Topic: China Controls Bitcoin's Future (Read 599 times)

There is absolutely no way that China will be able to take the control of Bitcoin in the future. It is totally against Bitcoin's nature first of all. Whatever China government tries to do, they won't be able to change this thing. When it comes to mining, I don't think most of Bitcoin will always continue to be mined in China. I actually expect the miners to choose another country to mine most of Bitcoin in the future. Because it won't be sensible for them to always continue there as China is fully against Bitcoin.

Bitcoin is decentralized in nature which means it can't be controlled, it's true china possesses great amount of bitcoin mining power but that doesn't give them authority over bitcoin, there are many other countries that mine bitcoin and more and more people are gaining interest in bitcoin and so the mining power will be increasing because more people who got the required facilities would like to take part and this will reduce the percentage of mining power from china. Besides if China decides to ban bitcoin and its activities it will only affect bitcoin to some extent and after some time bitcoin will bounce back again.

Bitcoin is apparently increasingly vulnerable due to China being a dominant part of the mining regions, apart from other major regions like Iran and Russia, though there are many others. China’s land being used for mining doesn’t necessarily give it power just because there may be a capital discharge taking place under its wings.
China’s own cryptocurrency, the DCEP, with its blockchain technology which is well under its way to release has posed a threat to Bitcoin’s future. China, with its provincial citizens, intends on utilizing its lack of enough banking institutions to its advantage by helping them register through DCEP to a new monetary system. DCEP materializing may lead to its abuse through which its Communist party may want to benefit from achieving greater authority over its citizens by surveillance. Its system of centralization, though, may attract people and rival bitcoin which is more isolated.

It's not that simple to say that China controls the future of Bitcoin,  because there are many mining farms in China that doesn't mean China is
able to control Bitcoin. After all, why did China try to ban Bitcoin if it already controlled Bitcoin. In my opinion, no country can control Bitcoin,
because if Bitcoin can be controlled, it will be quickly accepted in all countries. Because no one can control Bitcoin that's why Bitcoin is very difficult
to become legal in all countries in the world.

China has for long colonised everything that has to do with Bitcoin and its mining. Apart from the fact that Satoshi Nakamoto is the founder of the tech it is still in their control as the major mining pool is theirs to control.

According to the following article, China banned bitcoin because it tries to reduce the operation due to energy consumption. China's Inner Mongolia region will cease the existing bitcoin mining works and will not accept a new crypto mining project by April 2021.

Apparently the cause is due to not meeting the objectives in 2019 in the use of energy consumption. If the goals were not met in 2019, what to expect in 2020 and 2021? The amount of power consumption will be higher.

https://www.cnbc.com/amp/2021/03/02/china-bitcoin-mining-hub-to-shut-down-cryptocurrency-projects.html

We cant deny that China does possess some considerable amount of Bitcoin but it wont really be enough on controlling bitcoin.If they do sell then they give out effect on crash down the market
but doesnt mean that it will really be remaining just like that because recovery would be inevitable.

If Bitcoin is controllable in the first place then it wont really be gaining much of interest and trust up with the community into this extent which does signify that
everybody is confident that this isnt something that had been monopolized on.

Recently China does make out some actions on banning Bitcoin once again which is really a bit contradictory and they've been doing this kind of behavior
for how many times already.

I think it's not only possible today running this way. If you find why fall down bitcoin you saw main reason China banned on crypto but after time cina come back and it price go to moon. So i think bitcoin mainly depend on China's energy.

Therefore, we don't like all the Chinese activities that try to indiscriminately control bitcoin mining. maybe this is something to be worried about for future generations. that technology-based ones can easily be manipulated. Likewise with China.
Bitcoin needs to be saved from those trying to centrally control it. the impact will be very dangerous, besides being no longer purely a bitcoin, China can manipulate prices as they wish. hope this doesn't happen. we have to stay alert ..

The Chinese government will consult with people on whether to ban cryptocurrency farms in Inner Mongolia province due to excessive electricity costs. It is not yet known whether the ban will take effect. If approved, the authorities will implement the regulation by the end of April this year.

Inner Mongolia is not the province with the highest yield in China, and this is not the first time that local authorities have tried to restrict cryptocurrency mining in the region. Last August, they undertook policy changes that repealed electricity discounts on 21 farms digging for bitcoins. But these regulations are not expected to affect cryptocurrency mining.

I think that in the future we will witness a very serious confrontation between Bitcoin, that is, the owners of the cryptocurrency, and the government. The fact is that the government always does everything to control people, as well as their income and expenses, but even today Bitcoin is very strong against this. But since today very large capitals are included in Bitcoin, this suggests that in the future Bitcoin will be a reliable storage and will replace banks with great success. Of course, the government will not agree with this, but they have no other choice. Proceeding from this, until such time as they understand and realize this, they will create problems in all sorts of ways.

China and chines companies and organizations are already invested a lot to bitcoin and crypto. Also, the blockchain technology is used there more often. But, bitcoin is not centralized and it's not going to be centralized in the future. It's decentralized and can not be controlled by any government including china. Back in 2018-2019 many of bitcoin miners were from china but time after time more countries are entering this industry and china is getting less share than before.

There is a little possibilities that things will happen, like if the big amount of bitcoin is in there country then they can make a big changes in the bitcoin price but its doesn't mean they can fully controlled bitcoin or centralized it because they are not the owner of this new generation of money. In terms of digital product according to my former professor in college the only one who can stop computer program or machine based product is the one who made it, thus only satoshi who make bitcoin can centralize bitcoin in his country.

Is a decentralized digital currency, it can never be control by any country so any body can go into bitcoin mining

The main feature of blockchain technology (Bitcoin/cryptocurrency) is decentralization. I do not think China will be able to control it, if America and some European countries could not do it till now.
Blockchain technology (Satoshi N.) came to give humanity freedom from centralized financial system and high cost on financial transactions coupled with scalability, immutability, security etc.
Blockchain technology is the real deal.

This sounds ridiculous and bullshit.  But it is not without foundation that China has always been rumored to have a large-scale bitcoin mining facility.  Second, they are one of the two most populous Countries in the world that caused a big crash against bitcoin and crypto in early 2018. Tuesday, twice we move and hit a new ATH of $ 58k and fall.  due to such a flow is ordered with the same frequency.  China isn't quite the spotlight, but something is gaining traction.

Bitcoin won't be and will never be controlled by any country, not even China. The majority of people believe since the Chinese have the biggest mining farm in the world they will control Bitcoin but seized to understand that the rate of Bitcoin mining in China has reduced cause some countries have also joined the mining business. Besides, Chinese is a communism country and there rules/regulation is against decentralization and they never supported Bitcoin. Why would anyone think they have the power or they might have the power to control Bitcoin in the future.

I'd never heard that or maybe I miss that information. But even it was true or just a rumor, I don't think we need to panic because it only just in China, we neither use Yuan in the other country.
What the China government thinking is that they want their people never to make use of any crypto and having any digital assets that they can't control of. This is not a threat for crypto but this was a threat to the freedom of their people. They have banned crypto several times and they will gonna do it again and again until such time that they were tired of doing it.

In my opinion, the biggest threat to the crypto world and Bitcoin that comes from China is not the regulations of the miners but the plans to release a digital yuan from the government.

The digital yuan will be one of the biggest risks in the crypto world, according to most analysts.

The launch of the virtual yuan could affect cryptocurrency markets if, at the same time, the Chinese authorities tighten regulations.

The power of central banks to issue all crypto money and ban their competitors is one of the key risks for the crypto market.

but we also have to be vigilant and not be at ease. because China has very intolerant tactics. even the United States is opposed on the economic front. remember bitcoin can unite us because it is decentralized, and if it is fully controlled by one party it will be very bad for bitcoiners in the future.

China always wants to control every sector that has the potential to have power in the world, economy, politics, military and all of them will try to achieve as much as possible. China has ambitions, and that target falls to bitcoin. We are worried that in the future Bitcoin will be completely controlled and we will not be able to move freely and freely in making transactions. is this today's digital colonization.

Most of the Bitcoin mining farms are located in china but that does means China is in control of Bitcoin network and be centerlized authority of it.How can they control decentalized currency Bitcoin?The Miners in China cannot create a situation of 51% attack on Bitcoin network so how can they manipulate the Bitcoin market? Moreover the big industries are getting interested in Mining and spending huge funds to setup mining farms at place where electricity cost is much lower to increase their profits which reduce China chances of control and Bitcoin is the coin which depicts true picture of decentralisation so we don't need to worry about it.

Bitcoin will remain a decentralized asset even though China appears to have the capability to mine more bitcoin within their jurisdiction. I still believe that bitcoin will remain decentralized and can't be controlled by any authority including China. I also believe that China will not always be home to the biggest bitcoin mining industry as other countries will also continue to be competitors in this industry. A shift will occur and that competition will make bitcoin a decentralized asset.

Just because China dominate the mining industry, I don't think bitcoin will be a centralized asset.

I don't think so that in the future, China will be the one who will control bitcoin because this is not just because the huge amount of bitcoin that is being mined is from China. Anyone can mine bitcoin and any country may mine bitcoin so if that's the case then in the near future other people can do mining in their country and might produce more bitcoins. Although China is really a huge country in which the large numbers of bitcoin are coming but still this doesn't measure that they may control bitcoin.

China has more number of miners but that doesn't mean that it controls bitcoin or it leads towards bitcoin centralization.
Bitcoin is getting wider acceptance and more people are adopting it. This means the hashrate of China is getting decreased.
It will probably decrease more as many other miners from other countries hop in.
Besides that, China has a vast population and not all the miners have the same mindset.
So when the time comes the decision on consensus will depend on majority of the miners and not particularly China.

P.S : You never know when China bans cryptocurrencies now that it has electronic Yuan.

Do you know that Miningcity was/is a ponzi scheme?
https://behindmlm.com/mlm-reviews/mining-city-review-bitcoin-mining-securities-fraud-investment-scheme/
https://behindmlm.com/mlm-reviews/mining-city-review-2-0-expanded-crypto-mining-sec-fraud/

When the money dried out so did the blocks they've "mined"
The same scheme with them claiming to mine was used by BitClub Network


You're contradicting yourself.
So are they unable to do anything against bitcoin or they can seize all the mining gear and launch a 65% attack on the network?
And where did you come with the "it won't even last for hours"?

If they want to launch an all-out attack on it they can, they will simple confiscate all the mining gear, they will shut down bitmain and Cannan so no new gear is shipped outside, they will produce themselves more gear if needed and simply feed those state-controlled farm cheap subsidized energy. They don't even need to launch a 51% attack, simply mining empty blocks for three days would clog the network that badly it will make everyone who wants to spend less than $1k look for an alternative.

To add to this shift in the BTC mining industry where the mining power is shifting away from one central hostspot - China, there are also particular code structure that prevents from a 'centralized' only monopoly. This means that mining cannot be controlled by a country alone, miners are decentralized and the process is getting harder and more complex with each mined block. So it makes sense that mining will gradually become lesser of a proportion in China with other miners around the world being able to lead in the ever complicated technological structure to continue the mining BTC.

 So on short, no, not one country or entity can control something that it was designed to be decentralized.

I don't think so, even though China has the greatest number of crypto miners they cannot still control bitcoin, imagine how many countries are mining bitcoin even though China has the advantage in terms of numbers they cannot still get over those miners in different countries but at least they give some factors on the movement of the value.

But bitcoin adoption is getting better now. The proof is big companies like Tesla who get involved to bitcoin. I thing day by day bitcoin is spread evenly around the world so china or other big community who own bitcoin will not easily control bitcoin future.  Our job is prepare ourselves for the future, we should earn bitcoin as much as we can so we can be a part of people who get a lot of profit in the future.

No, bitcoin cannot become centralized currency because it was created by Satoshi Nakamoto to serve as a decentralized currency in the world, to help people to reduce unsafe money.  Despite China are participating on bitcoin investment does not mean that China  can control the price of bitcoin because bitcoin is not control by any countries of the world.

It does not depend on the territory, country or location where miners are situated, it will not have any impact on becoming Bitcoin to be centralized, because Bitcoin can not be centralized. May be in some way it may influence on some processes but not on the changing the most important feature of Bitcoin, the very essence of it.

to be honest, this is a very strange question IMO 'lol'...
China controlling Bitcoin is a fairy tale, until whenever China will not be able to influence Bitcoin. The price of Bitcoin went up not because of China and the price of Bitcoin went down not because China, the stern sentence was 'China is nothing for Bitcoin'.

Bitcoin is it a decentralized system and i think it will be hard to control the movement of bitcoin that easy. Unless you got 80% bitcoin at the market that might be a different story of course. Still i think China had a big influence on the development on bitcoin as they are the big boy at mining bitcoin overall. At the future if China really does control at bitcoin i would definitely will off from bitcoin territory.

- Exactly, although the Chinese government has had some stages of banning and desiring a regulation but until now, the farm of miners still not under their control, some even have moved to other countries, and bitcoin is not really concentrated here when miners also want to make money, selling bitcoin to other countries is often what they do, they don't have too much storage, which makes them unable to control bitcoin. In general, bitcoin is scattered around the globe, each country will be a force and a group of users, they create a balance between the forces, bitcoin becomes an intermediary here, nobody dares to claim sovereignty over bitcoin

this is false

let's say a 'natural disaster' wiped out say 1/4 of all BTC mining in China next week? Due to their world-famous largest Dam in the world breaking

or something.

all that would happen is difficulty would go up on BTC mining and all the other decentralized miners in the world would make more $$$ per block

as a result.

big whoop....so a 25% gain for the other decentralized miners of the world of BTC

let's say by some 'magic' All the mining in China was to go 'poof' ...say the state secretly put in 'a magic shut the Internet down in the country switch

that they messed up on and shut all of such internet out of china down for a week or more or forever

same result

according to this link:

https://www.buybitcoinworldwide.com/mining/china/

the network would just make the remaining 35% of miners in china well off in difficulty as a result if 65% of the miners went poof

so it is a non-issue IMHO

this is what they mean by decentralization in BTC mining...it is like trying to juggle jello...just 'squishes' someplace else

brad

You must understand the problem is that the mining with different ownership, they mine to sell to? So I wouldn't think that one country can control an entire market. If you look back on the history of the miners, they have that large number of miners, what does it mean they control, let's find out about the global crypto distribution.

There is no way for anyone or any country in the world to control bitcoin, it is designed to be decentralized and anonymous.
If one day bitcoin becomes centralized and controlled I think it will crash and become a pile of rubbish, nobody wants that to happen.

Mining is just a part of what's important for Bitcoin, so even though it's not only largely located in one country, but is largely under control of one company, I don't think it means that Bitcoin's future is under control. Miners can't really affect much when it comes to Bitcoin. The price doesn't depend on them, and the difficulty rate will adjust if a big chunk of miners suddenly decide to stop mining. The biggest threat is the 51% attack, but it requires enormous recourses to take control even for a little while, so it's safe to assume that won't happen. Bitcoin is not under anyone's control, that's the beauty of it.

https://www.cnbc.com/2021/03/02/china-bitcoin-mining-hub-to-shut-down-cryptocurrency-projects.html

Not anymore and I don't think as well that they are the one controlling Bitcoin nor they want it since they are banning crypto many times.
Bitcoin remains decentralized and that what we believe until forever. We accept that there is a huge number of crypto mining industries in there but as the news stated, many of them are shutting down. We may expect more shutdowns in the coming years.

Miners need now the most advanced technology and this increases the use of electricity and increasing their expenses as well. As the situation badly goes like this, they are not profitable anymore and it gives them an option not to continue and forcing them to stop.

China is just a big country with a lot of Cryptocurrency users that is based there but if you are talking about China talking control over Bitcoin, then boy I can say that you are dreaming. Yes it is famous in their country and yes they can research a lot of things on how to utilize it properly but they do not have enough influencing power to take control over Cryptocurrency is still not a possibility for them. It's just cool on how they utilize Cryptocurrencies their own way. I still believe that the influence is still scattered globally and it will continue to happen in that way for an indefinite amount of time.

Bitcoin does not happen in China. Even if China orders a tenfold increase in the energy consumed by Bitcoin miners, or shuts down all Bitcoin mining activities within its jurisdiction, or confiscates and burns all Bitcoin mining facilities and equipment, it won't kill Bitcoin.

Well, China is rich enough that it can probably afford to spend billions and billions just to control more than 50% of Bitcoin's hashrate and then uses such power to attack Bitcoin's blockchain, but I doubt the country is that angry toward Bitcoin to do just that. Even supposing China is that hell bent to attack Bitcoin, it won't be sustainable either. I guess it won't even last for hours.

The way things go globally in the last couple of decades I guess it's not only Bitcoin China might majority control of in not so remote future...

They are not going to control anything, they can stop the miners and ban the mining process completely but still the transactions will be confirmed and more adoption comes we can expect more miners from different parts of the world so they keep losing their dominance according to the adoption.

We don't have to worry on the possible scenario of China controlling Bitcoin as this will never happen not unless maybe if the government of China will decide to siphon the majority of the Bitcoin supplies, but I am really doubting on that. The China government is convinced with the benefits of blockchain technology but not Bitcoin. And in case the government will be trying to sabotaged Bitcoin mining, miners can easily go where they are very much welcome and this can be the big reason why even if the government is not recognizing Bitcoin they are still allowing the mining as this can be good for their expanding economy. Right, now, there are already other countries opening their jurisdiction for crypto mining even including some states of the USA.

The fact that a significant part of bitcoins are mined in China has nothing to do with its possible centralization and control by the Chinese authorities. Miners are ordinary people and bitcoins remain with them, the Chinese government does not have the ability to manage them. In addition, the Chinese government is now taking measures to reduce the volume and capacity of miner farms due to the high consumption of electricity. Therefore, the overall percentage of bitcoin mining in China will decrease.

By looking at the decentralized system in bitcoin, I think anyone who holds the majority of bitcoins can move the movement of bitcoins easily. I think China has had an influence on the development of bitcoin but not absolutely.

If Bitcoin ever becomes centralized,due to some hardfork or something else,the Bitcoin price will hit the bottom,because most of the community will leave.There's no point for the Chinese government to intervene and ruin something like Bitcoin.
If the Chinese miners get banned,the Bitcoin miners in other countries will take a bigger share of BTC mining.Nothing else will happen.

Chine will definitely not become the authority of bitcoin, nor will it be centralized. China is just one component in bitcoin industry and maybe, with so large a population, many bitcoin holders are Chinese later. China may have its own rule for bitcoin regulation applied to Chinese, like tax on bitcoin, it will not control the whole world.  

I don't think so, they can't control the market.

Lol! No China can't control Bitcoin's future even though a major percentage of bitcoin mining is happening in this country. I really wish Chinese government bans bitcoin mining and enforces the law very strictly like the way they have done for ICOs so that the Chinese hooligans go out of this market for good! Because Chinese government is a communist government and they believe in military prowess. So it may happen in future that Chinese government forcefully takes over all bitcoin mining facility and keep on mining for their own benefit. Then it is a huge risk for the entire bitcoin market.

But if it remains as it is, I don't China as a threat at this point. I am more concerned about billions dollar of bitcoin lying in corporate coffers. They are more harmful than China.

If we look at the current trends, mining is being more decentralized as US/Canada, Russia and EU are also coming into spotlight. With tightening of transactions and operation of mining plants in China, Russian Siberia and colder parts of North America and Europe are gaining more hash rate. There's even an organization in US that focuses on decreasing the power China may hold over bitcoin. These competition would surely make bitcoin network more secure even though not as profitable for the miners.

The fact that they don't own it has actually an opposite effect. Owning bitcoin means that you have your skin in the game and you wan to protect the bitcoin price. But this isn't new, and bitcoin mining has always been more centralized then people seem to think.

Remember this? https://www.coindesk.com/ghash-io-never-launch-51-attack

But even less centralized mining doesn't mean it would be worth a while for anyone to launch 51% attack, or that it would be as catastrophic as people think. It would REALLY expensive to execute, and would last 1 double spend before attacker would get kicked out from the network.

One would think that it would make more sense to mine money with all the gear worth 51% attack rather then waste it.

If this is true then that means that what China is mining right now is just the scraps that aren't going to affect the bitcoin economy that much. I do think that if China does have an ulterior motive for mining bitcoin, no matter how much they deny it, they definitely have because if they weren't really have any motives then they should have not banned bitcoin for public use.

Nope. No one will gonna control bitcoin. Even if China has most of the bitcoin miners, there are still miners in different countries. It can not be regulated as it was created as decentralized although they may implement some regulations but they can not go beyond that like controling bitcoin's future.
 
 Anyway, are you referring from this?
 
 
 Bitcoin's market will gonna be affected for sure but that doesn't mean they have the power to control bitcoin because they tend to shut down btc miners.

China do mined most of the Bitcoin BUT that doesn't mean they own all those Bitcoin now. It got distributed already from all over the world and China's supremacy over mining is decreasing over time. It's only a matter of time before China become one of those countries competing for a piece of pie instead of hoarding the pie. Also, with China's regulation getting tighter, it's not going to help them with Bitcoin.

There's no way China can control Bitcoin.

Distribution of Bitcoin mining hashrate as of April 2020, by country

Do you know the increase of bitcoin mining activities in Kazhakstan? The Mining City is based in Kazhakstan and more new mining pools will appear and contribute aggregated hashrates to reduce the dominance of Chinese based mining pools.

Mining City is at the 24th rank with 0.13% of total hashrate. I don't shill that pool and I only mention about it because the chart from Statistica.com shows 6.17% of total hashrate is from that nation.
https://btc.com/stats/pool?pool_mode=year

I don't think that's ever going to happen. How does China become a bitcoin authority? whereas bitcoin itself already has the pure nature of decentralization. And I think it's China who wants to master bitcoin but it will never be. Bitcoin is not only about money, it's about the system.

The total hashrates from Chinese based mining farms will decrease more when more global miners join. The mining farm distributions will be more decentralized globally. It does not a matter of solely from cheap energy in China. When people have interest in mining, they will set up their ASICs and build up their mining farms everywhere. In each nation, there are cheapest energy sources and miners will find it for their farms.

Mining bitcoin is profitable if miners hold their mined bitcoin and go through dumps.

China controls everything that happens in China (and USA - Biden fake regime is owned by the CCP). You think they play by Western rules (which by the way are also becoming communist)?

https://finance.yahoo.com/news/bitcoin-rises-china-region-declares-095643753.html

China’s Inner Mongolia has banned cryptocurrency mining and declared it will shut all such projects by April, spurring fears the world’s No. 2 economy will take more steps to eradicate the power-hungry practice.

The autonomous region, a favorite among the industry because of its cheap power, also banned new digital coin projects, according to a draft plan posted on the Inner Mongolia Development and Reform Commission’s website Feb. 25. The aim is to constrain growth in energy consumption to about 1.9% in 2021.

Bitcoin extended gains on Monday amid reports of the move, increasing as much as 6% in the session to $47,970.

The announcement unnerved an industry that’s already been through a years-long Chinese campaign to clamp down amid concerns over speculative bubbles, fraud and energy waste. The draft policy was released weeks after China’s top economic planner blasted Inner Mongolia for being the only province to fail to control energy consumption in 2019.

The region now aims to cut emissions per unit of gross domestic product by 3% this year and limit incremental growth of energy consumption to about 5 million tons of standard coal, according to the draft plan.

Chinese officials first outlined proposals in 2018 to discourage crypto-mining -- the computing process that makes transactions with virtual currencies possible but consumes vast amounts of power.

Inner Mongolia, which is clustered with large coal mines, is famous for inexpensive energy and has attracted investment from a plethora of power-intensive sectors such as aluminum and ferro-alloy smelting over past decades. The region accounted for 8% of global Bitcoin mining computing power, according to the Bitcoin Electricity Consumption Index compiled by Cambridge University. China overall had over 65% of the network’s total, with its appealing combination of inexpensive electricity, local chipmaking factories and cheap labor.

Well it is clearly mentioned above the first post that the mining percentage of Bitcoin from China is getting lower and lower each year since 2019 .

So better that in 2025 the decrease will come to at least down to 30% , and also Bitcoin Mining is getting smaller and smaller as days passed by.

So i think the miners power will be limiting in the next years .

In what way will Bitcoin become centralized simply because a lot of miners are dependent on China's cheap electricity? China does not control the miners nor the mining pools nor the manufacturers of mining rigs.

The numbers are already saying that a great majority of new Bitcoins are mined in China. However, there never was a time when Bitcoin's decentralization went even a bit shaky. If it didn't happen when the concentration was very high, there's no reason to fear now when it is continuously going lower.

For much of Bitcoin's history, most of the mining was in the U.S. Did anyone ever claim that the U.S. controls Bitcoin's future?

Yes, majority are still being mined in China but it doesn't mean that they control Bitcoin's future. There are countries that are willing to shoulder the mining industry if their government wishes to shutdown all mining facility.

If we are going to your argument, they are already authority right? but Bitcoin remains centralized, and besides those mining farms situated in China have plan B since their is a rumor that their government has looming plans to shut it down completely. So we will not be affected long term.

In 2019, 75% of bitcoin are mined through miners based in China, this reduced to 65% in 2020. In 2021, I expect more reduction as more countries are getting to favour bitcoin mining.

Bitcoin mining does not depend on China, anyone can mine bitcoin. It is the other way around, Chinese bitcoin miners depends on bitcoin.

Bitcoin is built with open source codes, also decentralized in design, not and can not be controlled by China.

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?