China is thinking about unbanning bitcoin mining after price rise

[noorman0]

I will rule out the validity of this news, because basically China is just a toxic country for the crypto community.

-snip-
(after using google transaction on the source), while the rest is opinion/speculation.

It's a collective request for advice and feedback. So, news speculation ahead: The Chinese government will set up a bitcoin mining farm with artificial solar energy to rival Elsalvador with its volcano resourced energy?


Is there anyone who wants to spam this form by filling in the feedback text with "We don't care"?

[1714199626]

1714199626

[Easteregg69]

I am buying cheap bank stocks.

Both crypto and traditional finance now.

[geegaw]

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.

With the number of farms disappearing almost completely in China, even if they have thoughts to reverse and switch again, the farmers also no longer have the courage to entangle and prolong with the government, China wants to remove the decision is easy but it is not easy for farmers to move their entire factory, every day is to lose a lot of money, moving facilities back is too scary and risky. However, it is also impossible to think that their lifting of the ban cannot create ripples, this crypto house is also no ordinary person and lacks influence, rebuilding reputation is also very fast

[noormcs5]

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?

Someday we will hear china will unban bitcoin & crypto currencies.  That's the reason we should not take much notice if any country ban crypto. If they do it, they will soon realize their mistakes.
Only the people of china who deal with crypto are sufferings from this ban. Think of people investing in mining farms and later they know that they can't operate them because it now illegal in the country.

[marine4u]

I doubt it has to do with China's return to bitcoin support.  It is best to stop bringing bitcoins to slaughterhouses in China.  They shot themselves in the foot in the battle for the top spot in the world trying to crash bitcoin.  Except the reasons behind them need to be explained.  But bitcoin doesn't need any support from them from now on, bitcoin is freedom

[Leviathan.007]

I'm not sure if they will do such a thing anytime soon, they are still trying to ban crypto in new different fields, and in my idea changing the reactions is possible for China and other countries, also this was maybe even a part of the plan to firstly ban bitcoin and then get into in it in the right place, But considering what we know about economic communism that's not really possible to see China making such decision anytime soon.

[bbc.reporter]

I created this thread to test everyone. I am very happy to know that everyone has has become skeptical with mainstream news media and cryptonews media. 3 years ago i reckon many people would be larping on that fake news hehehe. The real environment for energy in China is Beijing is fighting for carbon neutrality. The ban on mining will never be lifted.

[rodskee]

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/

How many times that several situation happens? banning and Unbanning like what India does in Bitcoin and other related crypto issues?
i think China is only trying to check their power over bitcoin but now that the market prove they are not that powerful? this is what happened .
I think they unbanned or banned who cares? the world cares nothing about their action towards crypto now.we survived and increased value without them .

[NotATether]

Too late for that. Mining pools around the world are starting to ban Chinese IP addresses of miners and CCP is not going to force pools to start unbanning them. Maybe they should've thought twice on how such a ban would've affected their political standing (and that of their rivals) before hastily pushing on with it.

Besides, it would interfere with China's carbon-neutral ambitions.

[pooya87]

Too late for that. Mining pools around the world are starting to ban Chinese IP addresses of miners and CCP is not going to force pools to start unbanning them.

I'm not sure if they are actually banning IP addresses, these pools just changed their terms of services to have that new rule so that they are not liable in the future.

[bbc.reporter]

Too late for that. Mining pools around the world are starting to ban Chinese IP addresses of miners and CCP is not going to force pools to start unbanning them. Maybe they should've thought twice on how such a ban would've affected their political standing (and that of their rivals) before hastily pushing on with it.

Besides, it would interfere with China's carbon-neutral ambitions.

Agreed. China would never surrender on their fight on carbon neutrality. They have stopped their importation of thermal coal from Australia already and this is causing an energy shortage. Also, we may discover that China’s ban on mining is not because they think bitcoin is a threat. They did the ban possibly because they might be expecting more energy shortages.

[Shenzou]

I have my doubts about this news and how right it is, the reason why the Chinese government have banned the use and mining of crypto currency was obvious, it was not to cut on energy use or anything of that sort but it was because they are unable to control it and with how big it started becoming it was creating a threat to the government since we know how they are well known for restricting freedoms and forcing their people to use their own versions of everything just so they can control them, and i really doubt that they will be bringing it back unless they have been planning for this all along where they wait for the price to go up and gets more popular and than they unban it.

[worle1bm]

I created this thread to test everyone. I am very happy to know that everyone has has become skeptical with mainstream news media and cryptonews media. 3 years ago i reckon many people would be larping on that fake news hehehe. The real environment for energy in China is Beijing is fighting for carbon neutrality. The ban on mining will never be lifted.

There is still some percentage of fools who will be diverted again with all these chinese bullshits but the majority has already seen their scenic dramas that they don't care anymore.China is like that spoiled brat who only wants to be in limelight but due to many stupid actions now nobody cares what they are currently doing or planning to do.The world btc mining is satisfied and now they don't give a fuck to CCP actions and they enjoy their digital Yuan.

[Japinat]

Honestly, if I am a miner, I would never trust the government that does not have faith in bitcoin.

Banning, then unbanning, I think that tells how incompetent the government is, and there's no security from the government as they could ban it again.
So, it's better for the miners to stay in a country where policies give assurance that they support crypto mining as that would help the investors to gain confidence in running this kind of business.

China better stays with their policy banning bitcoin as people have moved on already.

[suryogandul]

What strategy is China currently pursuing? After a while banning bitcoin circulating in China, now China allows mining. I can't understand China, China has gone through the worst days in the crypto market and made the crypto market unstable.

[bayudndy]

After the recent bans, an interesting thing that I just discovered is that the Chinese people (a small number) have started to protest against the government and ask for the ban to be lifted.
If you are in China, you can visit the Huobi office to understand more. Assuming a China lifts the ban, I think we all need to thank President Xi for having such a fantastic market drive.


 ~.~

[Blawpaw]

It's kind of fishy how China, bans and unbans bitcoin. They cannot simply ignore the importance of bitcoin in the future. The fact is that every time they do, they hugely impact price. It seems to me that it is all a planned move to get major Chinese investors to buy more coins at lower prices.

[Haunebu]

Honestly, I don't really give a crap since I am not a Chinese citizen and I don't like the Chinese government. They have made it pretty clear that they dislike cryptocurrencies and I don't think they will change their stance regarding this matter.

BTC and other popular cryptocurrencies don't require the support of major governments and history has proven that.

[submaster]

Wow, what a surprise. China has completely lost their minds.

[Lucius]

Honestly, if I am a miner, I would never trust the government that does not have faith in bitcoin.

And which government has faith in Bitcoin other than the El Salvador government at the moment? Do you think that at some point the rulers of Russia and the US will not turn against Bitcoin in the same way that China did?

Things are not quite as they seem, so although some countries may seem crypto-friendly, there is a very thin difference between allowing something and possible bans at any time. I always refer to the statement of a US congressman who said in a discussion about FB Libra that Bitcoin is just a small baby, which means that it is not dangerous for the existing financial system and that is how they treat it.