China Quitting Bitcoin Mining Is Very Positive in Long Term

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Quote from: sirminesalot on October 04, 2021, 08:34:44 PM

Yes china's bad news always have impact for market to be down but it already happen multiple times since years ago but anything bad is not happening. We should be smarter as an investor just to not believe anything pop up on media and with no filtering at all.
I'm sure whatever china do with bitcoin, it won't make bitcoins drop, and i'm also sure china has already took much advantages from bitcoin and they won't let it go.

Chinese FUD is just a drama targeted to make bitcoin price crash. Some time ago, many FUDs from China began to be spread, indeed they managed to make the price of bitcoin go down, but some time later the price of bitcoin rose again to this day.
If China continues to ban bitcoin, in the future it is likely that China will not have much effect on bitcoin.
As investors, we must also filter the information obtained, because it is very important for the Fundamental that will happen.

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Quote from: BaeSuzy on October 04, 2021, 08:31:57 PM

China was controlling big number of Mining power, That can be said to be an issue but the real issue was China banning crypto every other week, making BTC price really unstable, It's good they've left.

I would not say that they are the only ones. Tomorrow we might see another country making up ridiculous laws on bitcoin and that will affect the price similarly too.

The environmental effect of bitcoin mining is an exaggeration. This has been debunked several times in the past but seems like lobbyists who speak for the acceptance of green energy always use this as an argument to assert their pressure.

We might gradually see these green energy companies trying to arm-twist miner communities into buying their equipment for power generation and then there might be changes in their stance. What actually happens in the background is difficult to comprehend from one side of the news.

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Quote from: Fundamentals Of on October 03, 2021, 11:35:55 PM

China quitting Bitcoin mining is very positive. China quitting Bitcoin trading is also very positive. China quitting Bitcoin completely must also be very positive. I am looking forward to the news that China has finally distanced itself from Bitcoin for good. I am kind of tired reading news related to China's ban on Bitcoin which happens once in a while. It is tiring because no matter how old and repetitive it is, people are still talking about it as if it is something new.

I can feel you here mate, for how many years CHina is bullying bitcoin with their banning or freezing when the truth is Bitcoin does not need China at all, it can circulate without that country .
yeah they might have mining industry and really big but if they continue their banning then surely it will be absorbed by other country in which more functional and will welcome bitcoin open arms .

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Quote from: AakZaki on October 04, 2021, 12:36:42 PM

China plays well to manipulate the market for bitcoin to crash. expelling miners from china will not stop mining. China is influential but when the miners have left China, and some miners start with environmentally friendly energy in other countries, of course the Chinese FUD will no longer have an effect.

The total ban on bitcoin mining in China is claimed to have a long-term positive impact on China, such as reducing the use of fossil fuel energy. But it will not completely happen.

Yes china's bad news always have impact for market to be down but it already happen multiple times since years ago but anything bad is not happening. We should be smarter as an investor just to not believe anything pop up on media and with no filtering at all.
I'm sure whatever china do with bitcoin, it won't make bitcoins drop, and i'm also sure china has already took much advantages from bitcoin and they won't let it go.

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China was controlling big number of Mining power, That can be said to be an issue but the real issue was China banning crypto every other week, making BTC price really unstable, It's good they've left.

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Quote from: ene1980 on October 04, 2021, 06:31:50 PM

Quote from: Fundamentals Of on October 03, 2021, 11:35:55 PM

China quitting Bitcoin mining is very positive. China quitting Bitcoin trading is also very positive. China quitting Bitcoin completely must also be very positive. I am looking forward to the news that China has finally distanced itself from Bitcoin for good. I am kind of tired reading news related to China's ban on Bitcoin which happens once in a while. It is tiring because no matter how old and repetitive it is, people are still talking about it as if it is something new.

This has being said earlier in the forum by many, decentralization means getting the opportunity to run the mining farm globally without any restrictions and when China restricts mining then it is one less country for the miners and i wont be surprised if more countries comes out with these claims that they wont be allowing miners to burn electricity and damage the nature and at that point it is always one less country that allows you to deploy the network with freedom and i do not see that as a positive news.

When China banned Bitcoin mining, it became an instrument to have the Bitcoin mining industry became more widely scattered. During the days when China was allowing Bitcoin mining, much of the hashrate are focused in China. No wonder why when the ban was implemented and the mining companies were given the ultimatum to leave the country for good, the hashrate was falling down really hard. We are still at the phase of recovery until now. That wasn't good for Bitcoin.

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Quote from: Fundamentals Of on October 03, 2021, 11:35:55 PM

China quitting Bitcoin mining is very positive. China quitting Bitcoin trading is also very positive. China quitting Bitcoin completely must also be very positive. I am looking forward to the news that China has finally distanced itself from Bitcoin for good. I am kind of tired reading news related to China's ban on Bitcoin which happens once in a while. It is tiring because no matter how old and repetitive it is, people are still talking about it as if it is something new.

This has being said earlier in the forum by many, decentralization means getting the opportunity to run the mining farm globally without any restrictions and when China restricts mining then it is one less country for the miners and i wont be surprised if more countries comes out with these claims that they wont be allowing miners to burn electricity and damage the nature and at that point it is always one less country that allows you to deploy the network with freedom and i do not see that as a positive news.

AakZaki

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China plays well to manipulate the market for bitcoin to crash. expelling miners from china will not stop mining. China is influential but when the miners have left China, and some miners start with environmentally friendly energy in other countries, of course the Chinese FUD will no longer have an effect.

The total ban on bitcoin mining in China is claimed to have a long-term positive impact on China, such as reducing the use of fossil fuel energy. But it will not completely happen.

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Quote from: pjwaffle on October 04, 2021, 12:23:09 AM

China is starting to show disdain for bitcoin, we have called that even if the government decides to close the mining business for good, we will survive. Prices may be affected in the short term. But in the long run it will be good because the operations can be distributed globally. According to what I tracked the market price in the past time when China pulled out of the market BTC has dropped but now the price has recovered $47k ~ $48k this is really great we no longer have to dependent on China.

It's not disdain, they're just being tactical and they just want to make things difficult for the market and they want to manipulate the market, how many times have China been in involved in FUD over the years? They're always followed by dumps but they're still in this market for a long time, it's obvious, it's because they're manipulating people.

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One thing is for sure: Government Crackdowns have only worked as FUD. It's not the first time China legislates against crypto, nor it will be the last. As soon the news came out, bitcoin lost ground but it hold just fine. We are now seeing it recover. Who wouldn't say this was all just an orchestrated move with the ultimate goal of allowing Chinese investors to get more BTC at cheap prices? Besides, China is looking to launch its digital currency so, they will need to prepare grounds. I believe we should all look at the move as one of its first steps towards the implementation of its National digital currency.

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Maybe if china isn't dominating Bitcoin minning then bitcoin will spread evenly which means that the price will be more stable but still tend to rise. It is good for merchants, and when merchants adopt bitcoin then it can increase bitcoin price. That's my opinion. Today there are many countries which embrace bitcoin so I think there is nothing to worry.

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China is starting to show disdain for bitcoin, we have called that even if the government decides to close the mining business for good, we will survive. Prices may be affected in the short term. But in the long run it will be good because the operations can be distributed globally. According to what I tracked the market price in the past time when China pulled out of the market BTC has dropped but now the price has recovered $47k ~ $48k this is really great we no longer have to dependent on China.

Fundamentals Of

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China quitting Bitcoin mining is very positive. China quitting Bitcoin trading is also very positive. China quitting Bitcoin completely must also be very positive. I am looking forward to the news that China has finally distanced itself from Bitcoin for good. I am kind of tired reading news related to China's ban on Bitcoin which happens once in a while. It is tiring because no matter how old and repetitive it is, people are still talking about it as if it is something new.

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Quote from: Leviathan.007 on July 07, 2021, 09:29:19 AM

SkyBridge CEO Anthony Scaramucci said in an interview with CNBC that China's move away from bitcoin mines has a very positive effect.
Despite many concerns, Scaramucci believes that China's interference in bitcoin mining has caused instability in the bitcoin flagship and a 50 percent drop in its price just after the $ 65,000 record.
He added that in the long run, ending the bitcoin mine with fossil fuels from China would solve bitcoin's environmental problem.
He was quoted as saying by Michael Saylor, CEO of MicroStrategy:
"56 percent of all BTC mining operations are performed using green energy."

Source: https://u.today/china-quitting-bitcoin-mining-is-very-positive-in-long-term-anthony-scaramucci

What the hell?! Why didn't I thought of that. That is definitely good news if you are going to think about it in the long term benefits. Since the majority of power plants in China are coal powered, then you can imagine why the bitcoin bashers like to throw crap at Bitcoin because of these environment damaging arguments that they have. Now that the miners have exited China, then they will be going to places where more sustainable sources of electricity will be used and everybody can boycott the digital yuan in return.

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Theoretically, China's blocking and suppression of bitcoin is only for you in the short term. I believe bitcoin remains bullish in the long term. Bitcoin and the market base have had a better adaptation to the first $29k FUD phase. Even going through this period, After Huobi, in turn, Kucoin banned Chinese users, bitcoin is still active with long-term accumulation. Until we erase the memory of China, that's for the best for bitcoin

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Clean energy is out of the equation. Miners will always choose a location which gives them the cheapest operating costs, which might be a place that relies primarily on fossil fuel or renewable energy, depending on which is cheaper. It has nothing to do with miners being forced out of China, because there is always another place that is reliant on fossil fuel and is also competitively priced with China. Bitcoin's environmental degradation situation has nothing to do with them moving out of China. Perhaps there might be minute changes but it is likely that the amount of carbon footprint is still too high.

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These are good news indeed. It's also an opportunity for another countries to attract and incentivize mining companies to run these businesses in their territories, increasing the local receipt to boost national economies.

If the idea of mining bitcoin with vulcanic energy from El Salvador's government works for real, I believe it will be an interesting destiny for many entrepreneurs interested in investing in this field, but if another countries are smart and have exceding energy supplies they should enter the competition as well.

In the end everyone is benefited and btc mining becomes more decentralized, that is, splitted among different countries, what difficults manipulation by governments like China has been doing so far.

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Wide distribution of the mining will happen with the network. There'll be immediate effect and the same won't gets carried forward, because when certain percentage of miners get out of the network it takes little time for the new ones to get into the market. This is something like a cyclic process, because one leaves and the same position is filled by someone else. This keeps the market stable and undisturbed.

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Quote from: JohnBitCo on October 03, 2021, 06:08:28 AM

The problem is that they won't move away from mining for a long term. They will accept crypto and they will allow mining very soon.

It might be a decoy news that they will still have their operations and will continue for some specific places only and might be a government owned facility to mine bitcoin.

Quote from: JohnBitCo on October 03, 2021, 06:08:28 AM

They have been doing this drama every year and we should be used to it.

Yeah and it's like recycling this fud again and again.

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Quote from: JohnBitCo on October 03, 2021, 06:08:28 AM

Quote from: Leviathan.007 on July 07, 2021, 09:29:19 AM

SkyBridge CEO Anthony Scaramucci said in an interview with CNBC that China's move away from bitcoin mines has a very positive effect.

The problem is that they won't move away from mining for a long term. They will accept crypto and they will allow mining very soon. They have been doing this drama every year and we should be used to it. However, if majority of the mining is moved out of china bitcoin will be less dependent and china fuds will no more be effective.

as I understand what I've seen in all these years (the Chinese government) since they declared they don't want to know about cryptocurrencies they never changed their minds, they were always firm in their decision. the Chinese government is a dismal anti-democratic government, but they know how to keep their word and if they made that decision you can be sure they won't change their minds.

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I do think that it won't only have positive long term effect on the environment basis but at th same time the government might stop tryin to dominate the crypto world, which they do every once in a while by trying to take over the mining farms and such, this doesn't affect things for the long term perse but then the Chinese government will stop trying to attack the hash rate and the network as well, in the future.

Most of the miners who are dependent entirely on the mining already tried to shift somewhere else, to countries which allows mining and is more fluid as compared to China. The regulations were always tight as well and therefore I do think that if the mining was used as a tool to control and dominate the bitcoin market then it's better, they banned it..

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Quote from: DarkDays on October 03, 2021, 02:59:39 PM

Quote from: freedomgo on October 03, 2021, 05:17:13 AM

Very positive because not involving China by any means would not affect the market once there's bad news about China. This is a statement that no country could ban bitcoin because others will take the opportunity to mine, and with that, the miners will still be able to profit and the blockchain will continue to work. With the regulation against crypto, no miners will survive doing their operation in a said country.

Good news because then China will no longer hold such a powerful assertion on the price of BTC or crypto markets altogether like it has been since 2009.
The short-term might have not been so great but when it comes to these political decision is the long-term that matters/

Excluding mining from China is a good thing for the planet in general as it forces and enables miners to focus more on renewable energy sources at a time of need.

i guess, it would be better for china not to be in this market at all. but there will always be chinese miners but not located in their country. i believe a lot of them already moved to more crypto-friendly countries. as miners outside this country are exploring the renewable sources of energy, we may really achieve high percentage of miners using renewable sources, which a lot of critics are still pointing this out. they may look for another loophole once this has been achieved.

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Quote from: freedomgo on October 03, 2021, 05:17:13 AM

Very positive because not involving China by any means would not affect the market once there's bad news about China. This is a statement that no country could ban bitcoin because others will take the opportunity to mine, and with that, the miners will still be able to profit and the blockchain will continue to work. With the regulation against crypto, no miners will survive doing their operation in a said country.

Good news because then China will no longer hold such a powerful assertion on the price of BTC or crypto markets altogether like it has been since 2009.
The short-term might have not been so great but when it comes to these political decision is the long-term that matters/

Excluding mining from China is a good thing for the planet in general as it forces and enables miners to focus more on renewable energy sources at a time of need.

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Quote from: JohnBitCo on October 03, 2021, 06:08:28 AM

The problem is that they won't move away from mining for a long term. They will accept crypto and they will allow mining very soon. They have been doing this drama every year and we should be used to it.

After they banned crypto I never heard that they accept it again though, and they ban crypto so many times, now the mining which is somewhat good news actually.

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Why is he so sure that miners that move to other countries will use green energy? Miners care only about thing, the cost of electricity, and there's still a lot of places in the world that have cheap fossil fuels and are ready to burn them if there's enough demand. Bitcoin will be 100% green when the world will be 100% green, which will happen at some point, so you can't say that Bitcoin will always have environmental problem.

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Quote from: Leviathan.007 on July 07, 2021, 09:29:19 AM

SkyBridge CEO Anthony Scaramucci said in an interview with CNBC that China's move away from bitcoin mines has a very positive effect.

The problem is that they won't move away from mining for a long term. They will accept crypto and they will allow mining very soon. They have been doing this drama every year and we should be used to it. However, if majority of the mining is moved out of china bitcoin will be less dependent and china fuds will no more be effective.

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One of the things that are the most positive about China banning Bitcoin mining... is that it was a heated point of debate from most anti-Bitcoin people.. that China had a monopoly over Bitcoin mining. A lot of people saw this as a threat, because China would supposedly crash the technology to sabotage the world economy.

This has proven to a lot of pessimists that a total ban on Bitcoin mining in China... did not collapse the whole Bitcoin mining scene and most of these miners relocated to more Bitcoin friendly countries. Grin

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Yes it is. Its better to have those bitcoin out of China's hand. If they want to ban mining completely then it will open a huge door to other to accumulate bitcoin instead. This is not just a simple scenario but I believe that even without China, cryptocurrency will bloom into something more valuable in the future especially bitcoin. Who wants China side anyway.

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Quote from: Leviathan.007 on July 07, 2021, 09:29:19 AM

He added that in the long run, ending the bitcoin mine with fossil fuels from China would solve bitcoin's environmental problem.

So after years of saying that mining in China is done with green energy and hydroelectric power that is not used and wasted suddenly once the mining in China was banned we somehow find out it was done using fossil fuels mainly?
Before the ban even there was a discussion about how much energy is used everyone pointed out Sichuan

Quote

However, it is completely incorrect. Most of those who administer the Bitcoin network and provide security (called miners) are located close to cheap, and underutilized, hydro power facilities. I recently spoke several times and at length to former power industry colleagues in Hong Kong and their estimate is that more than 80% of all Chinese miners are located in Sichuan province. The vast majority of power produced in Sichuan is from hydro power. I was in China late last year and visited Sichuan and some of the locals told me that officials are extremely keen on crypto because it leads to more jobs and taxes. There was a policy to curtail renewables development, as there was so much overcapacity, until crypto arrived.

What happened to those claims? Grin

Now that they banned it everything from China was bad even before?

So, everyone claiming that mining in China was done with green energy was a liar? Good to know! Grin

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Very positive because not involving China by any means would not affect the market once there's bad news about China. This is a statement that no country could ban bitcoin because others will take the opportunity to mine, and with that, the miners will still be able to profit and the blockchain will continue to work. With the regulation against crypto, no miners will survive doing their operation in a said country.

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well it is positive in the long term because china is one of the countries that holds huge amounts of bitcoin, and if they decide to ban on mining bitcoin then the supply will be distributed to other countries or people that wants to mine bitcoin and i think this is a positive way to promote bitcoin instead of having one country hoards the majority of it.

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Yeah, during the crackdown in 2017, or at least China started to show it's disdain on bitcoin, we have been calling that even if the government decided to shutdown the mining business for good, still we are going to survived. The price might be affected short term. But in the long term, it will be good as the operations could be distributed globally and not concentrated on some powerful miners in China. Maybe now the hashrate are going down hard because of the shutdown, but sooner or later we can and we will recover.

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SkyBridge CEO Anthony Scaramucci said in an interview with CNBC that China's move away from bitcoin mines has a very positive effect.
Despite many concerns, Scaramucci believes that China's interference in bitcoin mining has caused instability in the bitcoin flagship and a 50 percent drop in its price just after the $ 65,000 record.
He added that in the long run, ending the bitcoin mine with fossil fuels from China would solve bitcoin's environmental problem.
He was quoted as saying by Michael Saylor, CEO of MicroStrategy:
"56 percent of all BTC mining operations are performed using green energy."

Source: https://u.today/china-quitting-bitcoin-mining-is-very-positive-in-long-term-anthony-scaramucci

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