China bans mining is good for Bitcoin - page 2.

eaLiTy

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Quote from: clippers on May 28, 2021, 09:50:09 PM

In my opinion, although China's new policy of prohibiting mining will cause the price of Bitcoin to fall in a short period of time, but for a long time, it is good for the development of the Bitcoin ecosystem.

Forcing miners to shut down is not good for any ecosystem, we are a decentralized market and having miners in different location is always better than narrowing them.

Quote from: clippers on May 28, 2021, 09:50:09 PM

Currently, China has a large number of Bitcoin miners, and most of them join the industry just to make money. I don't know how miners in other regions will deal with them after they get bitcoins, but in China, in order to pay electricity and other fees, most of the bitcoins will be sold directly on exchanges. This will put a lot of pressure on the price of Bitcoin. If China completely bans Bitcoin mining, this part of the mining machines and computing power will be transferred to other countries, or some long-term holders. As far as I know, every day China sells bitcoins worth tens of millions of dollars. Without these sellers, the price of bitcoins would be more likely to rise.

The miners have invested heavily and it is not a small process and the electricity charges and maintenance charges are really high and what is wrong if they are cashing out to maintain the process. If you are too concerned about miners selling coins you can spend millions to start your own and then plan on holding as much as you want. I do have a sense of respect to these miners as they were willing to spend millions and take the risk building huge farms which helps in the security of the network and there is nothing wrong in maintaining with coins they earn.

Quote from: clippers on May 28, 2021, 09:50:09 PM

If the mining machines and computing power are in the hands of Bitcoin's HODL, it will be beneficial to the entire Bitcoin ecosystem. The Chinese government will eventually realize that Bitcoin cannot be banned, but the lost mining machines and computing power cannot be recovered.

A dream scenario where these mining farms are spending millions per month to maintain the farm and they do not cash out their coins to cover their expenses, how wonderful it would be Roll Eyes

.

butcher_spam

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Quote from: mk4 on May 28, 2021, 10:12:47 PM

The news is kinda meh. Yea, temporary price drops obviously because the word "ban" sure affects the price a lot, but it really shouldn't change Bitcoin's fundamentals. Yea sure, we had a drop in hashrate, but it doesn't really put Bitcoin anywhere close to a sort of "danger zone" in terms of security and decentralization. If anything, China banning mining actually helps us get over the classic "Bitcoin is centralized because 50%/60%/70%+ of miners are in China" FUD. 🤷‍♂️

Not to mention that these miners are just going to hop over to other countries.

https://technode.com/2021/05/24/crypto-mining-moves-to-north-america-as-china-cracks-down/
https://www.channelnewsasia.com/news/business/china-s-crypto-crackdown-speeds-shift-to-central-asia--north-america-mining-14890302
https://www.globaltimes.cn/page/202105/1224321.shtml

It is quite realistic, these miners will move their activities to other countries. they do not have to go and live in other countries, it is easier to just invest in already existing data centers. For example, the nearest country is of course russia, they can easily invest there. in russia, as we know, the government provides good discounts on electricity for the organization of mining, especially given the good relations between the two countries, they may well conduct their activities in russia.

iamsheikhadil

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See, the China government or any government simply doesn't care if any individual or group of individuals are making money by mining or something else, and banning them will harm those miners etc, because at the end of the day, the government will see its profit and loss and vision for future. As you said, sure, the computation power will move somewhere else but so can the people who might leave their country had they been making lots of amount, I don't think they will simply quit! But yeah, I am getting what you are implying here, but the chances of long time holders mining those void coins are so less!

danherbias07

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Do you really believe it's totally banned according to what they said? I doubt that. There's a possibility it is being regulated by their government already.
You want to control the market? Be the number 1 Bitcoin mining country. With the news they released its possible to create profits out of it.
China is a booming country and every profit will be crucial to them to start the jump to being the top country in the world.
I am 90% sure they can control the media of what news should be leaked out.
At some point we will see Bitcoin rising again. By then, will we think that China didn't really ban it? And if they also did, Bitcoin should not be in $30k+ now. Much lower.

Expecto

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Just because China has banned Bitcoin, nothing fundamental will change about Bitcoin. Yes, the price has dropped really much but it's totally normal for a volatile currency after this kind of incidents. But Bitcoin will still continue to grow eventually.

Kong Hey Pakboy

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Quote from: big kid on May 29, 2021, 12:41:38 AM

Yeah. It dropped the whole market but it'll adjust. The mining will be spreaded in a lot of countries instead if China and i think it may help to blockchain's work and be healty for market.

It will take a long time to adjust with a lot of mining taking place in China, a lot of people are going to take their place and it is difficult to replace them even if you are a company since the Chinese mining are also a company. It is healthy for the market no doubt and I like that the prices are going red because it removes the weak hands and gives opportunity to other people that wants to get in at a low price.

MinoRaiola

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China isn't just blocking Bitcoin. much more: Google, Facebook, Youtube, Twitter, Instagram, Reuters ... In China it is not clearly regulated whether the use of a VPN is prohibited. It is said that the VPN providers are allowed to offer the service with docs / logs in China, because if necessary it can be checked which user it is.

What is blocked in china: Klick

Jating

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It is really for good or this is just another fake and negative news coming from the Chinese government?

Bitcoin's bull run history:

2013 - they said they gonna ban bitcoin mining
2017 - same statement
2021 - same statement

So I would say that we need to take everything with a grain of salt news coming from them. It's pretty obvious that during bitcoin's historic bull run, this kind of statements always floats around and so far we haven't see any concrete evidence, everything is hearsay.

Lucius

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I'm honestly really sick when I hear anything in the context of China & Bitcoin, because I have a feeling that this link is like a massive weight that is constantly pulling Bitcoin down - and China FUD usually always appears when it comes to destabilizing the crypto market. In my opinion, it is completely wrong that China has ever been so involved in the world of cryptocurrencies and has become such an important factor, given that Bitcoin represents decentralization, and China on the other hand represents just the opposite, centralization and communism.

The best thing that could happen is to China completely ban mining and set some reasonable deadline within which such activities must cease. All those involved in such operations would have enough time to relocate, and everything would happen gradually so there would be no drastic impacts on the network.

Unfortunately, this ban only applies to one region - which means that in the future we can expect China to play a major role in the crypto world.

dothebeats

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China banning mining is in itself good, considering that the centralization of mining in the world would soon be lifted, and will be able to spread out on different parts of the world and breaking—on paper—a possibility of a 51% attack before it even begins. The short drop in price caused by the news is pretty expected to say the least, although it's still something yet to be seen whether the current trend will persist or not. Some may capitalize on this, and some may take it as a bad omen and halt trading temporarily.

big kid

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Yeah. It dropped the whole market but it'll adjust. The mining will be spreaded in a lot of countries instead if China and i think it may help to blockchain's work and be healty for market.

Lorence.xD

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Quote from: TravelMug on May 28, 2021, 11:17:01 PM

It could break down China's total monopoly, as there could be nations specially in Europe can will continue bitcoin mining. But then again, bitcoin mining is a huge business, so I doubt that those mining companies are just going to sit it out and shutdown their company. For all we know, they've already relocated outside of China but this time upon hearing the news.

Forgot about China making a U-turn, they've been anti bitcoin for the last 4 years and just promoted altcoins and their digital Yuan.

Knowing China, I am pretty sure that they are going to acquire those companies for themselves and do the bitcoin mining themselves. Hopefully, the companies can get out of mainland and relocate but the language barrier is going to be a problem. I do agree that the ban is good for bitcoin, the prices go down and the people can get in at low price.

vv181

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Quote from: clippers on May 28, 2021, 09:50:09 PM

In my opinion, although China's new policy of prohibiting mining will cause the price of Bitcoin to fall in a short period of time, but for a long time, it is good for the development of the Bitcoin ecosystem.~

Agreed, just like @mk4 said, it does not affect and will not correlate to the fundamental Bitcoin. Personally, in fact, it will give attraction to the mainstream. Bitcoin has been said is dead multiple times, and also China was "banning" mining since a long time go. Thus, it gives a realization to a lot of people that Bitcoin cant be controlled by a singly entity even an governments. Nevertheless, we must maintain this decentralization based on the fundamental of Bitcoin. Since a privileged early bird in these cryptocurrencies has a probability to be an elite cryptocurrencies community.

TravelMug

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It could break down China's total monopoly, as there could be nations specially in Europe can will continue bitcoin mining. But then again, bitcoin mining is a huge business, so I doubt that those mining companies are just going to sit it out and shutdown their company. For all we know, they've already relocated outside of China but this time upon hearing the news.

Forgot about China making a U-turn, they've been anti bitcoin for the last 4 years and just promoted altcoins and their digital Yuan.

mk4

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The news is kinda meh. Yea, temporary price drops obviously because the word "ban" sure affects the price a lot, but it really shouldn't change Bitcoin's fundamentals. Yea sure, we had a drop in hashrate, but it doesn't really put Bitcoin anywhere close to a sort of "danger zone" in terms of security and decentralization. If anything, China banning mining actually helps us get over the classic "Bitcoin is centralized because 50%/60%/70%+ of miners are in China" FUD. 🤷‍♂️

Not to mention that these miners are just going to hop over to other countries.

https://technode.com/2021/05/24/crypto-mining-moves-to-north-america-as-china-cracks-down/
https://www.channelnewsasia.com/news/business/china-s-crypto-crackdown-speeds-shift-to-central-asia--north-america-mining-14890302
https://www.globaltimes.cn/page/202105/1224321.shtml

clippers

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In my opinion, although China's new policy of prohibiting mining will cause the price of Bitcoin to fall in a short period of time, but for a long time, it is good for the development of the Bitcoin ecosystem.

Currently, China has a large number of Bitcoin miners, and most of them join the industry just to make money. I don't know how miners in other regions will deal with them after they get bitcoins, but in China, in order to pay electricity and other fees, most of the bitcoins will be sold directly on exchanges. This will put a lot of pressure on the price of Bitcoin. If China completely bans Bitcoin mining, this part of the mining machines and computing power will be transferred to other countries, or some long-term holders. As far as I know, every day China sells bitcoins worth tens of millions of dollars. Without these sellers, the price of bitcoins would be more likely to rise.

If the mining machines and computing power are in the hands of Bitcoin's HODL, it will be beneficial to the entire Bitcoin ecosystem. The Chinese government will eventually realize that Bitcoin cannot be banned, but the lost mining machines and computing power cannot be recovered.

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