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

China never thought that Bitcoin will fail if they ban it, and that is not why they banned Bitcoin and cryptocurrencies. Part of the reason they did so is because they believe crypto aids illegal financial transactions and also because of the risks involved when buying crypto assets that are not really regulated. China is the country with the second largest economy in the world, so they would not care about banning crypto or not, because it does not affect their economy in any way. Mind you that China are yet to rescind their ban, because there has been no legitimate source to that news.

The biggest reason is that there are still bitcoins left to be mined and they know BTC will become the most global currency in the world where the results are also very commensurate with the costs incurred, maybe even more.

Yes. they want to always be at the forefront and dominate the number of BTC holdings even though there was a previous ban due to the many power outages which were considered disturbing due to the use of crypto mining and currently their expansion into the automotive industry with their cheap offers has flooded the electric vehicle market.

Is this the moment because bitcoin is on the rise, so that it is starting to make it easier for bitcoin mining again?
I don't think so, you are right because the people themselves have known and used cryptocurrencies for a long time, especially digital currencies, which are very familiar there. So it is very important for them to be able to carry out mining again because it is clearly very profitable for the community and, of course, for the government which can collect taxes from it., They are also aware of the previous ban where many other countries benefited from mining, and they want to reinstate it and that is a natural thing.

But the price of bitcoin has started to rise again so China understands how volatile this bitcoin market is and they think that if they find a way to trade here they will prosper. Even after China's ban many countries like it, other cryptocurrency miners have made a lot of money from this business. There are many people in China who are using crypto currency because the digital currency has no central authority or bank control so everything is secret and the number of crypto users is increasing day by day.

This is EXACTLY what the situation is all around the world. Since, crypto is not something you can follow as long as they do not put it in their own accounts, I would say it's definitely possible that people would still keep on using it.

Let's assume that you are Chinese, and you have no exchange account at all, you do a job for someone, and they pay you in crypto, you agree with someone, and then you sell your crypto, and then you "sell" something to them, not even sell it to be fair, and in exchange you get that money. Think of it exactly like money laundering but this time for not an illegal activity but for crypto cashing out. This is what they have done all during this time if you ask me.

Of course, the lifting of this regulation by the government will have a quite big effect in inviting more people into the market this year, because previously in China itself there were still many users who carried out transactions secretly in the crypto market. Moreover, in the past there were many people there who already knew Bitcoin and the crypto market as a profit-seeking area for everyone, so now there is definitely an increase in crypto market users there because there are no longer any restrictions from the government.

Will this cause price increase of bitcoin.

I think, and not just in china, even though cryptocurrencies are banned some people still find ways to participate and transact using cryptocurrencies. Of course it is only in discreet and they probably go long inconvenient ways just to do it.

However the government lifting up regulations against cryptocurrencies would firther invite more people into the market.

There are positive news I heard last time about cryptos in this country and that makes the people to fuel their hopes. Meanwhile, without the help of China, BTC is now starting to rise and still can explode.

Despite of being one of the innovative countries, I still don't think that each Chinese wants a BTC. Some don't even know what it is. Like I said earlier, they are already innovative, so I don't think their economy is struggling but it may experience some issues sometimes like what other countries are experiencing. It can be natural and there could be other solutions than it, not only Bitcoin because if we think about it, there is also no BTC back in time.

Of course. It has always been about power and control. If China adopts the revolution, it can increase its chances of global economic dominance. That's assuming it moves quickly in embracing crypto/Blockchain innovation before anyone else. The US could be left behind in the dust with its uncertain crypto regulations.

China is already one step ahead with the launch of a CBDC (the eCNY). It could support its economy by secretly mining Bitcoin. Russia could be doing the same. Who knows how China's Bitcoin mining operations will fare in the future?

I've also heard a lot about how the Chinese government has started testing its own CBDC, the digital Yuan. And even some provinces in China have started allowing Bitcoin mining companies to operate again. And we also need to understand that adaptation is not imposed on behavior, whether supporting/opposing it is their action. Something that I'm quite excited about is that we will see a lot of positivity whenever the excitement of this sector returns.

According to the information I heard, the Chinese government does not officially encourage people to mine Bitcoin. There are some provinces that have started allowing Bitcoin mining companies to operate again. And we all know the upcoming Bitcoin halving event could have a positive impact on Bitcoin miners' revenue. The Chinese government may be reconsidering its stance on Bitcoin mining as Bitcoin mining may bring some benefits to the Chinese economy.

First of all it's not as black and white as we see it because there are lot of strategical thinking and Chinese government is very cunning as they want to dominate this market and banning crypto or mining is all part of drama as that's what it wants us to see while it have been mining and accumulating as source of wealth. It just cares about its own well being and it's poor citizens has to bear the burnt of sanctions and China cannot be friend of anyone and I don't think BRICS currency will be gamechanger because India will back out because it has more problems with China. China can never stay behind in technologies like mining but it has been running it in government controlled manner as ot has already removed private players through its ban and now it's all for government.

China doesn't want to be left behind as it aims to create a new world order with the BRICS currency. As also seeing other western and advanced societies long to institutionalize crypto currency and incorporate it into the society by allowing payments and transactions to be concluded using cryptocurrencies, the only choice besides the CBDC innovation aimed to discourage use of cryptocurrency is the regulated use of it.

Regulatory bodies have been created by the government of mostly every countries accepting cryptocurrencies now and it's the only way forward that the government aims to take control and keep crypto dealings in check.
There's no point in banning it I suppose, when the %10 revenue from miners fees can be used to better the economy and achieve the goal of dominance and new world order that ain't reliant on the U.S. and its dollar.

China is back; or was it ever out? The prohibition was a distraction from global economic dominance. Think about it. Bitcoin mining is about power, control, and the new financial system, not just bitcoin. The Chinese government's flip is a deliberate strategy in a complex geopolitical chess game, not a crypto value epiphany

What about economic impact? Don't kid ourselves. Bitcoin mining's impact goes beyond miner profitability. It's about entering the digital frontier and safeguarding the future's financial pie. This is strategy, not charity. Bitcoin will boost China's economy, but at what cost to global power? Watch this space; the game is just starting

This was either dumb or there are something lost in translation, or "political" has totally different meaning in china. As what is the scenario where it would have been something to do with bitcoin, but it wouldn't be political? Aren't environmental or economic reasons politically motivated? Literally every regulation ever is politically motivated. Sometimes those laws and politics just happen to fit with most people and parties, so they seem apolitical, even though one could form political party against them as well. Even the whole idea of decentralization is political.

But what comes to the article itself, i am only speculating, but i reckon there has just been more lobbying and right people in CCP have been paid off, and it can't be coincidence that regulations kick in when it's harder to make profit by mining.

Also, can it be more hilariously transparent when CEO of PoW mining company criticises ETH saying it's a "nail in the coffin for Ether" for moving to PoS?



It's old same "CEO of Horses & Wagons criticises cars" again.

There is zero need for GPUs for mining right now!
Even with these high prices with a 4090 at 5 cents per kwh (so well below average) you're going to make a profit of $50 a month!
This for a videocard that you can get for $1500 if you're lucky, so 30 months before ROI, good luck with that!
It's AI that's destroying the GPU market right now!


Source for this?

If China publicly unbanned it after they publicly banned it then it could be used by other countries as a political criticism against them. So that's why I also imagine they would announce these kind of things silently. Now obviously I think there are still restrictions on mining in China since they are aggressively pushing to be carbon neutral by 2050 or something, but it's not like you can't run a mining farm anymore AFAIK.

Out of topic but the first thing that comes into my mind when reading the word "China", Bitcoin, and "mining" is the rise of prices of the GPU in the global market.   Are we going to witness the price of the GPUs to skyrocket, again?  Man! I am still waiting for the recovering of prices of the GPUs in our country but now it has some risks to become expensive again.
 
Going back to the topic, cryptocurrency is decentralized and China does not want their citizens to be part of anything that they cannot monitor (there is a reason why they are a communist country).  Hence, I think the Chinese government is skeptical to the use of the said technology.

Nope, that was never illegal to begin with. Individual mining was illegal, now government is allowing government owned mines, which is what this is about and nothing really major, but at the end of the day trading wasn't illegal. They even have exchanges there that works with their banks as well, and considering all banks are connected to the government, we can say that the government allows it, because the yare aware of the situation.

Of course there were situations with regulations, nearly as high as letting it be banned at that point, when you have very restrictive situation then you may see it as illegal and that could be understood but that doesn't mean that we are not going to make it work any other way.

China thinks that without them bitcoin will fall, and every time, they come up with one or two reason to ban bitcoin, which their actions will affect the market for a short time. Bitcoin keep putting China to shame that she can survive and grow big without them, which makes them go back into bitcoin activities again. I don't know why the government cannot just understand that bitoin have come to stay and make the country a crypto friendly place once, so that the citizens and other investors can enjoy mining activities with rest of mind. I will not be surprised again if after the bull market, China announces that crypto has being banned again. A confused president that loves to control the life of his citizens, he will see bitcoin as a threat, because he hates the decentralized nature of it.

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.

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


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!

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... 

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.

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.

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.

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.

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.

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.

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.
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.

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.

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.

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.

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.

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.

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.


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.

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.

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

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.

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.

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.

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/