Topic: Bitmain and Canaan Said China’s Proposed Mining Ban won’t Impact their Operation (Read 378 times)

Most of the mining operations were changed their location to other countries way back from 2017 so probably they may knew earlier this may happen when icos banned took place so mining wont be affected if china bans

With enough funds they can simply do this in order to continue their business, it's not hard since they already successful with this venue they will do everything to protect and to continue as usual, bitmain will operate inside or outside China for their own benefits.

I wonder how China banning mining won't harm the mining industry and especially Bitmain since China hold's most of the hashing power to mine cryptocurrencies.
It might be that Bitmain is playing the 'Bluffing' card so that China decides not to ban mining. Anyway, nothing can be said with guarantees until decision are made by their government.

I think Bitmain might be saying that everything is under control while it actually isn't. The mining giant suffered a bad year of 2018 due to the bearish market, and you are probably right that they'll have to relocate. Relocation always means spending even more money, and the new country might not be that favourable in terms or electricity and labour costs. The gov might just not pass the bill, though, and then everything will stay the same. If China really does it, I am not sure whether it will have more positive or negative impact on the industry. But weakening the key player of the mining industry seems like a good thing to do, even if it comes at a certain price.

It sounds like Bitmain can just remove their pool and farms somewhere abroad and leave their miner-selling business in China, because they still would be able to sell it abroad. The main thing is that they should keep producing miners. If miners are produced then they will find someone, who will make them work.

Bitmain will have no trouble finding cheap power to run mining farms in the future if they are to get kicked out of China, but there are two substantial costs associated with this: (1) Relocating all equipment and building new farms out, and (2) wherever they move to likely won't provide energy as cheaply as China used to, given that Chinese energy has been subsidized.

I interpret the draft in Chinese law to mean the government is tired of subsidizing electricity for miners who are making billions of yuan.

Don't believe in fairy tales.

These entities value their profit margins more than the coin they mine or the country they operate in. They'll pretend to create jobs and whatnot, but the reality is very different, and we have seen that already in countries such as Canada and certain states within the US. Miners were allowed to settle there in return for job creation, but nothing of this actually happened.

The fact that we still talk about Bitmain shows that a lot needs to happen for it to be overtaken. They are losing dominance in the crypto space, but it's quite a slow process. I would have expected legacy entities to be more aggressive, but it seems that they still consider this space to be too much of a risky bet rather than a profitable opportunity.

China may issue particular bans to eliminate mining in this country. Bitmain and Canaan can move their divisions to countries that approve it and have cheap electricity to reduce monthly consumption costs. Bitmain and Canaan have a lot of options, so they don't worry about claims from the Chinese government.

This is the only positive things I can think of if ever Bitmain would decided to leave China for good and relocated their mining farms to other countries.


There's always two side of the story, but we should have the attitude to look at the bright side of everything and not just the negative impact in can bring to us.

In that issue bitmain and canaan will have a hard partnership and agreement in China. I really don't know why they are acting like even in the Island and ocean that they are catch between Ph. Maybe they are too much protective about their teritory and their resources or they product so they have that kind of government and security.

I think this is a non-issue, but a great opportunity for Silicon valley to attract Chinese knowledge and expertise to the USA or for any other country for that matter. They can bring a lot of jobs and experience and also generate a lot of taxes for that country, if they can relocate to another country.

I always look for the positive side to every negative situation and I think we can get a lot of positive things out of this so-called ban in China. 

Others have already mentioned that they do have backup plans in place(Moving to US etc) if the Chinese government goes through with the ban in the earlier posts.

This is not a small company that we are talking about which is why they would have planned for an event like this long back.

This is exactly my thought, since Mainland laws do not affect other sovereign states under china except maybe Military development, these mining business can be moved from Mainland. With your analysis, I come to understand that: Bitmain has got no issue since they are not in Mainland. Same way coinex exchange recently stopped offering services to persons from mainland and equally promised to ban every IP from mainland.

your 4 years out of date
people ben screaming "bitcoin china" for years and most farms are not on china
and those that are, are not using fossil fuel or electric designated for residential/other industrial use. infact the main farms do deals with electric companies where the suppliers know thier average consumption, vs their generation. (there is always excess) and its the excess(unused electric) that farms buy up in long term contracts at a decent discount.

All of their mining farms are located within mainland China and it will be plain stupid to say that the proposed ban won't impact their operations. Moving all these mining rigs to another country (if that is permitted) and then starting again from the scratch can be hugely expensive as well as tedious. Anyway, lets wait and watch.

It is still a draft and we need to see the final decision first before Bitmain take an action or strategy for their business. I believe they (Bitmain) know how to deal with any decision and they will keep on operating in legal way as I believe they have made some plans already in case the ban is officially announced.

Despite the fact that Chinese government don't play in the middle the fact still remains that if bitmain and Canaan have they legal documents the government can not dispose them of they properties and business.

I wonder how they're going to operate mining if China will ban it. I guess it would be hard for them unless they will have access and other operations outside the county. Though the decision has not yet been finalized, I guess they should think of some other ways to operate.

stompix, i have and will never say that the earth is flat. but goodluck trying to infer things .
also
want to know why facebook/amazon and other corps register around the world but then dont pay much in tax..

want to know why iphones even with parts coming from many asian locations are seen as an american product
want to know why iphones even with parts coming from thailand are declared as made in china,


also you might want to look into the laws and stuff. before trying to infer "chinese government own mining" like many attmpt to do

ill give you a hint.
why do you think some regions of china are rice paddy fields and other regions are metropolises (such as shenzhen)
hint: the draft document this topic refers to is not a "china wide prohibition list"

i tried to simplify the stuff down to ELI-5 in previous post. but if you want to go the full on legal/financial background research waffle, go ahead. eventually when you peal it away you start to see that jurisdictionally the details line up with my ELI-5

heres one pointer
you mentioned a couple TSMC fabrication factories.
making chips is not mining. its just making chips.
same for sewing fabric together is not the same as selling fake D&G handbags.. its just sewing fabric

jurisdictionally. ASIC mining chips are made by a company registered in [Headquarters: Hsinchu, Taiwan]

loads of people think and promote china as corrupt because on one hand they are promoted as communist, but on the other hand people see them as a country making counterfiets and offering cheap labour and not following laws
kind of funny, a country cant be both powerful overlords of law and control, while also being lax and ignoring laws

they actually do follow laws. the thing is people need to understand the laws.
its why the UK government cant just slap amazon/starbucks/facebook with a yearly tax bill and instead has to try getting them corps to volunteer over some tax
its why even with 'fabs' in china, china cant slap TSMC with a cease and desist

its why in the prohibition days of alcohol. where beer and wine were prohibited. but yeast, oats, barley and grapes were still allowed to be made

feel free to dig deep into all the laws and write a 1000 page book about it.
but short ELI-5 version is TSMC is Headquarters: Hsinchu, Taiwan
and bitmain/canaan are not worried.

big hint. if the racist fox news crowd really wanted to continue their 'china communist' rhetoric about prohibiting tech by reading the draft document which shows that it wants to promote agriculture and prohibit tech.. then shenzhen would still be a rice paddy field.
but enjoy your deep dive into the ins and outs of chinese law and writing your 1000 page book. but ELI-5 version is that bitmain/canaan and other asic companies are not worried. even if the fox news crowd of racists want to shout how mining is in trouble due to "china" (in a tone that china is a single person)

Franky...why do you keep posting stupid things?


This is bs and you know it, you will even try to prove the earth is flat if it would help bitmain and shitcash
It has been known for years that the biggest farms are in Ordos in inner Mongolia, they even have pics and videos from it.


Yeah, for pou and you alone, just like you did in this post.