China is thinking about unbanning bitcoin mining after price rise

[LogitechMouse]

They ban, they unban, they ban, they unban, they ban, they unban. These CCP has lost their minds aren't they with their decisions for their country .
Maybe this is also the reason why the market went down so hard right now. Markets turning red, Bitcoin under $60,000 again and ETH at least maintaining the $4k for now.

TBH, I don't really care since I'm not a Chinese citizen nor a miner from China. I don't know too if this move will make the miners from China who went from other country to mine again to go back there and continue their mining. If I'm a miner from China and went to other country to continue mining, after what they've did to them I will not return there.

[Japinat]

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?

El Salvador is the first country that fully legalized and adopted bitcoin because they consider bitcoin as a legal tender, and as a miner, I think it's enough for me that the government of a country where I am operating is regulating bitcoin, of course, they could ban bitcoin in the future but knowing they will unlikely gonna do that because they are benefiting from taxes is enough for me.

Two countries with different treatment on bitcoin.

El Salvador, = legalized
China = ban crypto.

However, I believe that majority of the world will eventually adopt bitcoin although not as strong as the adoption of El Salvador.

[Reatim]

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?




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

the moment they release the banning of Mining for Bitcoin  I know the reversing will happen soon , China knows what Bitcoin and crypto can bring them as years passed that they are the biggest Bitcoin mining in the world.
so losing the chance to earn from crypto is what they wanna prevent .

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

They tried to check the market if  this will survive without them and now realization comes as they are not needed at all lol .

[Punk4000]

Im 100% sure that decision its not because the price its going up (right now its going down  ) its because a lot of internal and external investors "leave" the country, and to be honest i dont think that will remove "the cross" from the heads, because if they ban it once, they can do it again...

[TCW003]

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/

It's more likely some people want fake news to pump the crypto prices and sell their crypto assests. Just see the crypto prices today... I guess so.

[oHnK]

After hurricane China passed they started to raise the issue again to keep prices swayed by the issue.  Whatever he says, it would be much better if bitcoin is not in China anymore so that its price development is purely due to supply and demand, not just the impact of issues.  Far away from China will provide stability to Bitcoin rather than continue to be toyed with conflicts of interest in the country.

[Swopon]

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.

Exactly, setup is very important here. If someone already had made his setup in another place, it will be difficult for him or her to make another decision for going back and I don't think so it will be a wise decision to go back. If possible to run from a new place, do it successfully and hope for the best.

[Ararbermas]

Its so funny to think that after they ban crypto and spreading negative views, now they want to be part of crypto again. Lol maybe their digital currency didn't give them a good return after all the efforts that they invested in it such those criticism about crypto to obtain more attention around the internet wherein even they're a out of crypto and cannot influence the market anymore.lol  But obviously it's epic fail that's why they want to embrace it again.  

[bitzizzix]

Whatever the reason and whether the news is true or not, I can only conclude that if it is true it will have a positive effect on the price of bitcoin.
and if not, bitcoin will continue to grow and develop without support from China and also the price will continue to increase because of a lot of good or positive news about bitcoin which I think will continue.
I think all investors are aware and also think smart in response to news from China and don't really care about any questions even if it's positive, because bitcoin will be accepted in other countries and miners will move to bitcoin friendly countries.
So better don't mind any news coming from China to stay focused and keep believing that bitcoin will be fine without China.

[pawanjain]

No it would be better if China retains their ban on cryptocurrencies for good. At least we can have have a sustained growth in crypto marketcap if China is not involved in it.
Because we know how the Chinese government is. Even if they plan to remove the ban from cryptocurrencies, at some point in future they might ban it again.
Thus it would again create a panic in the crypto market and will cause a dump in bitcoin's price. So we are better off without China isn't it ?
Although it is good to get the support of as many countries as possible, we have seen China banning crypto and then removing the ban again and again.

[Coin_trader]

This article is very misleading same with other news outlet that giving wrong interpretation of China recent statement. They just need to unban Bitcoin Mining so that they can add it to there updated 2019 catalogue for the list of industries that should be phased out.

In short unbanning just to update the ban list to classified it properly. Meaning there still no China in crypto. Media outlet just want to use it to hype the exhausted market by giving there own interpretation.

Reference: www.theblockcrypto.com/amp/post/121893/china-not-unban-bitcoin-mining

[stompix]

I'm still puzzled how including it in the list of phased-out industries acts as a complete reversal of the ban?
What the hell is this, Reverso world? Who the f word writes these articles, monkeys that are still not able to peel a banana?

I created this thread to test everyone.

Now that the test is starting to completely get out of hand with people claiming that China is reverting this because without Bitcoin they will end like Somalia and all their economy is going to crash I think it's about time to lock this one and start a poll on the number of users reading more than the title. My bet is less than 30% and diminishing by half for every page.

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

Be honest, for you bitcoin mining is like coal mining, right? Some other mining farms just got a new excavator and miner more!

[DOH!]

Damn.  China has become a country that has vehemently abandoned bitcoin and current explanations contain any commitment to a penance when feeling lonely .  Lol, please don't bring bitcoin back as their next test. It is too late to issue disclaimers with meaningless explanations.  Who will accept?

[xSkylarx]

Its so funny to think that after they ban crypto and spreading negative views, now they want to be part of crypto again. Lol maybe their digital currency didn't give them a good return after all the efforts that they invested in it such those criticism about crypto to obtain more attention around the internet wherein even they're a out of crypto and cannot influence the market anymore.lol  But obviously it's epic fail that's why they want to embrace it again.  

I believe it is a bit of a marketing gimmick. This is because, since bitcoin has recently been used in illegal transactions, people will judge it immediately, and most people will not judge it until the price rises. It's ironic that they used to criticize it, but now they want to join in because they're looking for a good investment as well as passive income. It is similar to China in that as long as big money is involved, people's choices and thinking change. However, it is still speculation whether they will unban it, so let's wait and see.

[wxa7115]

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/

The only thing I have to say is good luck with that, the Chinese governments obviously did not liked the development we are seeing but what I wonder is what did they thought it would happen? Did they thought the miners will just turn off their machines and they will accept to loss their investment of millions of dollars just because they said so?

Miners just did the rational thing, they relocated to countries with cheap electricity and that will let them work without the threat of their activities being banned every single month, now they are seeing they could be losing some revenue and a lot of the excess electricity they were producing that was used by miners now is wasted and now they want them back, but I am sure many miners out of principle will refuse unless they have no other alternative as who wants to run a business under those conditions.

[AakZaki]

^snip~

The funny thing is their decision, it seems we can guess at the end. Looks like we don't need them in Bitcoin Growth and other cryptos. I don't really like those who seem to have no stand in making decisions. The reason was simple, they had turned off and kicked out all minners and it looked like they had gone overseas. So it's about time China didn't become a country with a big influence on Bitcoin.

[bilal_jan321]

First of all, we need to see whether this news comes from some credible source or it's just a speculation, I think just speculation.
Secondly, the Chinese govt doesn't break out its official news so easily. Lastly, Chinese government is not that weak in front of BTC that its willing to realize its mistake. We must stop giving importance to China govt, Musk and other entities for BTC price. 

[jaberwock]

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?

That would be their choice to make for themselves, really I am starting to get tired of all these Chinese this and that. If they decide that it is best for them to life the ban on cryptocurrency, then they should go ahead and do that and allow people to continue to mine cryptocurrency in their country, but if they still think that cryptocurrency is bad for them in their country, then they should go ahead and ban it for good and stop moving back and forth.

For me, whatever Chinese thinks doesn’t stop me from making use of crypto currency and we have seen that their decision will not affect the market anymore from what we have seen so far, the market kept moving despite everything that has happened.

[Coin_trader]

I'm still puzzled how including it in the list of phased-out industries acts as a complete reversal of the ban?
What the hell is this, Reverso world? Who the f word writes these articles, monkeys that are still not able to peel a banana?

I think they write those article just to answer the speculation like this thread thrown away at them after there statement of unbanning it. Chinese regulation is indeed very complex and they regularly update there catalogue for the list of they want to phase out due to intensity of illegal activities happening there. Maybe this kind of action is common on a communist country since they control everything and mainstream media is just making the issue worst just to give an impact to cryptocurrency valuation.

[ChiBitCTy]

Personally I’m pretty surprised that China would be considering this as I would think they would just be happy with doing their own mining and collecting bitcoin for its own use (the government/dictatorship of Chinas use). But then again little makes sense to me over there.