Topic: China is thinking about unbanning bitcoin mining after price rise - page 6. (Read 839 times)

whether this is true or not, I don't think China will influence the crypto market anymore, so let them think about the decisions they have made so far, even if they don't ban bitcoin mining in the future I can only laugh at that

The ban of crypto in China really didn't made much of a negative impact for a period of time since mining farms from other countries managed to produce more and Bitcoin easily recovered in a month and unbanning it (if OP's source is legitimate) won't really make much of an impact anymore, we really don't need China's help as it looks sustainable even without them.

The China government can change their regulation from the prohibition of crypto mining become allowing crypto mining after they see what happened to the world and the countries that allow crypto in their country. They already made a mistake by prohibiting crypto in their country and if they want to allow people to use crypto and mining crypto, that will be their decision.

I do not think much about them, whether they revise their regulations or still prohibit crypto because that will not impact the crypto to grow. The other country allows crypto while they prohibit so they need to think twice because of their decision.

I really hope so. Crypto currencies became such a big part of our everyday lifes. Why should a country with more than 10% of the World population be completely against it? I understand that China has a different mindset than western countries and is very protective of its economy an currency. But free world trade only works if countries open up their markets. The exact same goes for crypto currencies. The world will move on without you. I believe that China realises they can't stop cryptos and need to find a different approach now. Like the saying goes of you can't fight them, join them. Instead of outright banning cryptos it would be so much better to work on tight regulations and profit of the boom. Because no ban will mean a 100% stop of the activities, there will always be a black market as long as there is demand.

we have learned by all other countries.
governments dont care about bitcoin impact on their fiat. they have tax, minimum wage, legal tender laws to keep their fiat active and priority. bitcoin wont replace their fiat

as for energy. since 2014 bitcoin mining has not been a 'environmental  harm'.. most chinese mining farms used renewables from the beginning. they also were not "taking" electric away from residents because most farms were buying from the "excess" allotment not the residential/industrial allotment. this scheme of buying the excess was actually making a hydro power plant more money to then upgrade/expand because without buying the excess, the power would just go to waste.

its like having a vegetable farm. where by supermarkets only buy the quality veg, leaving the wonky veg. then a food producer buys the wonky veg. the act of buying wonky veg does not take anything away from supermarkets.

what china do not want is the residential hobby miners trying to run multiple asics on residential electric networks. causing brownouts.. so my two cents are mining licences which ban anyone from mining more then 3kwh from home.. and require a business licence and industrial electric contracts if they want to be farms

I also think that this news is more like gossip and speculation,so here's my two cents.
I think that crypto mining was banned  in China mostly because of the energy consumption.
There was a short term energy crisis in China and they had to cut all the energy consumers that weren't considered important.Now,the energy crisis is solved and China has enough electricity,so they might want to bring back crypto miners,because the crypto miners are buying electricity and no electricity provider wants to lose customers.However,this is just my speculation about the subject.
Most likely China doesn't want to allow crypto mining,because they don't care or they simply hate cryptocurrencies and want to clear the space for their digital yuan.

If BTC will also make a country prosperous any country will adopt BTC. It's not a question of whether it's Bolivia or China or whichever country that is. As long as its government sees that it may help them get out of the rabbit hole, they will adopt.

We may hate China but if they unbann BTC mining, it's a good strategy for them still and it will help the BTC price also by how big the population is considering there are lots of Chinese billionaires.  If they don't unbann BTC mining, they will really lose their chance to fight inflation.

Miners are already scattered to different locations and will not move back as i think because why would a miner who already is having btc mining favourable conditions again move to China and get fucked up any time they change their mind? So china has already messes up things for them and now playing cheap tricks to create FUD and gain profits but no more this time.So live long and boost economy with your central backed up Digital Yuan and btc in dreams.

The problem with Chinese news has always been the lack of verifiablity. Just like the fake "China banned news" that have been coming out every couple of months for the past 7 years. This news is not different from any of the rest, just because some news website says it doesn't make any difference.

But I think that this is bound to happen. I said this years ago that when China established their own digital Yuan (whether it fails or not) they will start looking into adopting bitcoin. That includes mining, trading, etc.
Luckily for us this process will take a long time and by that time price is already too high and the trillions China is going to invest is not going to matter to us accumulators since we would be done accumulating by then.

china is not actually as controlling as you think
propaganda makes it a belief that all citizens can only transact using a government approved app. where everyone is using a single app to live from. this is highly untrue. and if you want proof without leaving your town. go to a local currency exchange in your town and just buy some chinese currency. you soon learn you dont need to declare your life history or have a chinese government app to get chinese currency.

take other propaganda
china as a % have less people in detention camps than america. yep as a % of population china is more relaxed of detaining people. (china 0.07%: america 0.12%)

take world trade. everyone knows china does a heck of alot of trade. more then most countries. china do not santion rival countries. yep china make more products and allow more products to cross borders than other countries. the US for instance has more sanctions and product bans with other countries. where USA want to limit its own citizens from trading cross border. heck america even banned a highly branded chocolate egg, citing a choking hazard. yet the UK have been giving these kids these chocolate eggs without a problem

im not a chinese resident (im british white) but the propaganda of trying to make china look like evil dictators is a media problem not a political problem

The decision to ban Bitcoin mining in China was a political decision to take back control over their citizens and to protect their fiat currency, not a decision to increase profits and taxes.

So I doubt if they will even consider a reverse decision to benefit from an increased Bitcoin price. The Chinese government will do anything to control their citizens and Bitcoin was a threat to their power. ("people's democratic dictatorship")  

its not about "disturbing USA".. i think its always been the plan to ban, then licence.
so not a mistake to ban, but a standard government process to licence

america didnt want to ban bitcoin trading years ago, for eternity... they just wanted to gain control to regulate and licence bitcoin trading in NY

i can see china putting in limitations like different licencing levels for how much GW a bitcoin farm can utilise. excise tax, etc

after strictly banning bitcoin mining, now they are starting to have doubts about the policy they made yesterday. this is ridiculous for such a big country. they seem to want to disturb the USA as the country with the largest hashrate. then what about the miners who just moved their mining equipment. would they gladly accept this offer if it later came true?

for any government to have any control, licence, regulation on who can do something. they first need to ban it completely to then have the control to choose who to allow it.

so its standard practice to ban first, licence second
technically the 'ban' still exists, unless you meet the requirements of the licence

history has shown this.
alcohol is banned(prohibition). but then licenced where you have to be over a certain age. and if your a alcohol brewer, you meet certain requirements to sell it legally

same with soft drugs like cannabis. banned first. then licenced to allow dispensaries to sell "for medical use".

the banning then licencing allows them to make laws about claiming tax off the item. even if the government does not manufacture the item themselves.

NY banned bitcoin.. then 'bitlicence'

what most people in 2021 dont realise is these events even happened. the just think alcohol brewing, driving, cannabis, bitcoin, gold mining, has always been something people can get into. heck most dont even think that a licence/permit is actually a 'ban exemption' they just see it as a worthless bit of paper

There'll be lots and lots of business connected with the bitcoin mining. Just because the government doesn't have control, China made a ban on cryptocurrency mining. Maybe they've experienced slight fall in the economic inflow of money that happened through mining related businesses. Also the growth acceleration is taking place with fluctuation, but end of the day there is always some forward progress.

I don't think Chinese government will go with public opinion. Right now it looks like they're in a compulsion, because more countries are showing green signal for cryptocurrency related activities and the same could boost their economy.

I'd take with a grain of salt the news articles published by Cointelegraph because they sometimes post an outright nonsense or unverified false rumors. According, to the following article, for example, "Its purpose is to keep the public up to date on industries that the country wants to encourage, retain or eliminate so that provincial and municipal governments can take subsequent action.

Any periodic revision will go through public consultation before a final version is released. As a result, anyone who opposes the crypto mining crackdown orders from this past summer can voice their opinions — but it's highly unlikely such input will influence the decision-making process."

Even if they really decided to unban the mining industry, it wouldn't encourage the miners who already left to comeback.

Assuming the news is true, I don't know if any of the miners who left there are getting the urge to go back.

somehow i still believe , they want bitcoin, they want it as much they can buy as cheap as possible. just think , US as the strong rival didn't ban the bitcoin which mean of course US can get income from it, which it tax or whatsoever, and the latest news , Russia as a friend of china also didn't ban crypto , which mean china is the real clown on this topic

Fuck them in the ass. Assuming the news is true, I don't know if any of the miners who left there are getting the urge to go back. The energy there is cheaper, but there is such a thing as legal certainty, and going back to China to mine is playing roulette. You never know if the authoritarian government there is going to prohibit you from mining again. I would not go back.

I believe that they will unban it in the future but for multiple reasons, not only with the price.
It's like, "They hate you coz they ain't you". For sure these past few days, they starting to realize their decision for banning bitcoin mining in their country. With their recent decision, it's just an example that Bitcoin is standing on its own, no one can control or affect Bitcoin, power of decentralization.