China may ban bitcoin mining soon. - page 2.

TheClownSong

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Quote from: Wayan_Pedjeng on April 20, 2019, 01:22:49 AM

Quote from: mmo4me.2016 on April 19, 2019, 08:31:02 PM

Bitcoin and altcoin need to consume too much power to maintain the network will not really be suitable in the future, energy is always a big problem for every country. Bitcoin and altcoin need to be environmentally friendly projects!

Unfortunately most of the PoW coins use a lot of energy for mining. On top of the expensive mining rigs, a lot of electricity is being used for the process which makes Bitcoin mining out of reach for users who don't have that sort of funds.

Its true PoW coins use more energy, but if miners use renewable energy, i think miners can earn more profits. I dont believe China ban bitcoin mining because most crypto project are in china and many big crypto investor from china

Wayan_Pedjeng

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Quote from: mmo4me.2016 on April 19, 2019, 08:31:02 PM

Bitcoin and altcoin need to consume too much power to maintain the network will not really be suitable in the future, energy is always a big problem for every country. Bitcoin and altcoin need to be environmentally friendly projects!

Unfortunately most of the PoW coins use a lot of energy for mining. On top of the expensive mining rigs, a lot of electricity is being used for the process which makes Bitcoin mining out of reach for users who don't have that sort of funds.

corrado25

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Well, if you forbid large farms with hundreds to thousands of mining equipment then you can do this. And from banning farms from several equipment they will not succeed. will not be mining in China then will be somewhere else mining.The more so it may be fake news to re-influence the price

RagingBull

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Every year we publish such absurd news for China. China banned the bitcoin trade as it would forbid the bitcoin mining in China. But one thing to keep in mind is that; Many companies in China have a huge investment in the crypto market. They can spread the news to speculate, but I think they can't influence bitcoin and crypto rise.

abstractednerve

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I don't think China can ban Bitcoin mining totally. In late 2017 and early 2018, China banned the cryptocurrency, but miners did not stop mining bitcoin! And China still has the largest numbers of miners! Maybe they can bring a more strict rule or solution. Because I am afraid if bitcoin mining really becomes shut down in China, then Bitcoin price may collapse!

richjohn

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These Chinese Fuds and rumours are not new. Even if they ban mining, it won't effect the market much. What I have seen in these 2 years is that now market doesn't get much affected by such news. Neither such news can dump the price nor help in any reasonable pump. There will be some price change but nothing at big levels. Mining will shift to other countries in no time.

shaheer001

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China had already ban it in early 2018 but now a days the mining is not controlled by china is now also in rest world of world too. But BTC mining is not cheaper as it was.

Ailmand

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It will be a big loss if China would ban mining. China is one of the biggest countries that participate in cryptocurrency. However, Chinese businessmen are smart so they will do something to perform mining and the government isn't in control of this. I believe that they will do everything just to push it. They could set mining operations in different countries if China would really prohibit it.

HellDiverUK

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I dont think its bad news, for some reason its good news as well, so the whales of mining in china can be stopped right now, another country is happy when this happen..

jualidbitmixer

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China is one of the biggest mining bitcoin place, i'm sure they will not ban bitcoin mining maybe there is only an issue or gossip but if this true, it will be big for crypto world. I'm afraid it will makes the price of bitcoin decrease because of that news IF that really happen. Also what will happen to the mining tools on china if the ban really happen lol.

begau

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If this information is completely correct as you mentioned. I think it will be very bad for the crypto market. Because China is the country with the number of people are participating in the crypto market very high. But we should also remember that in every situation that took place as many years ago. Bitcoin was banned, its level of value increased.

Spaffin

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This news could have a negative impact on the cryptocurrency market several years ago. However, now miners and other participants of the cryptocurrency market are ready for this. Mining just peremastsya on the territory of other states. Moreover, part of the Chinese who were engaged in mining and had large farms, have long since left China and are doing this on the territory of other states.

steveabrahams

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Pretty sure the big mining rig in China will still operate even the ban bitcoin mining is coming. It's a big news actually if that true and really happened, because i heard there are so many big mining farms/rigs in China. I even watch on youtube, they have a really big house full of mining.

mistanama

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It doesn't matter to the chinese bitcoin miners if the china will ban the mining of bitcoin because if the miners really want to pursue the good benefits of cryptocurrency by mining them then they will relocate their mining farm into other places where mining is not ban and where they will save more money from electricity to get more profits.

sarfield

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Although China forbids mining, it will not stop people from learning how to produce. Several times China has banned but still, bitcoin is able to develop, even has better value.

Perie200

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If this happens, a lot can change in the cryptocurrency industry. The main thing is that these changes do not have a strong negative impact on the crypto market. I would not like to see a new bearish trend!

craslovell

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Try as they may, they'll never be able to stop people from mining. Miners will always find a way!

icalical

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If this news is true, it will have a very huge effect for bitcoin, and it most likely will be a bad effect. Howeer it seems like you don't give any source either from government official report/news, or from a pres publication. Are just trying to spread FUD because recently the market is going well?

VieleSind

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Don't worry about this news cause this is not the first time China government publishes news like that but Bitcoin mining is still alive in China until now. Beside if this time it's real, I don't think it'll affect to much to price of crypto market cause mining is not a good earning way at the moment anymore cause miner can't get enough money to pay for electric cost.

Caladonian

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Quote from: Bitfling on April 19, 2019, 07:40:17 PM

Quote from: tippytoes on April 15, 2019, 04:54:23 PM

Quote from: matveyeff on April 15, 2019, 04:45:38 PM

We had so much FUD from China that I stopped paying attention to it. There are many places for mining, China is not the only place with cheap electricity.

I don't think they will really implement it. Maybe, they are just creating fake news so these miners will give something to the government. You know how their system works in China. So much under the table is happening. But in any case, yes, there are other countries that can be an alternative for these miners to thrive. It is their lost, not the crypto world.

Agree, this news always come up every time but nothing happen. I do believe, in economic system, china is open and i dont think the government will shutdown bitcoin mining. Many crypto project from china and i think thats why government will not closing crypto mining

Unless we see the outcome results of this news then we will be able to know what is the real stand of this country for bitcoin mining industry, we don't have any ideas what will be implemented after some time, what we can do now is to wait and see after the final verdict then we can assume that they
really working on it or if nothing happened, we can say it's a hyped to shake the market, with possible impact to the entire industry of this certain news.

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