Topic: China plans closing Bitcoin mining. - page 2. (Read 3575 times)
This topic has been around for almost a year, and China plans to ban all mining of bitcoin. Probably everyone should be clear that this is a manipulation. Spreading rumors is profitable for traders with bear tactics.
sorry but chinas government is not really freedom like : D
Miners have to go to Canada or iceland or russia where the temperatures are really cold and good for mining i guess
regards
Miners have to go to Canada or iceland or russia where the temperatures are really cold and good for mining i guess
regards
China as a communist country, the laws must be strictly follow and the government want to limit electricity to Bitcoin miners and they are very concern with the electricity usage and with the issue also Bitcoin transparency that till now its not properly address and the issue is not resolve.
China for all we know that they are really conservative in all aspects so that’s why they are closing the rig mining of Bitcoin since it consumes really a lot of electricity. Let just watch and see what going to happen.
https://twitter.com/cnLedger/status/1044746490235613184
Despite the ban, they were trying to work with at least the altcoins (for example, ETH).
Despite the ban, they were trying to work with at least the altcoins (for example, ETH).
Actually I've heard of some hotel in China that accepts ETH now. There are also still many companies that support crypto. And people there still buy crypto for fiat, so it's not a big deal now.
The amount of bitcoin supply is getting smaller, if the bitcoin is fixed or added, yes, the price of bitcoin will rise.
little miner> hash power to process reduced transactions> there is a possibility that bitcoin transactions will run very slowly> people leave bitcoin.
so, actually if the miner decreases, if it decreases a little bit, then it won't be a problem, difficulty can adjust, but if, the majority of miners come out instantly means that a lot of power hash suddenly arrived, when difficulty is currently high, hash power there is, can't balance the power hash before the miner comes out. the worst possibility is, the existing power hash, is unable to process the new block at all, so difficulty adjustments (which are basically calculated based on a number of blocks) will never occur. if there are no new blocks, there are no transactions that can be processed, this means death for bitcoin. But it seems like it doesn't need to worry, if you look at the current price of bitcoin, block rewards are reduced by half even if the miners are still profitable, so they probably pull it out less.
little miner> hash power to process reduced transactions> there is a possibility that bitcoin transactions will run very slowly> people leave bitcoin.
so, actually if the miner decreases, if it decreases a little bit, then it won't be a problem, difficulty can adjust, but if, the majority of miners come out instantly means that a lot of power hash suddenly arrived, when difficulty is currently high, hash power there is, can't balance the power hash before the miner comes out. the worst possibility is, the existing power hash, is unable to process the new block at all, so difficulty adjustments (which are basically calculated based on a number of blocks) will never occur. if there are no new blocks, there are no transactions that can be processed, this means death for bitcoin. But it seems like it doesn't need to worry, if you look at the current price of bitcoin, block rewards are reduced by half even if the miners are still profitable, so they probably pull it out less.
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.
China closes mining I think it has a big impact on many countries, and of course on bitcoin itself. it might be the highest or the lowest price, but bitcoin will not be affected and will continue to run only a matter of the price affected. 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 closes the production of bitcoin, it does not really understand anything, because in other countries there is also a lot of mining of bitcoins.
you're right there are more other country that still operating bitcoin mining rigs and the fall of the china's rig might affect a little but there will be more to rise up in other counttry
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.
the scarcity of bitcoin is imminent and will fly the price of bitcoin, and this is good enough.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.
and also many people will get bored with their difficulties in getting bitcoin, and they will leave bitcoin, and this is the worst thing we don't want.
I do not think that this decision will be implemented. They should better increase the taxes for mining related activities which will increase their revenue.
China will close bitcoin mining, maybe not but move miners from China to countries that are more friendly about mining costs, for example electricity costs are very energy consuming and of course the electricity costs are very high, but if done in other countries of course the electricity burden will in the responsibility of the country concerned, and the producer of electricity bills is not too much like when mining was carried out in China. 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.
China hosted the large Bitcoin mining industry in the world. The sudden close down of Bitcoin mining in China has caused the crypto market and the industry a create blow. However, more than 80% of the enthusiast and believers within the China Bitcoin mining have moved from China to other countries like Canada, Germany, South Korea etc to establish more mining sectors and continue the good work from there. Bitcoin and crypto will continue to live forever. 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.
I think its not profitable anymore to mine Bitcoins! With increasing difficulty in mining and higher labor and electricity cost this makes more harder to get a profit. The downward trend in the Bitcoin price also adversely effect profit earning in Bitcoin mining. So even if China closes Bitcoin mining I think its okay, if the investors still wants to mine they can move elsewhere. Maybe a country like Venezuela where electricity costs are extremely cheap.
I don't think It is a true news. Have you any source for it? China is like the biggest asset country to mine the bitcoin. If they stop then bitcoin will suffer a lot and we will see a long-term bear market for sure. I think China will again legalize bitcoin.
Well they really need to do that as everyone over in China are pretty much doing it. What I would expect China will do is that they will create their own version of Bitcoin and let people mine it. That way they get more control of how it can grow/shrink.
I don't follow the rumors, China is one of the strong country in the world but we are just talking about the mining, not the cryptocurrency using. So there would be no risk for me and people around me i guess. But i heard that many company in China is ready for the make their coins for cryptocurrency business.
Well, that's good, maybe in some other months bitcoin will recover again its price, for me, $10k is enough for bitcoin price. I am sure that even China banned bitcoin, there are still somebody using bitcoin in that country. If China will make coins for cryptocurrency business this is a good news for us since we all know China has also a good economy and great country in terms of businesses.
I think it just paused temporarily. The Chinese government can change the decision at any time. China is the largest bitcoin mining site in the world. Bitcoin prices will vary from government decisions.
It is right to provide the link to such news so we can all read and assess the credibility of the information. Sometimes, the source of such information cannot be ttrusted. However, I don't see any big effect this will have on btc price.
China has more than two-thirds of the global processing power turned to bitcoin infrastructure. Chinese miners have taken advantage of the low cost of energy to expand their operations in recent years. There are also bigger creators of mining hardware.
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