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")  

[franky1]

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
propaganda makes it a belief that all citizens can only transact using a government approved app. where everyone is using a single app to live from. this is highly untrue. and if you want proof without leaving your town. go to a local currency exchange in your town and just buy some chinese currency. you soon learn you dont need to declare your life history or have a chinese government app to get chinese currency.

take other propaganda
china as a % have less people in detention camps than america. yep as a % of population china is more relaxed of detaining people. (china 0.07%: america 0.12%)

take world trade. everyone knows china does a heck of alot of trade. more then most countries. china do not santion rival countries. yep china make more products and allow more products to cross borders than other countries. the US for instance has more sanctions and product bans with other countries. where USA want to limit its own citizens from trading cross border. heck america even banned a highly branded chocolate egg, citing a choking hazard. yet the UK have been giving these kids these chocolate eggs without a problem

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

[pooya87]

The problem with Chinese news has always been the lack of verifiablity. Just like the fake "China banned news" that have been coming out every couple of months for the past 7 years. This news is not different from any of the rest, just because some news website says it doesn't make any difference.

But I think that this is bound to happen. I said this years ago that when China established their own digital Yuan (whether it fails or not) they will start looking into adopting bitcoin. That includes mining, trading, etc.
Luckily for us this process will take a long time and by that time price is already too high and the trillions China is going to invest is not going to matter to us accumulators since we would be done accumulating by then.

[worle1bm]

Fuck them in the ass. Assuming the news is true, I don't know if any of the miners who left there are getting the urge to go back. The energy there is cheaper, but there is such a thing as legal certainty, and going back to China to mine is playing roulette. You never know if the authoritarian government there is going to prohibit you from mining again. I would not go back.

Miners are already scattered to different locations and will not move back as i think because why would a miner who already is having btc mining favourable conditions again move to China and get fucked up any time they change their mind? So china has already messes up things for them and now playing cheap tricks to create FUD and gain profits but no more this time.So live long and boost economy with your central backed up Digital Yuan and btc in dreams.

[bittraffic]

If BTC will also make a country prosperous any country will adopt BTC. It's not a question of whether it's Bolivia or China or whichever country that is. As long as its government sees that it may help them get out of the rabbit hole, they will adopt.

We may hate China but if they unbann BTC mining, it's a good strategy for them still and it will help the BTC price also by how big the population is considering there are lots of Chinese billionaires.  If they don't unbann BTC mining, they will really lose their chance to fight inflation.