Topic: [2018-01-04] China Isn’t Shutting Down Bitcoin Miners: Report (Read 152 times)

I don´t think that any big Chinese miner will switch to Russia.
The Russians are instead ramping up their own mining operations.

Additionally, I actually can understand why the Chinese authorities
might plan to introduce at least a few restrictions on Bitcoin mining.
There were reports that Bitcoin mining caused disruptions to the existing
energy supply for the population in some of the rural regions. If the
Chinese government fears one thing it is a unhappy population and therefore
their plans are at least partly understandable.

Apart from that, I assume that the big mining operations are bribing
local authorities to turn a blind eye to the huge energy consumption that
these mining centers have. It is probably a really profitable endeavour
for all parties involved.

And what about the previous information in the media about the fact that Chinese miners have chosen Quebec province in Canada and have been looking for the possibility of mining bitcoin in Russia due to the fact that the Chinese government banned mining in their country? Or just miners only considered the possibility of mining in other countries, waiting for the introduction of such a ban?

The news back in mid 2017 was really just a hyped up one really. If you all remember, there was really no regulation released by china. All there was was a news about China "thinking" of regulating cryptocurrencies, but they are not really laws released but just talks among the regulators. What was only true there was that they regulated ICOs which should really have been done given the number of ICOs that just stole money from the investors.

actually i think they have been considering shutting down or controlling the miners more but they also knew that they are going to be incapable of even putting a dent in Chinese miners cartel. they are so much more powerful than the government.


this is the issue. the local authority is in on it themselves. when the government asks them to investigate they are getting paid to say there is no mining!

One can smell conspiracy out of this . Why would China allow the bitcoin mining and use their country's resources for the mining of bitcoin which is totally banned in China . If the news has some authenticity then it is sure that China is planning something huge for bitcoin . By not banning the mining , they are making the things for complicated for them as well as the people . They might totally disrupt the mining activities at a single moment after finding out the locations so this is very important to shift the locations out of China as soon as possible.

I think this is expected of them. You know, they keep on spreading false news because they knew for a fact that they cannot beat the popularity of Bitcoin especially in 2017. Hence, desperate people keep spreading hoax to build the common perception that the government of China has, for all intents and purposes, banned Bitcoins. The takeaway here is for us to verify very well first the news we read on before we start believing into something. Perhaps it is not even enough to just look into the source but also identify within the articles or journals key people if they indeed exist.

And this goes for a lot of the eastern news about crypto. A lot of it is severely exaggerated or just boldly said, bullshit. Think about China allegedly banning bitcoin back in September which turned out to be just a ban on ico's. And that's a real shame because we have such amazing platforms to share knowledge and information so why waste resources on misinformation. They main r

It just shows that the far majority of the crypto related news sites are contributing to spreading false information through their (probably intentionally) wrongly translated articles, which is a real shame.

On the other hand, I am a bit disappointed that China didn't really end up banning mining in its entirety, because it would allow the global hash rate to not be centered so much in just a single country, and especially not China.

I must however point out that China can never be fully trusted on its words, and for that reason I hope farms there will start looking for alternatives in a serious manner, China should never be this relevant anymore.

Chinese authorities’ ‘crackdown’ on bitcoin miners will not see them banned and will instead focus on removing their preferential treatment in local provinces.

Chinese publication Ciaxin is reporting that, contrary to rumors on Wednesday, Chinese authorities haven’t asked bitcoin miners to shut down their operations in the country.

China is home to nearly two-thirds of the bitcoin hashrate with mining operations rampant in the Sichuan province and the autonomous regions of Inner Mongolia and Tibet that provide cheap hydroelectricity and cooler temperatures for the energy-intensive process of cryptocurrency mining.

Citing a source with knowledge of regulators’ moves, the ‘crackdown’ will extend to removing friendly treatment for mining centers near cheap hydroelectric power. Preferential policies in electricity consumption, tax cuts and land use for bitcoin mining centers are all under the scanner. Taking advantage of local connections, some mining facilities may also be consuming power at a lower cost, the report added.

The supposed ‘closed-door’ meeting held on Wednesday between the People’s Bank of China (PBoC) and members of a major internet finance regulator, will see authorities move to “standardize” the electricity usage of ‘some’ bitcoin miners, according to QQ.com.

Local government officials have also been asked to investigate the “nonstandard uses of electricity” after concerns that high power consumption may have affected normal electricity usage in the region, in some cases. To oversee these curbs, the National Development and Reform Commission, will also participate as the nation’s power supply regulator.

As reported previously, the ‘crackdown’ on bitcoin mining in China could prove to be beneficial to the wider bitcoin ecosystem by decentralizing the majority mining hashrate located in the country.

https://www.ccn.com/china-isnt-shutting-bitcoin-miners-report/