Topic: China is preparing to wind down blockchain-related mining (Read 358 times)

Nothing to celebrate here. It's all just pure FUD. Hardly any truth in these rumors. From what I have heard, the autonomous region of Inner Mongolia has placed restrictions on electricity usage, to combat the worsening atmospheric pollution. Industries that consume a lot of electricity (most of it generated from thermal power plants) are being told to shut down their operations. And by no means it is specific to the Bitcoin mining farms.

Non-China miners are celebrating.....if this comes to pass...more $$$$ for them in the rest of the world

The Chinese government have learned about block chain and crypto currency long ago before the creation of their Central Bank Digital Currency (CBDC) or else they won't have to create it without full awareness of cryptocurrency. But I don't see them accepting Bitcoin in the future due to their communist rules and regulations and they have already supported what they will support about cryptocurrency which is mining.

A lot of FUD is being spread around this news. The reason why Inner Mongolia is discouraging Bitcoin mining (and other high-electricity intensive industrial activity) is due to rising pollution levels. Most of the electricity comes from coal-fired power plants and the local administration therefore want to reduce the consumption of electricity. It has nothing to do with any sort of ban against Bitcoin or other cryptocurrencies. For now, it looks like the mining rigs might have to shut down their operations, or move towards cleaner energy.

In general, it is about the Mongolia Region in China, which plans to ban new projects for extraction of cryptocurrencies and to create existing "mines" for such.

China accounts for about 65% of all bitcoin production worldwide, with only 8% of global bitcoin being mined globally, as is energy. In comparison, the US accounts for 7.2% of bitcoin production worldwide.

Inner Mongolia, located in the northern part of China, is failing to meet the goals of the Central Government for the future of energy in 2019. In response, the commission for development and development in the region has outlined plans to reduce energy consumption.

Let’s use Bitstamp’s price history because it’s the longest.

Date of news, December 5, 2013. Bitcoin’s price - $1,035.67


March 21, 2014 - $570


June 23, 2017 - $2,685.05


October 5, 2017 - $4301.09


February 5, 2018 - $6,874.27


December 30, 2019 - $7,220.24


November 13, 2020 - $16,335.58


March 5, 2021 - $48,739.21

Plus Bitcoin has been running for 11 years. ELEVEN YEARS! How much longer should the protocol run before it gets the recognition it deserves?

2013 China FUD/Crackdown https://www.bbc.com/news/technology-25233224

2014 China FUD/Crackdown  https://www.coindesk.com/bitcoin-price-declines-following-false-report-chinas-bitcoin-ban

2017 China FUD/Crackdown https://www.reuters.com/article/instant-article/idINKCN1BJ1US

2017 China FUD/Crackdown https://www.lawfareblog.com/understanding-chinas-crackdown-bitcoin-and-icos

2018 China FUD/Crackdown https://www.scmp.com/news/china/economy/article/2132119/beijing-bans-bitcoin-when-did-it-all-go-wrong-cryptocurrencies

2019 China FUD/Crackdown https://cointelegraph.com/news/chinas-crackdown-on-cryptocurrency-trading-a-2019-recap

2020 China FUD/Crackdown https://www.coindesk.com/china-exchanges-crackdown-binance-huobi-okex

2021 China FUD/Crackdown https://forkast.news/inner-mongolia-shut-down-crypto-mining-china-bitcoin-miners/


So it goes, the effort to 'regulate' the 'decentralized' blockchain that is Bitcoin. IF by some 'miracle' BTC is ever 'regulated' into submission by the use

of power/law/gov't crackdown/or whatever. That will be my 'clue' to become like the young people and become a 'minimalist'. I'd sell everything and

travel..because once ANY decentralized blockchain BTC/Crypto can be un-de-centralized through the use of 'regulation' and power by the wealthy

banking/traditional wealth/gov't etc...well, all hope is lost. IMHO, we would be looking at 'serfdom' in 100 years. Can you 'imagine' if Satoshi had

patented Bitcoin and made it a 'centralized banking coin'! I mean you can move 1 Billion dollars for like $2.80 I think I read, imagine the money you

could make in banking, where ..hell...most? of their money is made in fees of one sort or another. I'm pretty sure they'd still keep the $40k or whatever

it would take to move $1 Billion dollars and just pocket the change. We'd have Trillionaires in 10 - 15 years...with so much concentration in wealth every

frigging country in the world would be an Oligarchy and a Banana Republic, so power concentrates..unless something grassroots pushes against such.

Sh*t, just went and scared myself!

The 'struggle' will continue well into the next 2 decades on this push/pull of decentralized wealth (BTC/Crypto) and centralized traditional wealth and power.

Brad

It’s called the China FUD, and it has been used by the nocoiners with an anti-Bitcoin agenda for YEARS. Zoom out the chart from 2012, and mark all the points/dates from when all the China FUD was posted. Nothing “killed” Bitcoin from $100 to $50,000. Honey Badger don’t care.

Its purposely being represented that its a fight against Bitcoin my the media. However China seems to have more plans for the kind of distraction to them.

It would appear that they are trying to make it look like they are setting example for greener energy. As China’s Solar Industry Is Set Up To Be The New Green OPEC

However, this should not be construed as a fight against bitcoin. The Chinese authorities are too pragmatic. They do not like the fact that too much cheap electricity is consumed from their hydroelectric power plants, and some miners even manage not to pay for it at all. The Chinese government is simply putting things in order in this area of business and trying to stop the revealed abuses. If it was a fight against bitcoin, it would be complex and we would clearly see that these measures are directed against bitcoins.

What is the connection of computing power of bitcoin going down to the title about winding down of China to blockchain related mining? I don't get why people still spread old FUDs despite being debunked or not remotely true, they still spread the story as if it will be enough to make people sell their bitcoin altogether making the price crash down, to everyone that is trying this shenanigans, you are 10 years too late and companies are already considering investing in bitcoin.

Then prepare for updated news of, either they’re not going to be banned, OR they are banned then leave, BUT are invited back in again. Bitcoin mining is good for business.


I don't know if Inner Mongolia and Hong Kong have the same case because from what I have read so far the police of Hong Kong is siding with the mainland government which I think is the main reason why Hong Kong is powerless with their own laws. Inner Mongolia is not in the same situation as Hong Kong.