China is thinking about unbanning bitcoin mining after price rise - page 4.

TCW003

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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/

It's more likely some people want fake news to pump the crypto prices and sell their crypto assests. Just see the crypto prices today... I guess so.

Punk4000

newbie

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Im 100% sure that decision its not because the price its going up (right now its going down Cry

) its because a lot of internal and external investors "leave" the country, and to be honest i dont think that will remove "the cross" from the heads, because if they ban it once, they can do it again...

Reatim

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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?

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

the moment they release the banning of Mining for Bitcoin I know the reversing will happen soon , China knows what Bitcoin and crypto can bring them as years passed that they are the biggest Bitcoin mining in the world.
so losing the chance to earn from crypto is what they wanna prevent .

Quote from: submaster on October 27, 2021, 05:24:52 AM

Wow, what a surprise. China has completely lost their minds.

They tried to check the market if this will survive without them and now realization comes as they are not needed at all lol .

ABCbits

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Quote from: noorman0 on October 26, 2021, 09:35:49 AM

Quote from: ABCbits on October 26, 2021, 05:36:34 AM

-snip-
(after using google transaction on the source), while the rest is opinion/speculation.

It's a collective request for advice and feedback. So, news speculation ahead: The Chinese government will set up a bitcoin mining farm with artificial solar energy to rival Elsalvador with its volcano resourced energy?

If they setup such thing, it'll be used to solve their energy crisis first.

Quote from: noorman0 on October 26, 2021, 09:35:49 AM

Is there anyone who wants to spam this form by filling in the feedback text with "We don't care"?

According to google translate result, you need to login first. So most likely the answer is no.

Quote

1. Log in to the People's Republic of China, the Ministry of Justice, China Government Legal Information Network (http://www.moj.gov.cn, http://www.chinaw.gov.gov.cn), enter the "Legislative Object Collection" section of the home page main menu Subject advice.

Japinat

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Activity: 3052

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Quote from: Lucius on October 27, 2021, 05:28:37 AM

Quote from: Japinat on October 27, 2021, 01:18:44 AM

Honestly, if I am a miner, I would never trust the government that does not have faith in bitcoin.

And which government has faith in Bitcoin other than the El Salvador government at the moment? Do you think that at some point the rulers of Russia and the US will not turn against Bitcoin in the same way that China did?

El Salvador is the first country that fully legalized and adopted bitcoin because they consider bitcoin as a legal tender, and as a miner, I think it's enough for me that the government of a country where I am operating is regulating bitcoin, of course, they could ban bitcoin in the future but knowing they will unlikely gonna do that because they are benefiting from taxes is enough for me.

Two countries with different treatment on bitcoin.

El Salvador, = legalized
China = ban crypto.

However, I believe that majority of the world will eventually adopt bitcoin although not as strong as the adoption of El Salvador.

LogitechMouse

legendary

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They ban, they unban, they ban, they unban, they ban, they unban. These CCP has lost their minds aren't they with their decisions for their country Cheesy

.
Maybe this is also the reason why the market went down so hard right now. Markets turning red, Bitcoin under $60,000 again and ETH at least maintaining the $4k for now.

TBH, I don't really care since I'm not a Chinese citizen nor a miner from China. I don't know too if this move will make the miners from China who went from other country to mine again to go back there and continue their mining. If I'm a miner from China and went to other country to continue mining, after what they've did to them I will not return there. Cheesy

Lucius

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Quote from: Japinat on October 27, 2021, 01:18:44 AM

Honestly, if I am a miner, I would never trust the government that does not have faith in bitcoin.

And which government has faith in Bitcoin other than the El Salvador government at the moment? Do you think that at some point the rulers of Russia and the US will not turn against Bitcoin in the same way that China did?

Things are not quite as they seem, so although some countries may seem crypto-friendly, there is a very thin difference between allowing something and possible bans at any time. I always refer to the statement of a US congressman who said in a discussion about FB Libra that Bitcoin is just a small baby, which means that it is not dangerous for the existing financial system and that is how they treat it.

submaster

newbie

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Wow, what a surprise. China has completely lost their minds.

Haunebu

hero member

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Honestly, I don't really give a crap since I am not a Chinese citizen and I don't like the Chinese government. They have made it pretty clear that they dislike cryptocurrencies and I don't think they will change their stance regarding this matter.

BTC and other popular cryptocurrencies don't require the support of major governments and history has proven that.

Blawpaw

legendary

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It's kind of fishy how China, bans and unbans bitcoin. They cannot simply ignore the importance of bitcoin in the future. The fact is that every time they do, they hugely impact price. It seems to me that it is all a planned move to get major Chinese investors to buy more coins at lower prices.

bayudndy

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After the recent bans, an interesting thing that I just discovered is that the Chinese people (a small number) have started to protest against the government and ask for the ban to be lifted.
If you are in China, you can visit the Huobi office

to understand more. Assuming a China lifts the ban, I think we all need to thank President Xi for having such a fantastic market drive.

~.~

suryogandul

full member

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What strategy is China currently pursuing? After a while banning bitcoin circulating in China, now China allows mining. I can't understand China, China has gone through the worst days in the crypto market and made the crypto market unstable.

Japinat

hero member

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Honestly, if I am a miner, I would never trust the government that does not have faith in bitcoin.

Banning, then unbanning, I think that tells how incompetent the government is, and there's no security from the government as they could ban it again.
So, it's better for the miners to stay in a country where policies give assurance that they support crypto mining as that would help the investors to gain confidence in running this kind of business.

China better stays with their policy banning bitcoin as people have moved on already.

worle1bm

full member

Activity: 1834

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Quote from: bbc.reporter on October 26, 2021, 11:38:00 PM

I created this thread to test everyone. I am very happy to know that everyone has has become skeptical with mainstream news media and cryptonews media. 3 years ago i reckon many people would be larping on that fake news hehehe. The real environment for energy in China is Beijing is fighting for carbon neutrality. The ban on mining will never be lifted.

There is still some percentage of fools who will be diverted again with all these chinese bullshits but the majority has already seen their scenic dramas that they don't care anymore.China is like that spoiled brat who only wants to be in limelight but due to many stupid actions now nobody cares what they are currently doing or planning to do.The world btc mining is satisfied and now they don't give a fuck to CCP actions and they enjoy their digital Yuan.

Shenzou

sr. member

Activity: 1400

Merit: 283

I have my doubts about this news and how right it is, the reason why the Chinese government have banned the use and mining of crypto currency was obvious, it was not to cut on energy use or anything of that sort but it was because they are unable to control it and with how big it started becoming it was creating a threat to the government since we know how they are well known for restricting freedoms and forcing their people to use their own versions of everything just so they can control them, and i really doubt that they will be bringing it back unless they have been planning for this all along where they wait for the price to go up and gets more popular and than they unban it.

bbc.reporter

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Quote from: NotATether on October 26, 2021, 11:45:50 PM

Too late for that. Mining pools around the world are starting to ban Chinese IP addresses of miners and CCP is not going to force pools to start unbanning them. Maybe they should've thought twice on how such a ban would've affected their political standing (and that of their rivals) before hastily pushing on with it.

Besides, it would interfere with China's carbon-neutral ambitions.

Agreed. China would never surrender on their fight on carbon neutrality. They have stopped their importation of thermal coal from Australia already and this is causing an energy shortage. Also, we may discover that China’s ban on mining is not because they think bitcoin is a threat. They did the ban possibly because they might be expecting more energy shortages.

pooya87

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Quote from: NotATether on October 26, 2021, 11:45:50 PM

Too late for that. Mining pools around the world are starting to ban Chinese IP addresses of miners and CCP is not going to force pools to start unbanning them.

I'm not sure if they are actually banning IP addresses, these pools just changed their terms of services to have that new rule so that they are not liable in the future.

NotATether

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Too late for that. Mining pools around the world are starting to ban Chinese IP addresses of miners and CCP is not going to force pools to start unbanning them. Maybe they should've thought twice on how such a ban would've affected their political standing (and that of their rivals) before hastily pushing on with it.

Besides, it would interfere with China's carbon-neutral ambitions.

rodskee

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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/

How many times that several situation happens? banning and Unbanning like what India does in Bitcoin and other related crypto issues?
i think China is only trying to check their power over bitcoin but now that the market prove they are not that powerful? this is what happened .
I think they unbanned or banned who cares? the world cares nothing about their action towards crypto now.we survived and increased value without them .

bbc.reporter

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I created this thread to test everyone. I am very happy to know that everyone has has become skeptical with mainstream news media and cryptonews media. 3 years ago i reckon many people would be larping on that fake news hehehe. The real environment for energy in China is Beijing is fighting for carbon neutrality. The ban on mining will never be lifted.

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