China Bans Bitcoin Mining - Is It Possible?

jekjekman

sr. member

Activity: 378

Merit: 250

Quote from: portalufonet on October 26, 2017, 04:26:02 AM

Hello Friends, sorry for my faulty English.

Is it possible for China to ban Bitcoins mining? Nationalize, take control in some way???

If so, what are the impacts on Bitcoin?

Thanks to everyone!

The Government of China can ban everything and anything in their country if they want and other countries have no rights to interfere that, if China will ban Bitcoin mining or any other cryptocurrency mining then that is at their own full discretion.

If they want to do Bitcoin as a local thing then I don't see a point to make a grow out of it as Bitcoin is made for a purpose of an international digital currency and localizing the mining will not help instead it would worsen the case. Regulating mining and trading exchange of Bitcoin is the only thing that I am okay with because people tend to make a good profit out of it and if the government want to enter some taxes on it then it is fine.

CaliforniaCrypto

jr. member

Activity: 52

Merit: 10

China seems to be allowing a new crypto exchange to start trading for main land China in November. Some people think the government runs this new exchange, but with exchanges coming back to China I don't think they will ban Bitcoin mining.

iyamoxjhian

member

Activity: 356

Merit: 10

Only few countries allows Bitcoin. If China will do so, then they should be threaten as Bitcoin has a large and huge help in their economic aspects. We know that in some country it was not allowed as it was opposing the rights, jurisdictions and policies of other countries that may hinder the strategies of graft and corruptions of the officials taking power and control in the government. If bitcoin will be ban in China, then China will loose it's large resources in increasing it's economical and financial incomes and some countries might take advantage of it. We know that there are alliances of countries that oppose China's decisions and economic plans. And we know that money takes control of power. If you are a Rich Country then you will not be easily control or manipulated by others and it was proven. So the Prime Minister of China should better think of banning the Bitcoins very carefully as it will implies huge impact on their authority and power.

Saimabutterfly

full member

Activity: 257

Merit: 100

China bans ICOs and exchanges, did it hurt bitcoin? NO, bitcoin reaches to 6000$ from 4000$, the impact was just for few days and it was temporary.
If China bans mining it might hurt for a week or two, but bitcoin will recover solidly yet again. Bitcoin dont need any country, but fact of the matter is every country and people needs bitcoin.

MrCrank

sr. member

Activity: 1330

Merit: 258

Quote from: portalufonet on October 26, 2017, 04:26:02 AM

Hello Friends, sorry for my faulty English.

Is it possible for China to ban Bitcoins mining? Nationalize, take control in some way???

If so, what are the impacts on Bitcoin?

Thanks to everyone!

It's impossible!
Dude, do you know that China produce antminer, bitmain.. this is BIG business today.
No one can stop it.
In this case China get huge profits.

starblocks

hero member

Activity: 1344

Merit: 502

Would probably rock the market a bit but as if the big mining operations wouldn't have contingencies in place for this sort of thing plus it would make it easier to mine which would be a big bonus

Spaffin

full member

Activity: 1316

Merit: 108

Theoretically and practically, the Chinese government can legislatively prohibit the production of bitcoin. However, the whole question is how to implement this law, if the miners will mine it in different places on not large farms? Apparently, China is still deciding how to correctly deal with the crypto currency and whether it can be regulated at all. Soon we will see the result of various prohibitions of China. This will be a good experience for other states and for the whole of the crypto currency.

mutampmid

newbie

Activity: 1

Merit: 0

Terribly interesting idea. It has some fishy parts. I will purchase.

Ucy

sr. member

Activity: 2674

Merit: 403

Compare rates on different exchanges & swap.

Doubt mining will ever be banned or nationalize in China. The country isn't exactly a Communist Nation despite calling itself that.

Big Countries currently competing to become dominant in Bitcoin mining. China leading the competition. They definitely wouldn't afford to drop in the lead.

syamster

hero member

Activity: 1078

Merit: 501

Quote from: Herbert2020 on October 26, 2017, 06:44:08 AM

Quote from: portalufonet on October 26, 2017, 04:26:02 AM

Is it possible for China to ban Bitcoins mining? Nationalize, take control in some way???

yes it is possible to ban it. but nobody can take control of it, they can take the hashpower and use it themselves but what would be the point of it? that would be robbing people blind in broad daylight! i don't think their government is that bad...

Quote

If so, what are the impacts on Bitcoin?

even if they kill mining in China the impact will be a big drop in hashrate and consequently a big delay in finding new blocks but that would be fixed in no time when the difficulty adjustment is reached and things will go back to normal again.

I don’t think so that china banned mining because I have a lot of chines friends and they all are using bitcoin it’s not a correct information that china banned any part of bitcoin they are using it and taking advantage of it and china is now going to extend bitcoin in other parts of china as well and even I have a proof that china is using bitcoins.

NRF

sr. member

Activity: 279

Merit: 250

Maybe! China banned ICOs and now continues to prevent Chinese exchanges such as BTCchina, OKcoin, Huobi. I think China won't accept Bitcoin until they find out a way to control it. Huh

AngelInvest

newbie

Activity: 14

Merit: 0

my general view on this is that China is either threatening to ban, or actually banning, all crypto-related activity, including mining. However, it's a short term play with a very specific purpose. It's in order to move the industry to a much more Government regulated position. It's hard to say 'everyone be regulated' if they have no control over the market. Suppress the market and allow people back in who are regulated. A regulated crypto economy is then an easier sell.

edisystem

full member

Activity: 588

Merit: 101

Free Crypto in Stake.com Telegram t.me/StakeCasino

Quote from: portalufonet on October 26, 2017, 04:26:02 AM

Hello Friends, sorry for my faulty English.

Is it possible for China to ban Bitcoins mining? Nationalize, take control in some way???

If so, what are the impacts on Bitcoin?

Thanks to everyone!

It might be possible but i'm not sure it will happen in China because there are many big mining place in China. If you watch it on youtube, you can see a big house with full of mining rig and a huge fan to cool their mining tools. If China really bans bitcoin mining, it will be a big news for all bitcoin users in china.

batang_bitcoin

hero member

Activity: 3080

Merit: 603

They will not ban mining, it's one of their biggest industry and their government is benefiting with it. And with the ban thing in China, I recently read that there are articles on social media that they are going to start opening exchanges again. But I don't know if that is just a false news or it's a real one since it's hard for us to gather what's really happening on China. But back to bitcoin mining in China, I can't see it happening.

Macukica

newbie

Activity: 35

Merit: 0

The head of a Chinese investment bank says he believes bitcoin's underlying technology is more important than the cryptocurrency itself.Fan Bao, the CEO of China Renaissance, said in an interview with CNBC that while bitcoin's market may be a bullish one, he believes that underlying blockchain tech is more attractive and "probably the most disruptive technology...in the financial services industry."I'm a strong believer in blockchain in terms of its wider application in our industry," he added.His comments came after bitcoin reached another all-time high over $6,100 last week, followed by a few days' fallback to around $5,500 as of press time.

TrumpD

sr. member

Activity: 602

Merit: 265

Have they banned mining yet? No. Can they do it? Is it possible? Yes and yes. The Chinese do as they please when it comes to bitcoin. They are number one in trying to regulate it. But as we have seen, their policies may impact the price in the short term, but I doubt it can do much in the long term.

J Gambler

hero member

Activity: 910

Merit: 500

Quote from: portalufonet on October 26, 2017, 04:26:02 AM

Hello Friends, sorry for my faulty English.

Is it possible for China to ban Bitcoins mining? Nationalize, take control in some way???

If so, what are the impacts on Bitcoin?

Thanks to everyone!

I think that if a country would implement a ban and in that scale it is highly possible as some countries are able to ban from the networks they have some sites or links and it kight be possible that they van also do that on bitcoin and shut it from being used in China.

InBTC4years

jr. member

Activity: 58

Merit: 5

No - it's not possible to stop BTC transfers which includes mining. You have to turn off the internet and no one will do that on purpose.

e-coinomist

legendary

Activity: 2380

Merit: 1085

Money often costs too much.

Quote from: Frank0209 on October 26, 2017, 12:00:38 PM

Do you kill your chicken if everyday it'll give you a gold egg? I think China will not ban Bitcoin mining cause almost biggest Bitcoin mining factories are located in here and the amount of money China government got from taxes from these factories every month is really huge so if China government is going to ban Bitcoin mining in their country I think it'll be a big loss.

Poor stricken chicken golden eggs weight a ton Cheesy

Any reliable numbers regarding taxes that officially allready changed hands? Miners field service personnel, beeing officially employed, has to get paid and taxes going on top of that. But that is chicken feed from the reportages that are officially published.
Equipment manufaction can only get taxed like any hardware manufactoring. Govs know there is musik inside those products, but cannot stretch out their hands utilizing common legislative rules.
They first have to invent their new rules.

There is hope when looking at Russia since they made the first move in trying to tax miners. And Joeksei Averageowitch over there is commonly used and trained to doge things like that, they aren't that easy to rule people (compare the Chinese). China might want to watch these experiences beforehand, deciding their own move somewhat later. Give this one additional year, at least.

Frank0209

sr. member

Activity: 322

Merit: 250

Do you kill your chicken if everyday it'll give you a gold egg? I think China will not ban Bitcoin mining cause almost biggest Bitcoin mining factories are located in here and the amount of money China government got from taxes from these factories every month is really huge so if China government is going to ban Bitcoin mining in their country I think it'll be a big loss.

Topic: China Bans Bitcoin Mining - Is It Possible? (Read 781 times)