Its pretty hard to imagine Bitcoin without China being involved in it these days, because the involvement is so significant that they play a major role even in the decision making process of Bitcoin and forming its future technology and direction,due to China has always been a major player in Bitcoin.
Topic: China plans closing Bitcoin mining. - page 15. (Read 3520 times)
Well it is not a lose against china individuals because chinese government are already giving some rules and regulation on their counry. Anyway maybe they plan to close bitoin mining due to low transaction fee and that could take advantage lower mine fees for htem. I do not know why it so low so everyone could do invest in cryptocrruncey.
China has not closed Bitcoin mining yet.But I heard that China has flooded a lot of bitcoin mines due to floods in the last few days. They have suffered heavy losses. Due to the shortage of miners, we may have to increase our transfer fees recently.
China needs to control their people, they need to control their money. They hate Bitcoin and always will.
well,, if Chinese miners plan to shut down their miners, we would see a huge drop in hashing rate. Since the difficulty doesn’t change right away, that means that it would take a lot longer to mine a block. On top of that, the security of the blockchain decreases accordingly, as it is now easier to run a 51% attack (though this is unlikely to happen in practice). After about a month of having slow transaction confirmation, when the difficulty gets adjusted,and things should go back to normal.
In the bitcoin market, it is normal to link the growth of the value of the currency with possible prohibitions on its use in China. In fact, measures to prevent the outflow of capital from the country and as a result of the decline in the exchange rate of the young have already been taken and they are not associated with restrictions in monetary transactions with the use of bitcoin.
What can you say about China of closing their rigs/mining?
This could overshoot the price to the moon or plunge the price below the ground?
Those holding btc just brace yourself fasten your seat bet for possible vortex of price.
This could overshoot the price to the moon or plunge the price below the ground?
Those holding btc just brace yourself fasten your seat bet for possible vortex of price.
If china bans BTC mining operations two things will happen for sure. 1. There will be a shortage and price will go up 2. After closing mining farms, value will increase but so will the transaction Times, and bottleneck effect will be much worse than it is now. So we will get a coin that has terrible transaction times, but also with more value. I wonder what will happen in long term after this.
These infos help me alot guys
What can you say about China of closing their rigs/mining?
This could overshoot the price to the moon or plunge the price below the ground?
Those holding btc just brace yourself fasten your seat bet for possible vortex of price.
Are you serious?This could overshoot the price to the moon or plunge the price below the ground?
Those holding btc just brace yourself fasten your seat bet for possible vortex of price.
Do you have clear information about it?
give me a link about the news.
Can I get the source where you read it? Because of these news stories, many new comers are afraid to invest in bitcoin. And there is also panic selling because of such news that has no solid source.
So before we make the thread there is a source of information
So before we make the thread there is a source of information
Such claim requires a source. With no source its only a FUD therefore has a place in with hypothesis board.
Aside from that, occasions like this are never initiated from everyday. It will rather be a procedure, even in socialism driven nation.
Right off the bat a market freeze, huge dumps and value plunge however before long, system will rearrange itself and begin to recoup.
Trouble would go down, making mining productive elsewhere, also expresses that are genius crypto, they will draw in "crypto-tourism" and mining outsourcing. China isn't the entire world, and market cannot stand vacuum.
Aside from that, occasions like this are never initiated from everyday. It will rather be a procedure, even in socialism driven nation.
Right off the bat a market freeze, huge dumps and value plunge however before long, system will rearrange itself and begin to recoup.
Trouble would go down, making mining productive elsewhere, also expresses that are genius crypto, they will draw in "crypto-tourism" and mining outsourcing. China isn't the entire world, and market cannot stand vacuum.
The best decision from China - Bitcoin will stay a little free from Chinese control.
and then? as long as it is not decentralized it can be controlled by anybody... the bitcoin network today is almost 2 million bitmain s9 big... so if you have enough money and enough power to buy and use 2 million s9 (which every country hast) you can easily take controll of the bitcoin network... its not that hard ectually...
i have not seen it from this point of view. good contribution. i have to think about it first.
I think this kind of judgment is wrong. China does not plan to shut down the bitcoin mining industry, and there is a lot of idle power in China to dig bitcoins, which are in remote areas, and local governments are welcome to the miners.
The best decision from China - Bitcoin will stay a little free from Chinese control.
and then? as long as it is not decentralized it can be controlled by anybody... the bitcoin network today is almost 2 million bitmain s9 big... so if you have enough money and enough power to buy and use 2 million s9 (which every country hast) you can easily take controll of the bitcoin network... its not that hard ectually...
The best decision from China - Bitcoin will stay a little free from Chinese control.
What can you say about China of closing their rigs/mining?
This could overshoot the price to the moon or plunge the price below the ground?
Those holding btc just brace yourself fasten your seat bet for possible vortex of price.
If mines are closed, Bitcoin prices will go up quickly. Unfortunately, operators are not closing, and they are moving to countries that accept mining Bitcoin and have a cold climate with low electricity prices. Mining mines never stopped. This could overshoot the price to the moon or plunge the price below the ground?
Those holding btc just brace yourself fasten your seat bet for possible vortex of price.
Even if China bans Bitcoin mining it will not mean that these hashing power will disappear. But such news can cause big fluctuations in the price.
This is an old news/old thread and this never happened nor do I think it will ever happen. China enjoys having power over Bitcoin, why would they get rid of it? Electrician bills are getting paid anyway.
As long as there is money to be made and taxed by a government nothing is going to happen. If China did completely cut off mining somewhere else would take its place.
China was banned bitcoin transaction and all ico project in their country, right now they want to closed and banned bitcoin mining project. we know China is greatest country have mining project in the world, they have many companies mining work and have great mining product in the world. Maybe will make mining bitcoin tool more cheap because have banned in China. Great news for us to buy mining tools with lower price and more cheaper than usually price before.
Jump to: