China is thinking about unbanning bitcoin mining after price rise

[davis196]

I also think that this news is more like gossip and speculation,so here's my two cents.
I think that crypto mining was banned  in China mostly because of the energy consumption.
There was a short term energy crisis in China and they had to cut all the energy consumers that weren't considered important.Now,the energy crisis is solved and China has enough electricity,so they might want to bring back crypto miners,because the crypto miners are buying electricity and no electricity provider wants to lose customers.However,this is just my speculation about the subject.
Most likely China doesn't want to allow crypto mining,because they don't care or they simply hate cryptocurrencies and want to clear the space for their digital yuan.

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[franky1]

I also think that this news is more like gossip and speculation,so here's my two cents.
I think that crypto mining was banned  in China mostly because of the energy consumption.
There was a short term energy crisis in China and they had to cut all the energy consumers that weren't considered important.Now,the energy crisis is solved and China has enough electricity,so they might want to bring back crypto miners,because the crypto miners are buying electricity and no electricity provider wants to lose customers.However,this is just my speculation about the subject.
Most likely China doesn't want to allow crypto mining,because they don't care or they simply hate cryptocurrencies and want to clear the space for their digital yuan.

we have learned by all other countries.
governments dont care about bitcoin impact on their fiat. they have tax, minimum wage, legal tender laws to keep their fiat active and priority. bitcoin wont replace their fiat

as for energy. since 2014 bitcoin mining has not been a 'environmental  harm'.. most chinese mining farms used renewables from the beginning. they also were not "taking" electric away from residents because most farms were buying from the "excess" allotment not the residential/industrial allotment. this scheme of buying the excess was actually making a hydro power plant more money to then upgrade/expand because without buying the excess, the power would just go to waste.

its like having a vegetable farm. where by supermarkets only buy the quality veg, leaving the wonky veg. then a food producer buys the wonky veg. the act of buying wonky veg does not take anything away from supermarkets.

what china do not want is the residential hobby miners trying to run multiple asics on residential electric networks. causing brownouts.. so my two cents are mining licences which ban anyone from mining more then 3kwh from home.. and require a business licence and industrial electric contracts if they want to be farms

[Mauser]

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?

I really hope so. Crypto currencies became such a big part of our everyday lifes. Why should a country with more than 10% of the World population be completely against it? I understand that China has a different mindset than western countries and is very protective of its economy an currency. But free world trade only works if countries open up their markets. The exact same goes for crypto currencies. The world will move on without you. I believe that China realises they can't stop cryptos and need to find a different approach now. Like the saying goes of you can't fight them, join them. Instead of outright banning cryptos it would be so much better to work on tight regulations and profit of the boom. Because no ban will mean a 100% stop of the activities, there will always be a black market as long as there is demand.

[michellee]

The China government can change their regulation from the prohibition of crypto mining become allowing crypto mining after they see what happened to the world and the countries that allow crypto in their country. They already made a mistake by prohibiting crypto in their country and if they want to allow people to use crypto and mining crypto, that will be their decision.

I do not think much about them, whether they revise their regulations or still prohibit crypto because that will not impact the crypto to grow. The other country allows crypto while they prohibit so they need to think twice because of their decision.

[dupee419]

The ban of crypto in China really didn't made much of a negative impact for a period of time since mining farms from other countries managed to produce more and Bitcoin easily recovered in a month and unbanning it (if OP's source is legitimate) won't really make much of an impact anymore, we really don't need China's help as it looks sustainable even without them.

[piebeyb]

whether this is true or not, I don't think China will influence the crypto market anymore, so let them think about the decisions they have made so far, even if they don't ban bitcoin mining in the future I can only laugh at that

[ABCbits]

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

Only this part of this news which seems to be true (after using google transaction on the source), while the rest is opinion/speculation. I doubt there'll be any drastic action anytime soon.

[Lucius]

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.

"...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!
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?

I'm glad to see that there are still people who think for themselves and don't blindly believe in what third-rate crypto portals like this are writing, and just for more profit trying to make a sensation out of every little thing. Bitcoin has never been dependent on China or the US, so it's really not clear to me why a good portion of the crypto community is so excited about what China will do about Bitcoin, or what it won't do.

If people still think that China has lost some profit because it has banned crypto trading and mining, it should look at how much Chinese GDP actually is and how much crypto has contributed to that. If we take the simplest example, miners mine about 27 000 BTC a month and earn a certain fee income - @stompix has calculated the exact amount somewhere, but even if China holds 100% of the mining capacity, the amount they would earn is quite trivial overall.

[Bttzed03]

I thought they issued the ban because of their CBDC but some members also pointed out they were really after complete regulation which I also find logical. Personally, I don't care what they do over there anymore. The entire market already moved on and if they plan to catch up, then so be it.

[hd49728]

China ban Bitcoin and mining multiple times and they unban those activities many times too.

In the last year, China realized that they have problems with energy supply for the nation that triggered their serious actions against Bitcoin mining. Crisis comes and goes so we can not predict with their crisis will end and when they will unban Bitcoin mining but they will unban it.

[Dr.Osh]

I can't think of anything on this. China just banned bitcoin and crypto this year. however, if due to rising prices, China plans to unban bitcoin or crypto, that sounds like an unwise decision. it also does not guarantee whether China will continue to accept bitcoin or not. I think, in the future, it will affect the price of bitcoin again in the future. well, this keeps happening over and over again.

[kryptqnick]

At best, there's a discussion about it. I can see the article mentions they're seeking public opinion. But given how authoritarian China is, I'm not sure what 'public opinion' means. What if they only expect people to say that mining should stay banned and will censor anyone who has a different opinion? What if it's just a democracy stunt, not a real attempt to change anything?
I can see how China might be upset that the US is taking away this market, but I don't trust in public opinions in China.

[aoluain]

ok, why are we so concerned about what China does or doesnt do?

They banned Bitcoin this year as so many have posted above and apart from a
very short term pull back in the markets, order has been restored. The same goes
for this current "News" article, if its true, fine, China is friendly to Bitcoin again,
things will move on as they do and we will wait until they ban it again.

There have been countless "China" themed threads on the forum and all related
moves by China to date have done little to Bitcoins growth.

[suzanne5223]

This is the joke of the century and the Chinese government must be one of the most naive/goofy governments in the world for thinking to unban Bitcoin after banning it before.
I think they believe in the naive understanding of some people that the Chinese controls Bitcoin that's the reason why they are placing a ban on Bitcoin every time they wanted and the good thing is that their ban on Bitcoin mining which they are now planning to unban will make the mining system more decentralized.

[YOSHIE]

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?

Maybe I myself if I can remember about crypto issues, especially Bitcoin in China, have discussed it many times, I often say China is sneaky in trading, they justify all means to achieve the greatest possible profit, the proof is: now they want to show news about not banning miners there, it's a reason that they are already at the peak of profit.

How many times do i have to say every news published by china banning bitcoin, it's bullshit, they don't care how many victims, what they do and their actions spread negative news, the important thing is that they make big profits, it's chinese, slicker than America, remember that.

[arwin100]

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/

Chinese are business minded so expect that they will do this since knowing how huge the profit they can get with crypto and they need to create hype right now as the market is so bullish so for sure they are earning on the current situation of the market. But be careful on the return since once they settle they will spread again the fuds about banning bitcoin,crypto or anything what they can use. So for that its good not to listen on what China said about in that article.

[Similificator]

If there is one thing that I have learned about China through all these years in this industry, it is that there is no sense in taking their announcements about crypto currencies any seriously. only thing you should do with the things they say is use it to take advantage of the market since a lot of people are also doing so along with the people who still genuinely believe what they say.

[User91]

This China re-thinks its crypto strategy is bullshit posted by market manipulators. Nothing, absolutely nothing, indicates that China becomes more friendly to crypto. And that is good. Crypto and China just don't fit.

[Evgenklm]

This does not look like China, but the moment has been missed, many miners have migrated to neighboring countries or even sold equipment.To put it mildly, trust has already been lost, and I think miners will think several times before deploying mining farms in China.

[Flexystar]

They should not have done that in the first place. China being the highest ranked mining hub, could have been different world when the prices hit the ATH last week. Just imagine if they still had those miners in the country then they would have earned handsome money. In the process considering the Chinese tracking system they would have easily traced the unattended taxes and gotten paid for the same. They would have flourished in all different ways I would say. There is no point in the current decision making process. Once you loose the faith from the regulatory bodies then you are literally left out with negativity.