Topic: China are back to mining Bitcoin. - page 2. (Read 571 times)

I have always thought that crypto trading is illegal in China but from the few articles I just read it seems it was just restricted. I was thinking they one needs to use a VPN or other means to deal with cryptocurrencies because it was illegal. And citizens could be persecuted if they are caught engaging in crypto transact. However, it seems Bitcoin mining suffered stringent regulations which made many miners leave China for other friendly nations.

As others have said, I also believe that China might be regretting its negative stance towards mining because Bitcoin mining is now an important investment and revenue source. Bitcoin mining creates jobs, gives revenue to the government, and can be used for recycling activities. Chinese economists are suggesting that Bitcoin mining should be part of the already devastated Chinese real estate industry. They are suggesting that heat can be recycled to power Bitcoin mining rings in residential buildings so that they can also make extra income from mining. I assume China has a plan for the crypto industry and they are using Hong Kong to practice these plans.

According to the industry insider? But of course, we have no way to confirm this story.

Hm, I haven't heard of mining coming back, and I must say I'm concerned that major media outlets didn't break this news (which, to me, is an indicator that this info might not be trustworthy). I fully agree that the ban was politically and not environmentally motivated in China because China doesn't really care about climate change but cares a lot about maintaining a strong authoritarian regime. Gagnon said that it was returning slowly, as a way of managing heat waste. If it's slow and use cases are narrow, that might be why people don't really talk about it seriously yet, as it's nowhere near the former power of Chinese mining farms.

It's probably just the government (CCP) doing all of this trading, I think they've got a really huge amount of bitcoin hoard for a long time so it's no surprise that they're still trading despite the news that there's a ban in China or a crackdown there on private ownership of bitcoin. The Chinese market is definitely interested in the bitcoin market but I believe that there's only the government that does the trading, remember that China is a totalitarian government and bitcoin is a cryptocurrency that provides an individual freedom in finances and China don't want that, even if the Western media gets it wrong, it will almost always be that China is suppressing their people.

For me though, I don't think that they're totally unbanning mining in China because there's no way that China is going to let their people make a lot of money the easy way thru mining, they'll always willing to try and get their hands on the biggest piece of pie in a lot of aspects so it's not that difficult to think that China would exempt bitcoin mining to their attitude of take as much as possible.

You are right, sharing wrong information is not a good thing It so unethical and manipulative, and we should report it to the moderator, I don't know the exact reason why the OP has made this topic but he must have some solid reason, like either he is so uneducated that he did not confirm the news and shared it abruptly or he is trying to create some kind of FUD or FOMO in the market.

I don't want to assume that's why I left it to the OP to tell the reason by himself. Otherwise, he might be reported. Crypto is totally banned in China and there is no doubt about that, that's why I was shocked to read the title and then got angry after confirming it's fake, Well, FYI crypto might be banned in China but in its second sector Hong Kong it is not.

We thought Bitcoin was totally banned in China, but I recently saw a video on Youtube, where people still bought and traded Bitcoin. (Will look for the video and paste it here)

I think the Chinese government might unban Bitcoin mining, but only re-introduce it, with a lot more regulations in place. (They will put controls in place to track all coins that are mined)

There are a few resources that shows that government backed ones are starting up again to use the extra resources. Which means that it is not just individuals this time, but the government who does it. Considering they seized a lot of miners at time, we are looking at things that may change eventually and that's what matters.

I believe that we are going to end up with China mining again, like as in the whole nation, but first we are going to see the party getting their share first, after they do that then maybe they will see it in a better light and could let the citizens to do it as well. After all, it brings in money into the nation and we just need to make sure that things are going as smooth as they possibly could.

I just did a little research now based on your comment and from what I understand China, has not lifted the ban placed on mining in their country, so I wonder where the OP got his information from. As you said, he should provide a valid link to support his claim, so he won't perhaps unintentionally give a misleading information. From what I can understand so far, the people that are engaging in Bitcoin mining in china, are doing so illegally because according to the report from where I read in Google, it's still very much illegal in their country.

Various kinds of politics have been going on around Bitcoin before 2021, especially the Chinese government has been leading in its opposition to Bitcoin. Although people saw it differently because they realized that Bitcoin was not a political issue of any one country, it was the desire of all the people of the world. Despite its various positive aspects, some governments have sought to use it for political and financial maneuvers. Various restriction tried to keep people away from using Bitcoin, but those governments failed to implement their goals. Rather, they are learning to realize that Bitcoin is the most promising currency of the future through which they will be able to power their economy. I'm still not sure what the Chinese government has decided on Bitcoin but sooner or later everyone must be enlightened to Bitcoin.

if I'm not mistaken, they never really lived down mining, even when it was made illegal by the Chinese government, what happened instead is that they kept on using mining equipment, even went so far as to make sure that GPUs manufactured and sold within the country is made less powerful against their counterparts in the US to make sure that they don't use it for mining, and yet they still do. I've also seen a lot of people in the Chinese territory be adamant about using cryptocurrency, and this is despite the efforts made by their government to illegalize its usage and proliferation.

So to say that they are back to mining isn't really true, they never stopped. It just so happened that now the cracks behind their covers are becoming more visible and they are becoming even more exposed, allowing people even from those outside their vicinity to know that the jig is up. Sooner or later China's going to relent and either allow cryptocurrencies to a minimal degree or outright allow its usage. They are no longer in the position to act all high and mighty especially as their rate of production declines and the Chinese Yuan loses its value against other superpower currencies. Not to mention the fact that most Chinese tycoons are now looking to create business and money outside of the country.

Of course. China never did ban Bitcoin mining. Why do you think there were a few miners running on the country? The government saw huge potential on BTC and started to reap its benefits. It only pretended to "ban" Bitcoin mining to gather the attention into its own digital currency (the eCNY). Now China has been opening its doors to Bitcoin investment in Hong Kong. The territory will become the biggest crypto epicenter after the UAE and El Salvador.

It won't be long enough before most (if not all) of the world's countries embrace Bitcoin with open arms. The more miners there are, the better for Bitcoin. Maybe China will become the second-largest Bitcoin mining hub in the future?

I think its more that they are angry at it for banning Bitcoin and not collapsing the next day!
Probably this is what pisses off most bitcoiners, a country closing the gate to Bitcoin and crypto and nothing really important happening on the the macro level in  he economy same for maybe the reason why nobody is talking about Salvador having the lowest economic growth in Central America for two consecutive years!
It's hard for some that spend all their live on forums related to crypto to understand how big the world really is and how small bitcoin still is!


It's not that they forget, such a move would mean 50% extra fiat value for their coins, that's all that matters.

Regulations are not the same as in other nations, sure in the USA you could do something that is against the regulations and only be in trouble if you get caught and the worst thing for you could be some fine, you could pay a lot of money as fine, or just bankrupt your company financially and get out of trouble.

In China, that is literally punishable by jail, you can't just say "I don't care what the government says, I will do what I want" in China, that's just not the type of country they are. They are ruled with iron fist and NOBODY in that nation could go against the ruling party, last time a group of people wanted to protest, they literally sent tanks to kill them all, regular citizen protestors were crushed by soldiers. So, it's good that it's back now.

Makes sense haha But let's be real, it's all about control and im not sire how their government decided it. They have their own digital yuan for use within China and that's theirgovernment's play. The ban might stick around until there's a shift in government thinking. It's a wait-and-see game your right to bet on China lifting the ban sooner rather than later. Let's see how it plays out

Believe it’s the same Chinese government that banned crypto trading as a while that’s still in power at such I don’t think we would see a removal of said ban until a new government emerges in China one with a different ideology than that of the current government.
The present president of China Xi Jinping has outright said that the ban on crypto is to prevent financial crimes among it’s citizens and prevent economic instability for me these are just words of a government in dire need of control although the Chinese have their own digital currency called the digital yuan e-CNY issued by the People's Bank of China this is the only digital currency usable in China, time will tell how impactful these decisions will provide on the Chinese economy personally I believe China will lift its ban sooner rather than later.

that sounds like people are just gonna find some way to survive doing their business like mining bitcoin like this despite the regulation, i remember back then when there's a country banning bitcoin and the bitcoin traders there just move out their funds out of the countries.
the world is easy to access right now, people in doing business could definitely try to reside in a country with better law.
but regardless maybe its as he said, china never ban it in the first place but maybe put in a really strict restrictions that of course will cause the margin of profit to be low enough.
after all mining difficult right now is also peaking, recently hit ath of difficulties. which means lesser profit assumming the miners counts stay the same. cmiiw.

If you have been in China at some point of your life, you will understand how they do business in that country. So even if they say they do ban crypto or btc, for sure, a lot are still continuing their business.
And now, we are seeing that they are going back to this business. But do take note that it is still ok to own crypto, they just banned crypto trading and mining last 2021. If you are doing p2p in other exchanges like binance, Chinese people can do it.

And mining, which was banned 3 years ago seems to be going active again. Old mining pools are still around, that means, they are still operating despite of the ban. Browse this article and you will understand that crypto-related activities did not totally stop in China. It just wane down but not totally eradicating the existence of crypto activities on this country.

After China’s Bitcoin Mining Ban, Bitcoin Is Stronger Than Ever

I recently saw a tech channel which I regularly follow made a vlog when he visited China, they still supply ASICs to all over the world and also have few machine running where they shop was located in a very popular electronic market in China. So mining never banned in China or but they only brought restrictions for using the electricity for mining purpose like big mining farms which already moved to central American countries to keep their revenue flow.

Can you provide any valid evidence that the cryptocurrency mining ban in China was lifted? Without any evidence, you are just discussing gossips and lies and speculating about the subject. Yes, there might be crypto miners in China, but that doesn't mean that the mining ban is lifted. The Chinese government and the Communist party cannot achieve 100% control over the entire population of China. There are some people and businesses that are breaking the law. Maybe the government is secretly supporting crypto mining while openly speaking against cryptocurrencies, but this seems more like a conspiracy theory to me and I don't get the logic behind such move.

People will never let China go because they still have some kind of belief that that country will embrace BTC again, and that this will result in an explosion of the price of BTC, because of course every Chinese wants to have Bitcoin - and that way the Chinese economy will be saved

What they completely forget is that things like Bitcoin can never get the green light in countries where communism still rules.