does this have something to do with bitcoin's current decline...

[dark1234]

reported [local media] the carbon neutralization mission in 2060 in China and after Meng Wei's announcement from the NDRC about the decisive action that will be applied to crypto miners whether it will work as stated .....
if so, what is the percentage of the impact on bitcoin and other cryptos in the future ..... as we saw after Meng Wei's announcement on the Coindesk site, on Friday's trading session (11/19/2021), the price of Bitcoin fell further, that is, it was sold at a price of 56,959 US dollars per piece

[jackg]

I thought China already banned mining? Surely they can't say the same thing twice in the same quarter and have investors actually listen to them?

There are enough countries able to facilitate profitible mining at the moment so I doubt China or a bunch of countries banning mining will do much but give slow blocks (likely unnoticeably) for a few weeks.

[Yogee]

It's been a while since I last read anything about China banning this and that. The miners there already transferred to other jurisdictions like Kazakhstan and the entire market moved on since then.

The price decline is a normal correction after an attempt to break the $70K wall.

[bhooscream]

reported [local media]

Why you don't get a source in the English language? I think not all people can understand Bahasa. Even it can be translated, it may be not accurate.


I think this news has nothing to do with the Bitcoin drop. All people already know if China is always against Bitcoin. It is not a new issue that China government ban every activity related to Bitcoin or crypto.

[logfiles]

Why does everything about a slight decline in bitcoin price have to be linked to news of a ban?

Can't Bitcoin price correct for once, minus linking it to the bans or bad news? I mean it's a normal thing for the market to correct once in a while after a previous upward trend, otherwise if Bitcoin was just rising every hour and day astronomically without any correction. There is no way you would call that a normal market. It would be pure manipulation and scam.

[dothebeats]

How many times are they going to ban bitcoin mining, really?

The gravity of this news IMO isn't enough to help the price down on dangerous territories. We've been hearing a lot from China and their bans for the last couple of years and we still managed to thrive albeit the country housing most of the miners in the world. We are just churning the news like it's breakfast and I don't think China will ever have a huge impact on the price of bitcoin ever again.

[bitzizzix]

No, it has nothing to do with China news maybe just in the same situation that some people think the news has something to do with bitcoin's current decline, and there are some people asking me the same thing for real.
this is just a correction that always happens to bitcoin whenever there is a significant increase or touch a new ATH and but it is not known how long the decline will last, the best option to do is to hold your holdings firmly and ignore the news. because that's not necessarily true and nowadays many investors think it's smart not to pay attention to china news that always happens from year to year because it is considered boring.

[Jawhead999]

Nah they're not doing that for carbon neutralization, but to make people using their CBDC similar as India. The CO2 emissions from Bitcoin is 89.8 millions of metric tons, while banking system produced 390 millions of metric tons [1]. This mean banking system produce CO2 emissions 4x more than Bitcoin. If they want to make their country free of carbon emissions, they should shut down the banking system first not the Bitcoin mining.

[1] https://knoema.com/infographics/hatanue/what-about-the-carbon-footprint-of-fiat-money-elon-musk

[Fundamentals Of]

You may consider muting or blocking every news regarding China and Bitcoin. Don't waste time reading this similar news over and over again. China has been banning Bitcoin for years. They have been releasing one announcement after another saying that Bitcoin is banned. Bitcoin mining has also been banned. So China has nothing to do with Bitcoin and Bitcoin mining anymore. Don't waste your effort on recycled issues.

Also don't believe China's words regarding carbon neutralization. They're lying through their teeth. Treat every word from Chinese authorities and media with a grain of salt.

[mk4]

Bitcoin has been going up and down and up and down for a while now; to the point that we could pretty much correlate any news with bitcoin's recent price spikes. This is a perfect example of "correlation is not causation" in my book.

[Uang_kartal]

reported [local media] the carbon neutralization mission in 2060 in China and after Meng Wei's announcement from the NDRC about the decisive action that will be applied to crypto miners whether it will work as stated .....
if so, what is the percentage of the impact on bitcoin and other cryptos in the future ..... as we saw after Meng Wei's announcement on the Coindesk site, on Friday's trading session (11/19/2021), the price of Bitcoin fell further, that is, it was sold at a price of 56,959 US dollars per piece

The existence of simultaneous selling also influences the price into a correction.. I know china does have some efforts for bitcoin. I think the whales will keep prices and activities going in the market or for people's needs. decentrization.activity does not need to be disturbed from anyone. if the era of botcoin is full moon either by one or certain circles there are altcoins. Are you ready if this happens?

[mindrust]

reported [local media] the carbon neutralization mission in 2060 in China and after Meng Wei's announcement from the NDRC about the decisive action that will be applied to crypto miners whether it will work as stated .....
if so, what is the percentage of the impact on bitcoin and other cryptos in the future ..... as we saw after Meng Wei's announcement on the Coindesk site, on Friday's trading session (11/19/2021), the price of Bitcoin fell further, that is, it was sold at a price of 56,959 US dollars per piece

Bitcoin goes up, bitcoin goes down. Unless it is some major news hitting the fan, we don't usually look for the cause of the price fluctuations because we won't find any. The article you posted might be telling the reason for the price drops but maybe some whale just wanted to buy some nice stuff for his wife.  Shit like that happens all the time.

The US taxing crypto was latest big news there was about crypto. I don't think anything big after that have happened yet.

[michellee]

If that news comes from China media, I would not think much about that because those media are like a double sword that want to make people getting more panic because they think China will dump bitcoin. If people really eat that news without thinking much, they will sell bitcoin and make the price drops for more so China can use that moment to buy more bitcoins.

People really need to filter and not panic when they read or hear the news about bitcoin because that is not always real and we know that some people use that to create mass panic.

[Dave1]

It's just a recycle old news coming from China, but you have to admire them or the crypto media for always bringing this up especially when we just hit a new all time high a couple of weeks ago.

And with that, I don't think this news has something to do with the current decline.

The price just simply had to make a correction after a huge surge and getting a new all time high.

[Poker Player]

I agree with the others. No. Correlation does not imply causation, and it is one thing that is clearly seen in this case. It is very typical to link China with FUD but this correlation is very poor. Also, I would not call the state we are in a market decline. Rather we are in a kind of sideways.

[pooya87]

This has nothing to do with bitcoin. China has been polluting the environment for a very long time due to many reasons including their dirty electricity production facilities burning fossil fuels. And for your information China banned bitcoin mining a while ago and ever since then (meaning after miners exited China) their electricity consumption has grown significantly which is another indication that bitcoin mining wasn't even consuming that much electricity in China and/or there weren't that much hashrate inside China in first place.

[SFR10]

if so, what is the percentage of the impact on bitcoin and other cryptos in the future .....

None of us can accurately measure or rather speculate on that front and even if it still has an influence ^{[highly unlikely]}, it'll diminish in the future!

The miners there already transferred to other jurisdictions like Kazakhstan and the entire market moved on since then.

Seeing that they've given the following statements, makes me believe there might still be some miners in there:
^{- Having said that, there are always some false reports/statements from in and out of China!}

• Meng Wei said the government would raise the price of electricity for any state-owned institution caught abusing the subsidized electricity it received for crypto mining.
  ~Snipped~
  Meng Wei stressed that China must "strictly prevent (cryptocurrency mining from) rising from the dead".

[Ozero]

reported [local media] the carbon neutralization mission in 2060 in China and after Meng Wei's announcement from the NDRC about the decisive action that will be applied to crypto miners whether it will work as stated .....
if so, what is the percentage of the impact on bitcoin and other cryptos in the future ..... as we saw after Meng Wei's announcement on the Coindesk site, on Friday's trading session (11/19/2021), the price of Bitcoin fell further, that is, it was sold at a price of 56,959 US dollars per piece

There are several news of this kind at the same time. Firstly, Sweden has already approached the EU countries to prohibit the mining of cryptocurrency, which uses the energy-intensive PoW algorithm. And this will primarily concern bitcoin.
Secondly, the House of Representatives and the US Senate passed a bill that also prohibits Bitcoin mining and introduces some other restrictions. Until recently, the bill was signed by the President.
It seems that due to the sharp climate change and the commitments made by the G20 countries, the states will take very tough measures to reduce greenhouse gas emissions. Proof-of-work cryptocurrencies may well fall under this struggle.

[Lucius]

What an obsession it is with China, even after they have officially banned crypto mining and banned trading a few years ago. Every time the price drops a bit some experts immediately look to see if something bad has happened in China and then cite this as the reason the crypto market is in the red.

Will people ever realize that China is a communist country where Bitcoin has never even had a chance to survive legally? Let's leave China alone and not bother and fall prey to the recycled news that is repeated every few months.

[zasad@]

I read the news that miners in Kazakhstan are also starting to have problems due to the lack of electricity.
(RUS)
https://forklog.com/v-kazahstane-predlozhili-propisat-kriterii-dlya-majninga-bitkoina/
If the US and Europe oppose mining, then Russia and Kazakhstan will take the leading positions. The United States will not allow this, because it wants to be the first.