China is thinking about unbanning bitcoin mining after price rise

[gabbie2010]

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.

I don't think any right thinking miner who had already set up their mining equipment in their new abode will rescind or reverse their action even if the news unbanning mining in China is true. The authority didn't seek public opinions before placing the ban consequently their miners moved their equipment to their major rival country making them to have more world power, of course the Chinese government thinks the decision to ban mining in their country will have great impact on bitcoin nevertheless the impact on its price was minimal.

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[Wildwest]

If at the moment they think like that of course the decision they have made at that time harms their own country because very many miners from China have moved all their mining facilities to a safer country of course to return to their country they have to think twice because they do not want them to continue to face the same problems while the mining process is doing, Whereas China is one of the countries that many miners so the government does not see the benefits they get so it bans crypto as it is today, and in the future we do not know what they are planning.

[arditiyan]

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.

China has demonstrated its influence in crypto, from ban issues to mining licensing issues.  I think China doesn't want to miss the opportunity to make a profit in crypto, this makes China always have a controversial policy in crypto

[cheezcarls]

Oh so China is taking a “u-turn” by considering to unban Bitcoin mining? I would assume that it’s not just gonna be mining alone, but trading of cryptocurrencies as well. I think they just realized that they’ve missed the big boat by means of outright banning Bitcoin mining.

However, I am not convinced of China’s motives. However, I do believe in the “change of heart”, but not this kind of news. So yes it’s a good thing that they are going to research and educate themselves about the positive and real use cases of Bitcoin rather than seeing it as a threat to the digital yuan.

No matter how many times they spread FUD and crackdown stuff, BTC always bounce back bigger than ever. They can’t beat BTC.

[uneng]

I don't doubt the source of the information is legit. It really looks like China is trying to check how its reputation is right now at crypto market among investors. They dropped the bait, if the market pumps, China can consider it is due to them being opened to rethinking their position regards crypto currencies, what would mean they are still influent here. If nothing significant happens, well, they will have to think in something smarter to get the importance they had before the final ban.

As I see China is behaving similar to the girl who keeps despising the boy who likes her, but once the boy forgets her, she will do everything to attract his attention back.

[zaesvlas]

I have a question about this. Is China ready to spend electricity on mining? I am afraid that this question is especially acute now.

[Ozero]

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.

To avoid such situations, in China you just need to do the way it is done in all civilized countries: the issue of legalizing or banning the circulation of cryptocurrency should be considered at the legislative level and its essence should be set out in the relevant law. While we have a situation that the mining of cryptocurrency was prohibited at the government level, the People's Bank of China made the announcement of the recognition of transactions in cryptocurrency illegal, and the question of the expediency of continuing the mining of cryptocurrency is raised by some commission or committee.

[willhuber]

I know that these kinds of events have a greater impact on the market but to be honest, I’m done with any crypto news that is about China banning or removing their ban on bitcoin. I think China is that one country who just doesn't want any other country to benefit from some big technology. You can’t say they are against Bitcoin just after seeing them banning the mining activities.
We can never know what they are up to. If you have faith in the crypto market, keep it strong and let them do what they want to do in their country.

[DewiKirana]

China could have reversed its policy on banning cryptocurrencies when they realized that banning Crypto could harm them. However, they may remain steadfast in their stance on the policy if they see cryptocurrencies that can be abused by its citizens.

[Anonylz]

They thought banning crypto mining from China would cripple the crypto space but to their dismay even the United States who was strongly against crypto in the initial stage happens to give room, I think it is time they put an end to their hide and seek game and make a decision where they want to be in the crypto space, crypto will survive and move on with or without China, that has been made clear to them.

[wxa7115]

^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.

People can be so petty, I think we all have went through something like this, you are in a relationship and suddenly your partner wants nothing to do with you, since you have no other option you respect their wishes and you leave, and after some time you begin to date someone else, and then when you met your previous partner they are mad that you moved on, but what did they expect? Of course you moved on.

And while it may seem odd this is exactly what it maybe happening at China, they are mad the miners simply moved on and they found other ways to be profitable and now they have almost no influence in the market, but all of this was their own doing so they must suffer the consequences.

[Murtaza345]

Yes, And now china realized that the bitcoin is future of the World.And more When  china has started crackdown against bitcoin traders bitcoin minars than we saw a little bit market crash and I saw on that time the bitcoin this crash is temporary and bitcoin will grow soon and we saw bitcoin again grow and break his all time High.Things will not end their bitcoin will create the history very soon it will touch $100000 very soon.

[Marykeller]

It's about time for the Chinese government to come out straight whether they are in support of Bitcoin or not. Am tired of hearing them banning and un-banning Bitcoin each passing year.
I like the fact that Bitcoin has been skyrocketing in price without their involvement this time. The Chinese government has now realised that they can't halt the flow of Bitcoin globally. If this un-banning of Bitcoin by the Chinese government is true, then it's a welcome development for Bitcoin to skyrocket more this time to about $80k before January.

[Rehan Zakir]

China is the bigest country of world according to the population. And sometimes china banes Bitcoin mining and now they said they allow. So, please clarify the exact situation that they support Bitcoin or not. Because their one news impact on Bitcoin price. So, if Chinese government unban Bitcoin mining then price of Bitcoin will increase.

[Wawa2013]

Yes, And now china realized that the bitcoin is future of the World.And more When  china has started crackdown against bitcoin traders bitcoin minars than we saw a little bit market crash and I saw on that time the bitcoin this crash is temporary and bitcoin will grow soon and we saw bitcoin again grow and break his all time High.Things will not end their bitcoin will create the history very soon it will touch $100000 very soon.

Because the Chinese government is too confident that banning Bitcoin will destroy the crypto world. It turned out that their plan did not go well,
it was proven that Bitcoin continued to skyrocket without China's involvement. Maybe finally the Chinese government is starting to realize what
they're doing is wrong, the Chinese government bans Bitcoin only makes other countries benefit more and Bitcoin continues to grow rapidly.
I also believe that if the Chinese government changes its mind and will unban Bitcoin mining, it will push the Bitcoin price even higher.
It seems that by the end of this year Bitcoin will reach the price of $100k as many had hoped.

[Fortify]

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 CCP is a very erratic and unreliable form of government, prone to swinging in the direction of whatever Dear Leader has decided is the flavor of the month. Last month they were concerned about energy shortages, after they blocked Australian coal (in a stupid act of spiting themselves) and suddenly realized they couldn't get enough to run power plants. They tell the world that China is going green instead of admitting they have disastrous economic policies which falter when someone "offends" the Chinese by not going along with their messed up wishes. So it will not be a surprise to see them do a 180 turn around and allow miners back in, because they actually offer convenient money making ability in the downtime periods where energy demand is lower - Hopefully the miners won't be foolish enough to move back.

[Congyang]

I still can't find any further news about this.
but if this is true and can be trusted I'm not too excited about this because indeed they will definitely do it again. and things like this have happened over and over and the cycle is almost the same.
they banned bitcoin from making fud everywhere and made negative news about bitcoin, investors panicked and sold their assets, after a while the bitcoin price rose again and china began to legalize it again.
This cycle is always repeated and if it continues like this, the actual effect produced is getting less and less

[shield132]

Idk about USA but in my country (which is very small) there already came up to 20K Chinese people in our 2rd largest country where they hired hotels/apartments with their families and transferred all the mining equipment. So, since these people have moved out with their families and we can say that they have already found their place and transferred the business, why China thinks that by unbanning bitcoin mining, they'll really benefit? China's action looks like when the person Buys bitcoin at 60K and sells at 30K, doesn't use the chance of DIP and then tries to buy again at 67K.

I would call China a silly country, in fact, they are really very smart, this applies to their government but really, all the stuff they do around cryptocurrencies is just out of logic and does nothing good for them.

[barbara44]

I still can't find any further news about this.
but if this is true and can be trusted I'm not too excited about this because indeed they will definitely do it again. and things like this have happened over and over and the cycle is almost the same.
they banned bitcoin from making fud everywhere and made negative news about bitcoin, investors panicked and sold their assets, after a while the bitcoin price rose again and china began to legalize it again.
This cycle is always repeated and if it continues like this, the actual effect produced is getting less and less

Few rumors coming out about these things but still uncertainty around as well because they are now confused with price rise other thing is also good now they understand China factor is not having any impact on crypto and bitcoin so just because of this rumours working around crypto world about China unban and allowing mining again.

One thing is sure if China going to allow this all again then surely we will have some good impact and this price can go in very good rise most chances we will touch this magic figure $100K which is really important for this community.

As this could be first milestone for going much higher in future which is predicted many times but still less time from dead of Bitcoin.

[AakZaki]

China is always full of drama. The drama that was made this time was able to provide strong pressure for the development of Bitcoin and destroy miners in China who eventually moved to countries that were pro-bitcoin.

Even now China is no longer influential and will not put any pressure on the crypto world because of China's attitude which continues to ban crypto.
The mining industry experienced massive growth and China dumped it, and now the US is the highest hashrate provider because China dumped its miners. This backfired on China.