China is thinking about unbanning bitcoin mining after price rise - page 2.

DarkDays

legendary

Activity: 2030

Merit: 1189

Quote from: bbc.reporter on October 25, 2021, 08:50:07 PM

What do bitcointalk’s community and users think and speculate about this latest news development? Would anyone consider that the Chinese government might be recognizing that they have made a mistake and might be ready to unban mining for bitcoin and other cryptocoins?

According to CoinTelegraph, China’s National Development and Reform Commission (CNDRM) is now seeking public opinion on the inclusion of crypto mining in its list of “phased-out” industries, after seeing that the ban helped the U.S. to become the world’s dominant crypto mining nation.

It looked like China’s stance regarding crypto mining was finally cemented with the ban imposed in May this year, after it had been going back and forth on the issue since 2019, but now, they are skeptical after most of the Bitcoin hashing power was relocated from China to other states, helping the U.S. become the leading hashrate provider.

Read in full https://digesttime.com/2021/10/24/china-is-thinking-about-unbanning-bitcoin-and-started-a-new-research/

I think it is all but another HEADLINE.

Nobody wants to recognise that they have been wrong and certainly not such a high level mistake. For one, I do not trust this speculative news, and it is a situation that would have become visible right from the start of making this decision you can't return from. Even if China becomes crypto-friendly, people will straight up know that's not entirely legitimate and why would miners return from a place they've been forced to leave? The news is all a 'what if', looking for reactions - that's it!

sherenikaw

member

Activity: 630

Merit: 10

rocket.hashbon.com

I don't really follow the latest news about china but if it happen then that's a good thing. we know that China is one of the countries that prohibits crypto and caused an uproar about the news. I don't know what the reason is but if it happens then that's good news and I hope that in the future countries that prohibit crypto will start to open up and accept crypto. crypto is starting to spread its wings and many countries are already accepting crypto and making good use of it. but again, every country has its own policies to accept or prohibit the crypto.

Congyang

full member

Activity: 882

Merit: 110

Quote from: barbara44 on November 02, 2021, 03:38:54 PM

Quote from: Congyang on November 02, 2021, 01:44:06 PM

I still can't find any further news about this.
but if this is true and can be trusted I'm not too excited about this because indeed they will definitely do it again. and things like this have happened over and over and the cycle is almost the same.
they banned bitcoin from making fud everywhere and made negative news about bitcoin, investors panicked and sold their assets, after a while the bitcoin price rose again and china began to legalize it again.
This cycle is always repeated and if it continues like this, the actual effect produced is getting less and less

Few rumors coming out about these things but still uncertainty around as well because they are now confused with price rise other thing is also good now they understand China factor is not having any impact on crypto and bitcoin so just because of this rumours working around crypto world about China unban and allowing mining again.

One thing is sure if China going to allow this all again then surely we will have some good impact and this price can go in very good rise most chances we will touch this magic figure $100K which is really important for this community.

As this could be first milestone for going much higher in future which is predicted many times but still less time from dead of Bitcoin.

actually I'm not too worried about the price of bitcoin whether it's $100k or not for now I don't really care about that because I'm sure sooner or later it will touch that price.
but the problem is that China always wants to match it even though it won't be possible.
and now they want to legalize bitcoin again. actually I'm not too excited about this because sooner or later they will surely do it.
on the other hand actually they now have no power anymore whether it is in the matter of tires or not because even though their economy is strong but Bitcoin is a different thing.

RiskySanchez

full member

Activity: 588

Merit: 100

If this news is true, its means a like a boomerang for China because they indirectly lost one step to America in economic factors, it will be interesting if China will legalize crypto miners in the future. yes, in conclusion, anything that benefits their country will certainly be the best option to take the step of unban mining bitcoin

Kadal Ijo

full member

Activity: 1162

Merit: 106

This is normal, of course the Chinese government sees many benefits and great opportunities from cryptocurrencies so now it is unbanned mining and allowing cryptocurrencies, and this is a strong indication that cryptocurrencies will shine even more so that it will make the market bull run soon.

AakZaki

legendary

Activity: 2338

Merit: 1084

zknodes.org

China is always full of drama. The drama that was made this time was able to provide strong pressure for the development of Bitcoin and destroy miners in China who eventually moved to countries that were pro-bitcoin.

Even now China is no longer influential and will not put any pressure on the crypto world because of China's attitude which continues to ban crypto.
The mining industry experienced massive growth and China dumped it, and now the US is the highest hashrate provider because China dumped its miners. This backfired on China.

barbara44

hero member

Activity: 2534

Merit: 605

Quote from: Congyang on November 02, 2021, 01:44:06 PM

I still can't find any further news about this.
but if this is true and can be trusted I'm not too excited about this because indeed they will definitely do it again. and things like this have happened over and over and the cycle is almost the same.
they banned bitcoin from making fud everywhere and made negative news about bitcoin, investors panicked and sold their assets, after a while the bitcoin price rose again and china began to legalize it again.
This cycle is always repeated and if it continues like this, the actual effect produced is getting less and less

Few rumors coming out about these things but still uncertainty around as well because they are now confused with price rise other thing is also good now they understand China factor is not having any impact on crypto and bitcoin so just because of this rumours working around crypto world about China unban and allowing mining again.

One thing is sure if China going to allow this all again then surely we will have some good impact and this price can go in very good rise most chances we will touch this magic figure $100K which is really important for this community.

As this could be first milestone for going much higher in future which is predicted many times but still less time from dead of Bitcoin.

shield132

hero member

Activity: 2352

Merit: 905

Metawin.com - Truly the best casino ever

Idk about USA but in my country (which is very small) there already came up to 20K Chinese people in our 2rd largest country where they hired hotels/apartments with their families and transferred all the mining equipment. So, since these people have moved out with their families and we can say that they have already found their place and transferred the business, why China thinks that by unbanning bitcoin mining, they'll really benefit? China's action looks like when the person Buys bitcoin at 60K and sells at 30K, doesn't use the chance of DIP and then tries to buy again at 67K.

I would call China a silly country, in fact, they are really very smart, this applies to their government but really, all the stuff they do around cryptocurrencies is just out of logic and does nothing good for them.

Congyang

full member

Activity: 882

Merit: 110

I still can't find any further news about this.
but if this is true and can be trusted I'm not too excited about this because indeed they will definitely do it again. and things like this have happened over and over and the cycle is almost the same.
they banned bitcoin from making fud everywhere and made negative news about bitcoin, investors panicked and sold their assets, after a while the bitcoin price rose again and china began to legalize it again.
This cycle is always repeated and if it continues like this, the actual effect produced is getting less and less

Fortify

legendary

Activity: 2688

Merit: 1192

Quote from: bbc.reporter on October 25, 2021, 08:50:07 PM

What do bitcointalk’s community and users think and speculate about this latest news development? Would anyone consider that the Chinese government might be recognizing that they have made a mistake and might be ready to unban mining for bitcoin and other cryptocoins?

According to CoinTelegraph, China’s National Development and Reform Commission (CNDRM) is now seeking public opinion on the inclusion of crypto mining in its list of “phased-out” industries, after seeing that the ban helped the U.S. to become the world’s dominant crypto mining nation.

It looked like China’s stance regarding crypto mining was finally cemented with the ban imposed in May this year, after it had been going back and forth on the issue since 2019, but now, they are skeptical after most of the Bitcoin hashing power was relocated from China to other states, helping the U.S. become the leading hashrate provider.

Read in full https://digesttime.com/2021/10/24/china-is-thinking-about-unbanning-bitcoin-and-started-a-new-research/

The CCP is a very erratic and unreliable form of government, prone to swinging in the direction of whatever Dear Leader has decided is the flavor of the month. Last month they were concerned about energy shortages, after they blocked Australian coal (in a stupid act of spiting themselves) and suddenly realized they couldn't get enough to run power plants. They tell the world that China is going green instead of admitting they have disastrous economic policies which falter when someone "offends" the Chinese by not going along with their messed up wishes. So it will not be a surprise to see them do a 180 turn around and allow miners back in, because they actually offer convenient money making ability in the downtime periods where energy demand is lower - Hopefully the miners won't be foolish enough to move back.

Wawa2013

sr. member

Activity: 1666

Merit: 268

Quote from: Murtaza345 on November 02, 2021, 12:37:07 PM

Yes, And now china realized that the bitcoin is future of the World.And more When china has started crackdown against bitcoin traders bitcoin minars than we saw a little bit market crash and I saw on that time the bitcoin this crash is temporary and bitcoin will grow soon and we saw bitcoin again grow and break his all time High.Things will not end their bitcoin will create the history very soon it will touch $100000 very soon.

Because the Chinese government is too confident that banning Bitcoin will destroy the crypto world. It turned out that their plan did not go well,
it was proven that Bitcoin continued to skyrocket without China's involvement. Maybe finally the Chinese government is starting to realize what
they're doing is wrong, the Chinese government bans Bitcoin only makes other countries benefit more and Bitcoin continues to grow rapidly.
I also believe that if the Chinese government changes its mind and will unban Bitcoin mining, it will push the Bitcoin price even higher.
It seems that by the end of this year Bitcoin will reach the price of $100k as many had hoped.

Rehan Zakir

member

Activity: 812

Merit: 53

China is the bigest country of world according to the population. And sometimes china banes Bitcoin mining and now they said they allow. So, please clarify the exact situation that they support Bitcoin or not. Because their one news impact on Bitcoin price. So, if Chinese government unban Bitcoin mining then price of Bitcoin will increase.

Marykeller

hero member

Activity: 1064

Merit: 501

It's about time for the Chinese government to come out straight whether they are in support of Bitcoin or not. Am tired of hearing them banning and un-banning Bitcoin each passing year.
I like the fact that Bitcoin has been skyrocketing in price without their involvement this time. The Chinese government has now realised that they can't halt the flow of Bitcoin globally. If this un-banning of Bitcoin by the Chinese government is true, then it's a welcome development for Bitcoin to skyrocket more this time to about $80k before January.

Murtaza345

jr. member

Activity: 546

Merit: 1

Yes, And now china realized that the bitcoin is future of the World.And more When china has started crackdown against bitcoin traders bitcoin minars than we saw a little bit market crash and I saw on that time the bitcoin this crash is temporary and bitcoin will grow soon and we saw bitcoin again grow and break his all time High.Things will not end their bitcoin will create the history very soon it will touch $100000 very soon.

wxa7115

hero member

Activity: 2814

Merit: 734

Bitcoin is GOD

Quote from: AakZaki on October 27, 2021, 12:45:33 PM

Quote from: Japinat on October 27, 2021, 05:58:43 AM

^snip~

The funny thing is their decision, it seems we can guess at the end. Looks like we don't need them in Bitcoin Growth and other cryptos. I don't really like those who seem to have no stand in making decisions. The reason was simple, they had turned off and kicked out all minners and it looked like they had gone overseas. So it's about time China didn't become a country with a big influence on Bitcoin.

People can be so petty, I think we all have went through something like this, you are in a relationship and suddenly your partner wants nothing to do with you, since you have no other option you respect their wishes and you leave, and after some time you begin to date someone else, and then when you met your previous partner they are mad that you moved on, but what did they expect? Of course you moved on.

And while it may seem odd this is exactly what it maybe happening at China, they are mad the miners simply moved on and they found other ways to be profitable and now they have almost no influence in the market, but all of this was their own doing so they must suffer the consequences.

Anonylz

hero member

Activity: 2562

Merit: 577

They thought banning crypto mining from China would cripple the crypto space but to their dismay even the United States who was strongly against crypto in the initial stage happens to give room, I think it is time they put an end to their hide and seek game and make a decision where they want to be in the crypto space, crypto will survive and move on with or without China, that has been made clear to them.

DewiKirana

full member

Activity: 378

Merit: 102

China could have reversed its policy on banning cryptocurrencies when they realized that banning Crypto could harm them. However, they may remain steadfast in their stance on the policy if they see cryptocurrencies that can be abused by its citizens.

willhuber

newbie

Activity: 33

Merit: 0

I know that these kinds of events have a greater impact on the market but to be honest, I’m done with any crypto news that is about China banning or removing their ban on bitcoin. I think China is that one country who just doesn't want any other country to benefit from some big technology. You can’t say they are against Bitcoin just after seeing them banning the mining activities.
We can never know what they are up to. If you have faith in the crypto market, keep it strong and let them do what they want to do in their country.

Ozero

full member

Activity: 2142

Merit: 183

Quote from: yazher on October 25, 2021, 09:54:17 PM

If I were those miners who already migrated to other countries and managed to establish my new mining facility, I don't give a second thought to going back to China where their government is unpredictable and will issue another decision about cryptocurrencies about a year later. I think it's better for those people not to care about their decision and move on wherever in the world they are currently building their new bitcoin mining facility.

To avoid such situations, in China you just need to do the way it is done in all civilized countries: the issue of legalizing or banning the circulation of cryptocurrency should be considered at the legislative level and its essence should be set out in the relevant law. While we have a situation that the mining of cryptocurrency was prohibited at the government level, the People's Bank of China made the announcement of the recognition of transactions in cryptocurrency illegal, and the question of the expediency of continuing the mining of cryptocurrency is raised by some commission or committee.

zaesvlas

jr. member

Activity: 140

Merit: 2

I have a question about this. Is China ready to spend electricity on mining? I am afraid that this question is especially acute now.

Topic: China is thinking about unbanning bitcoin mining after price rise - page 2. (Read 839 times)