Chances Chinese Government Will Ban Bitcoin Mining?

Sithara007

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Quote from: GlobalProtection on November 20, 2017, 02:27:55 AM

What do you think are the chances that the Chinese government will ban bitcoin mining within the next six months?

The probability is quite real. The Chinese are concerned that their national currency (Renminbi) will get affected if Bitcoin gains widespread acceptance among the population. Already they have banned BTC to fiat trading.But the loophole of Bitcoin to other asset trading is still open. One can exchange his coins for gold or altcoins.

SerMeric

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Chinese gov. has more balls than the other govs. But we shouldnt forget that the biggest riches has bitcoins and riches control the governments. So i dont think the riches will allow to the govs. to make something that will affect the bitcoin price.

It should be your criteria. Riches have it? Then it cant go to 0.

Mstkotha

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China can undo the ban, but the Chinese government no longer has any teeth to scare people with if they want to threaten a ban again in the future, at least outside. And for Mining, Bitcoin difficulty adjusts as more or less mining power joins the network, in order to keep the desired 10 minutes per block schedule in check.

see8hjj

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Quote from: loaddebitcard on December 11, 2017, 01:30:30 PM

I think they won't cuz all those mining farms in China are controlled by chineese government already in my opinion.

I agree I think the Chinese Government already control these miners.

loaddebitcard

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I think they won't cuz all those mining farms in China are controlled by chineese government already in my opinion.

criptix

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We know that the bitmain creators were working in universities for the chinese .gov.
I think chances are high that chinese .gov has their hands on bitmain.

So in the worst case they would just nationalize mining.

Cryptomagnus

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Well, but... how can be done, pratically speaking?

Brunus

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I think mining will be banned in future due to energy waste

QpeepBounties

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It could decide to do it one day just for the reason that to waist so much energy on solving a stupid algorythm is strategically not useful for China.

TheCoinGrabber

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Not in the near future. A lot of people keep on saying that China wants to ban bitcoins but let's face it, they do earn money from those mines once those are sold for fiat. So for now I think they'll slap on regulations in the name of stopping capital flight.

genset88

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I think there is no chance. You can see even google and facebook can't not exist in china so bitcoin has no chance too.

weeman

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Doubt it, they're the largest producer of asic miners and electricity is almost free so why say no to free money?

Aleister Crowley

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Quote from: maarx on November 20, 2017, 06:31:55 AM

Quote from: GlobalProtection on November 20, 2017, 02:27:55 AM

What do you think are the chances that the Chinese government will ban bitcoin mining within the next six months?

There are less chances. Since there were many ICO scammers and their citizens lose thier money, the government closed the traders. Their moto is to get ride of ICO scammers. The reason closing BTCC would be the same reason behind. So i dont think they have announced complete ban of mining bitcoins.

it is not unreasonable if due to the large number of ICOs that make the SCAM impact on bitcoin mining in china. if that is the reason, it is not the mine that should be in the machete, but ICO circulation should be prohibited, because mining and ICO have different paths, if only ICO is prohibited maybe this will only affect some bitcoin users in china, into the category of bitcoin mining prohibition, because if indeed this happens it is very detrimental to the miners

Theb

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The only news I am hearing right now about the Chinese Government is that they are strictly enforcing the law on unregulated exchanges that if they don't have the proper business permit to operate they will be shut down which a lot of them are. This is for the own protection of their citizens who are unknowingly putting money on illegaly operated businesses in China. The news about banning Bitcoin mining are only rumors for now.

AmXProX

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I heard a news that Chinese government is planning to ban bitcoin farming but we can't confirm it until it is done. We don't need to worry about it because if ever that will happen those mining farms will just look for another country to refuge and build up their farms again, and will just open an opportunity to other countries to have their share on bitcoin mining industry.

stfN2128

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Which chances do you mean? the big mining farms will go to an other province or to an other country. So i don`t see taht anything will change if they will ban mining.

maarx

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Quote from: GlobalProtection on November 20, 2017, 02:27:55 AM

What do you think are the chances that the Chinese government will ban bitcoin mining within the next six months?

There are less chances. Since there were many ICO scammers and their citizens lose thier money, the government closed the traders. Their moto is to get ride of ICO scammers. The reason closing BTCC would be the same reason behind. So i dont think they have announced complete ban of mining bitcoins.

GlobalProtection

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What do you think are the chances that the Chinese government will ban bitcoin mining within the next six months?

Topic: Chances Chinese Government Will Ban Bitcoin Mining? (Read 421 times)