China are back to mining Bitcoin. - page 3.

stompix

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It's all speculation without a single example, and in all that article just one line covers the so called return:

Quote

Gagnon noted that mining is slowly returning to China as a way to recycle waste inputs, notably heat, for residential and office projects.

And this thing just contradicts the whole way mining was done in China, mainly in areas where you couldn't transport the power (Sichuan dams) so there is no recycling heat there as you would have no use for it and the other is Inner Mongolia, which is home to tons of coal powerplants, so again , this time the complete opposite as you already have more heat than you need from those. Also cogeneration has a major problem, what do you do in summer when you don't need heat but cooling and your gear will need extra cooling too?

People need to let it go already, China is done for and that's it!

DrBeer

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China's new government is inherently 'shooting itself in the foot'.... And cryptocurrency seems to have done the same thing.
Before 2022, China was afraid that cryptocurrencies/bitcoin could become uncontrolled financial instruments that could bring harm to the "party line". After 2023, China realized that harsh financial sanctions are being imposed against rogue countries, and bitcoin could become a "lifeline" as China's new party vector is to escalate the confrontation with the West, plus China's support for rogue countries is increasing, which could lead to the replication of sanctions on China as well...

el kaka22

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Considering they are more of a dictatorship and have a king, it makes sense that government and people do not have the same rights. Government workers could build places that mine for the government, that would make money, and then sell those mined bitcoins to foreigners in other nations, that is of course allowed, because it makes money for the government.

But, the idea that an individual could make money without government taking a piece of it? That is not really allowed at all, it is not just tax, it is literally ownership that they are looking for, the freedom to have your business is not okay. Even Alibaba has to accept government intervention or they would be gone. So all in all, it is not that easy to make any changes.

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Quote from: Bright0515 on February 20, 2024, 09:01:45 AM

~snip~
What will this miners revenue contribute to the economy?

To the economy of China? I see that there are still those who think that the Chinese economy is in trouble because they banned Bitcoin, and that lifting the ban would mean positive changes in their economy. I would like someone to tell me how BTC mining will help China if we know that currently only 27 000 BTC are mined per month, and in 2 months that number will decrease by 50%.

Even if China had a complete monopoly on BTC mining and if their miners sold all the BTC they mine, it would be a drop in the ocean compared to what China makes from all other branches of its economy. China's GDP for 2023 was just over $17 trillion, and all mined BTC is currently worth about $1 trillion.

The Sceptical Chymist

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Quote from: DeathAngel on February 20, 2024, 09:44:39 AM

Part of the reason we only hit 69k last bull run was due to China FUD.

Is that true? Bitcoin has always seemed quite resilient to news, even if it's pretty damn big news like that was. I always figured the ATH was reached too quickly, i.e., that bitcoin was in sort of a bubble that was relatively short. Then again, pretty much any little thing can pop a financial bubble when prices are soaring.

BTW, did bitcoin actually get to $69k? I looked at the chart on CMC and I don't see when it got there.

Now as far as China getting back into the mining game, I'd say the more decentralization the better (except if they wind up dominating), but Jesus....right before the halving. I assume it'll still be profitable, but whatever Chinese stopped mining when the government outlawed it couldn't be getting back in at a worse time, and that's if they're getting back in at all.

cakravothy

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what is prohibited may not be the use of bitcoin. because many online stores from china are also accepted using crypto in this case bitcoin. yes like the title of the thread that is prohibited is mining. why mining is prohibited because it uses electrical energy if the use of electricity in the country is higher, the pollution burden will be higher because electrical energy is produced from fuel oil and coal.

jossiel

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Quote from: Bright0515 on February 20, 2024, 09:01:45 AM

Is the china government now encouraging it's people to mining of cryptocurrency (Bitcoin)?.

They've been too confusing with the news about them and we have no idea if there was an actual ban that had happened there. I don't think that with such big operations there of mining farms, they've been stop.

Quote from: Bright0515 on February 20, 2024, 09:01:45 AM

Will this Bitcoin add to their economy development because I see something like 10% of all miner revenue. It says it is important giving the coming Bitcoin halving event.
What will this miners revenue contribute to the economy?.

The advantage is there and likely that they're not going to pass it on when the halving arrives. So, they're mining as much as they can before it or there was really no ban at all when the news have spread that there was one.

Sure, it is a big contribution to their economy from their bitcoin mining revenue.

Coyster

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Quote from: JayTrain on February 20, 2024, 01:40:19 PM

It's interesting to see how China, a country with a large and influential economy, is revising its policy regarding cryptocurrency mining.

China has not rescinded its ban on Bitcoin mining, i know that there are prolly a few Bitcoin miners who are operating low-key in China, but the government's stance on mining is still extant. China have banned a lot of things relating to Bitcoin and crypto down the years, though some of these bans have been confusing to me, and i don't fully understand the extent to which they enforce them.

Quote from: Bright0515 on February 20, 2024, 09:01:45 AM

my question?. Is the china government now encouraging it's people to mining of cryptocurrency (Bitcoin)?. Will this Bitcoin add to their economy development because I see something like 10% of all miner revenue. It says it is important giving the coming Bitcoin halving event.

There is no record of the Chinese government encouraging or supporting mining, neither have they rescinded their ban on it. Having said that, any sort of revenue from mining would be inconsequential to a fast growing economy like that of China.

avikz

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Quote from: Bright0515 on February 20, 2024, 09:01:45 AM

In the foundation of Bitcoin when listed china was also mentioned but when I read deeper I was surprised to see that Bitcoin was banned in china. The china government banned Bitcoin since 2021 now coming to see how the crypto currency (Bitcoin) has become powerful in the world of crypto now as many people mostly youths of some countries now see it as an investment very interesting and how it has helped many, the citizens of china sometimes I ask myself if they would be pleased to see one of their achievement helping others and not them.
Gagon said he didn't see this ban as something concerning Bitcoin at all rather he sees it as politics, currently this ban I think has been lifted and Gagon sees this as an infrastructural development to the economy of china.
Now when you say economy it is something that has to do with the government of a country as well.
my question?. Is the china government now encouraging it's people to mining of cryptocurrency (Bitcoin)?. Will this Bitcoin add to their economy development because I see something like 10% of all miner revenue. It says it is important giving the coming Bitcoin halving event.
What will this miners revenue contribute to the economy?. https://cryptoslate.com/bitcoin-minings-silent-comeback-in-china-according-to-industry-insider/

I don't think China has lifted the ban. If they really did, it would have become a breaking news in all cryptocurrency related news websites. I don't see any such things. It could be very possible that some people from China have started mining at a smaller scale in disguise of something else, so that they do not get caught.

China lifts the ban on cryptocurrency mining, it will be a huge event for Bitcoin. I don't think it has happened. But again it take time for any used to come out from China so you never know.

JayTrain

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It's interesting to see how China, a country with a large and influential economy, is revising its policy regarding cryptocurrency mining. The resumption of Bitcoin mining could lead to changes in market dynamics and affect cryptocurrency prices. I see this as a positive sign for the crypto market, as China is a well-developed country economically.

Upgrade00

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Quote from: DeathAngel on February 20, 2024, 09:44:39 AM

If China was to publicly unban mining & allow all retail investors to buy Bitcoin it’d be very bullish for the price. Part of the reason we only hit 69k last bull run was due to China FUD.

China is a huge market in the crypto space but I really don't think they were part of the reason that the last ATH was only $69k. China banning mining and Bitcoin has been mentioned now and again over the last ten years and was factored in long before that bullrun got into gear.

Also, there is no record that China has resumed Bitcoin mining.

tsaroz

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Quote from: DeathAngel on February 20, 2024, 09:44:39 AM

I don’t think mining was ever totally eradicated in China. Obviously, the government clamped down on it though & most people follow the rules. If China was to publicly unban mining & allow all retail investors to buy Bitcoin it’d be very bullish for the price. Part of the reason we only hit 69k last bull run was due to China FUD.

One of the reason why China banned bitcoin mining was due to the worries of energy crisis. The current situation of energy in China has improved. And with years on exponential growth of solar, China would have an energy surplus for most of the time which may make them ease the mining ban. But at current situation, there are no signs of easing the ban.
The chinese court have recently given a verdict about the ownership of crypto as assets, we could expect that the Chinese has not given up on crypto future and they wait for the good times.

Bobrox

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Quote from: Cookdata on February 20, 2024, 11:27:55 AM

The ban is barely less than 3 years and one government guy think we have forgotten how they hunt down mining farms and announced the ban of Bitcoin on national TV, if it was to be ban of a particular product from US, will they have the mouth to come out to change the narrative. I don't believe any words that come from government officials when it comes to Bitcoin, they were responsible for the part of Bitcoin crash in 2021 and it has manage to crawl back, they should keep their Bitcoin social life to what they know best and forget about Bitcoin this time.

It's hard to believe the decision taken by the Chinese government to resume active bitcoin mining, to be precise about three years ago the Chinese government announced that it was banning all activities related to bitcoin, from bitcoin trading, mining, ICO projects to all things related to bitcoin.
I think there is another potential for the Chinese government want to become active in mining again, its better not to completely trust the decision taken by the Chinese government because they have several times announced that they are banning all transactions related to bitcoin.

I don't sure with China government decision want return back to make bitcoin not banned in their country, scare without several weeks later they will make new announcement about banned bitcoin as investment assets.

Cookdata

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Quote from: Bright0515 on February 20, 2024, 09:01:45 AM

In the foundation of Bitcoin when listed china was also mentioned but when I read deeper I was surprised to see that Bitcoin was banned in china. The china government banned Bitcoin since 2021 now coming to see how the crypto currency (Bitcoin) has become powerful in the world of crypto now as many people mostly youths of some countries now see it as an investment very interesting and how it has helped many, the citizens of china sometimes I ask myself if they would be pleased to see one of their achievement helping others and not them.
Gagon said he didn't see this ban as something concerning Bitcoin at all rather he sees it as politics, currently this ban I think has been lifted and Gagon sees this as an infrastructural development to the economy of china.
Now when you say economy it is something that has to do with the government of a country as well.

The ban is barely less than 3 years and one government guy think we have forgotten how they hunt down mining farms and announced the ban of Bitcoin on national TV, if it was to be ban of a particular product from US, will they have the mouth to come out to change the narrative. I don't believe any words that come from government officials when it comes to Bitcoin, they were responsible for the part of Bitcoin crash in 2021 and it has manage to crawl back, they should keep their Bitcoin social life to what they know best and forget about Bitcoin this time.

Quote

my question?. Is the china government now encouraging it's people to mining of cryptocurrency (Bitcoin)?. Will this Bitcoin add to their economy development because I see something like 10% of all miner revenue. It says it is important giving the coming Bitcoin halving event.
What will this miners revenue contribute to the economy?. https://cryptoslate.com/bitcoin-minings-silent-comeback-in-china-according-to-industry-insider/

No such thing as Bitcoin mining will happen in China, not with this government because I remember when the banned happen, Xi Jinping has been in power for many years and he banned Bitcoin when he was about to live power and then came back now for third time. Maybe another government may reverse the ban later but I'm not sure if this China government will yield to any pressure from anyone who want Bitcoin mining to be allowed in the country.

bitLeap

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If we remember in the past what China did was damage the price of Bitcoin, so now they are starting to activate mining again, meaning the target is to coincide with the halving year. True or not but I have another assumption regarding China's goal which is not for adoption but rather wants to destroy the Bitcoin market from its peak. I'm a little doubtful about China policies and regulations which are inconsistent if not wrong. During Covid they damaged prices by closing mining and then the results were bad for price speculation, now do we still consider that a positive action? think again China has always had different goals of financial freedom.

Faisal2202

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You are wrong about the ban lifting, it still exists, BTC mining is not legalized in China instead if one gets caught, he will be given punishment, and that's so severe, last time I heard the news that Yi Xiao a provincial level official got lifetime prisoned just because he supported BTC mining while the government has banned it. (source). Who knows the real agenda behind this punishment but it sets a great fear among small miners.

I suggest you to give the link to the source from where you get the knowledge of ban eradication. You know spreading false news among people who could react to such news actively and might make financial decisions as well, comes under manipulation which is not encouraged by the forum rules. I assume you are understanding the level of

moneystery

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i even found an interesting article about the cryptocurrency industry in china: china never completely banned crypto. there it is explained that in fact what was conveyed by western news portals about china banning cryptocurrency is not completely true, the proof is that last year binance recorded that there was $90 billion in chinese crypto trade, that is quite a large amount. this proves that china is still interested in the crypto industry and this may also have an impact on the bitcoin and altcoin mining industry which may continue to grow in the future in china.

blckhawk

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Quote from: DeathAngel on February 20, 2024, 09:44:39 AM

I don’t think mining was ever totally eradicated in China. Obviously, the government clamped down on it though & most people follow the rules. If China was to publicly unban mining & allow all retail investors to buy Bitcoin it’d be very bullish for the price. Part of the reason we only hit 69k last bull run was due to China FUD.

The government never stopped, they just criminalized the individual miners or mining companies that are outside the circle of the party, that's the Chinese way of increasing their bitcoin stash, they want to make sure that they're going to get the bigger piece of the pie. It's really weird that they're only starting to do this now because the ordinals would've really helped them more with mining fees and they can collect those mining tax from individual miners. I do hope that this is really the case, definitely a big deal if they unban because China's a big consumer base in a lot of things, it's not a good idea if they're not in bitcoin market.

DeathAngel

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I don’t think mining was ever totally eradicated in China. Obviously, the government clamped down on it though & most people follow the rules. If China was to publicly unban mining & allow all retail investors to buy Bitcoin it’d be very bullish for the price. Part of the reason we only hit 69k last bull run was due to China FUD.

Bright0515

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In the foundation of Bitcoin when listed china was also mentioned but when I read deeper I was surprised to see that Bitcoin was banned in china. The china government banned Bitcoin since 2021 now coming to see how the crypto currency (Bitcoin) has become powerful in the world of crypto now as many people mostly youths of some countries now see it as an investment very interesting and how it has helped many, the citizens of china sometimes I ask myself if they would be pleased to see one of their achievement helping others and not them.
Gagon said he didn't see this ban as something concerning Bitcoin at all rather he sees it as politics, currently this ban I think has been lifted and Gagon sees this as an infrastructural development to the economy of china.
Now when you say economy it is something that has to do with the government of a country as well.
my question?. Is the china government now encouraging it's people to mining of cryptocurrency (Bitcoin)?. Will this Bitcoin add to their economy development because I see something like 10% of all miner revenue. It says it is important giving the coming Bitcoin halving event.
What will this miners revenue contribute to the economy?. https://cryptoslate.com/bitcoin-minings-silent-comeback-in-china-according-to-industry-insider/

Topic: China are back to mining Bitcoin. - page 3. (Read 636 times)