Topic: A Crypto Blessing: China’s Plan to Ban Bitcoin Mining Will Work Wonders - page 4. (Read 628 times)

I think I will not ready to accept it right now because the chances of mining will not been possible in in these countries to develop their economy that's why they are not accepting it but mining is always giving you to the profit but is Chinese not accept it we cannot make their decision to change.

Same owners of different machines, just outsourced into different countries doesn't mean decentralization at its core. For all we know, it will just be one company who would be owning all of these miners and they're just being relocated to a new home. The mining conditions in China are suitably well for operators, that's why it has become the center for the mining industry. With their miners being relocated into somewhere else, with the same owners and operators, I don't think that changes the scenario even in the slightest form.

Of course, the decision of the Chinese regulator was quite predictable. There may be several reasons for this, but it seems to me that 2 reasons can be considered as the main ones. 1 reason - this is the plan of the Chinese government for the expansion of the yuan in the global economy. China has long dreamed of making the yuan a world currency, and it is possible that Bitcoin will be able to prevent this. Despite the fact that the main part of miners is located in China, the bitcoin, unlike the yuan, is not affected by the Chinese regulator. And it bothers them. 2 reason - because of bitcoin, the shadow economy can grow and the withdrawal of money abroad. This is also a fairly significant factor, which can not be disturbed.

The National Development and Reform Commission (NDRC) revealed its intent to eliminate the bitcoin and crypto mining sector immediately in its guidance for adjustments to industrial structure published on April 1.

The list of sectors that will be encouraged, restricted and eliminated will undergo a public consultation period until May 7 according to the report of SCMP, and as such, mining facilities in China are likely to be able to operate throughout the next month or two.

If after the public consultation phase the NDRC and the government of China move forward with the current plans to shut down the bitcoin and crypto mining sector, it would signal the end of the most dominant bitcoin mining region.
Why It Could be Good For Bitcoin and Crypto

The potential imposition of a ban on crypto mining may lead to the decentralization of mining across the global mining market and encourage miners based in China to move to foreign countries.

“Bitcoin mining will no longer be dominated by China but become more decentralized,” a Beijing-based cryptocurrency research company analyst Michael Zhong told SCMP, emphasizing that Chinese miners in Yunnan and Sichuan would have to leave.

For many years, major mining pools based in China in the likes of BTC.com and Antpool, some of which are operated by Bitmain, have had dominance over the hash power of the Bitcoin network.

As a proof-of-work (PoW) blockchain protocol, the Bitcoin network needs computing power to verify transactions and broadcast data to the Bitcoin blockchain network.

As of April 9, BTC.com and Antpool alone have over 31.5 percent of the hash power of the Bitcoin network, both of which are subsidiaries of Bitmain.

CCN | https://www.ccn.com/chinas-bitcoin-mining-ban-plan-good