China refuses mining? | Bitcointalksearch.org

Bagaji

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Quote from: martychubbs on May 02, 2019, 10:29:15 AM

There are so many rumors about China lately, and if I am not mistaken it once promised to stop mining before however nothing happened.

Indeed, many times they have announced to refuse mining but still mining keep on going the country, Many of these information are calculated attempt to distract Bitcoiners from following Bitcoin. If for example China refuse Mining, there are other countries that will embrace it, simple.

martychubbs

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There are so many rumors about China lately, and if I am not mistaken it once promised to stop mining before however nothing happened.

denzkilim

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Quote from: Kelvinid on April 23, 2019, 05:16:24 PM

Quote from: Pamadar on April 23, 2019, 12:54:02 PM

Quote from: Chikitita2004 on April 23, 2019, 12:22:39 PM

Quote from: thirdlight on April 09, 2019, 12:00:51 PM

It seems to me that China will in no way give up mining. Since they stood at the origins of cryptocurrency and it all essentially began with. I do not think that they will give up their own money.

It says that they planning to end it on 2021 so I believe by now they are already planning and preparing for something better to replace what they have right now in mining. They’re probably planning for a more advance devices in replacement to what they are using right now.

Maybe, it seems that they still hyping this issue and with what the statement above you, there's possibilities that they will not give it up since they are beneficiaries of this industry, China knows how things works and how they can take the advantages among nations who also wanted to play from this industry.

China won't be letting this to happen cause they know already that there is a huge money in here. There previous statement regarding banning crypto have ended already and they are now with crypto again.
Yes, they could benefit a lots and everyone who are in crypto does. And so there is no reason why they'll keep banning crypto at all.

I read some article about China's plan to ban crypto mining and some of the reasons they would do is because of the electricity consumption of mining farms is too huge and they also said that Bitcoin or other forms of crypto can be used in crimes such as a medium for the illegal drug trade but I think banning it entirely will be impossible and if they wanted to ban crypto they banned it a long time ago. There could be a possibility that they are only planning a much effective regulation about Crypto Currency and planning to make higher taxes on it. But if China really ban crypto mining, I think those miners will migrate to a different country to continue its operations. Cool

dongyi17

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FRX: Ferocious Alpha

Well if China refuses mining and keep banning bitcoin or cryptocurrency, surely there is effect into crypto world, but I believe there is still country who will welcome and accept it and can help spread positive feedback for those who really want to know more about bitcoin, for those who invest on it, and for those who use it as part of their country's economic growth.

aliceHortrex

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Quote from: ZloiRediska on April 30, 2019, 06:50:26 AM

Quote from: niisarearning on April 30, 2019, 05:28:43 AM

What happened after they banned exchanges Binance moved to Malta still it is one of the biggest exchange in the world . Its making lots of progress even still more . If mining reduces in china coins value increase in other place . Because if there is a less mining there will be less supply .

I very much doubt that the Chinese will refuse bitcoin mining. Now China is practically a monopolist in the market. And bitcoin Is the future. I think the Chinese government understands that perfectly well.

I also think that it is almost impossible. Since it was China that gave us the opportunity to use the cryptocurrency as it is now. China has a very cheap labor force. He will definitely come up with something to pay less for electricity.

ZloiRediska

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Quote from: niisarearning on April 30, 2019, 05:28:43 AM

What happened after they banned exchanges Binance moved to Malta still it is one of the biggest exchange in the world . Its making lots of progress even still more . If mining reduces in china coins value increase in other place . Because if there is a less mining there will be less supply .

I very much doubt that the Chinese will refuse bitcoin mining. Now China is practically a monopolist in the market. And bitcoin Is the future. I think the Chinese government understands that perfectly well.

niisarearning

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Quote from: TheKeyLongThumbI on April 23, 2019, 08:48:18 PM

Quote from: drumamat on April 09, 2019, 09:47:52 AM

China intends to abandon mining cryptocurrency by 2021.How do You think this news will affect the entire industry and what alternative countries can replace this niche?What is the cost of 1 kilowatt of electricity in your country?
https://uk.reuters.com/article/us-china-cryptocurrency/china-wants-to-ban-bitcoin-mining-traders-say-move-not-a-surprise-idUKKCN1RL0C4

Who cares? We know that a lot of Chinese migrated their operations on other countries where mining is legal. And if that is true then it could be that before 2021, China has already made up their minds that they need to be in this industry because btc possibly before that is successfully adapted in many countries.

What happened after they banned exchanges Binance moved to Malta still it is one of the biggest exchange in the world . Its making lots of progress even still more . If mining reduces in china coins value increase in other place . Because if there is a less mining there will be less supply .

K21000

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This might be a unpopular opinion but i would prefer it if mining farms died out all together and mining went back to what it was pre 2016. In those days mining was a lot more decentralised with a lot more individuals buying miners and contributing to network hashrate. If network difficulty is to grow to where it is now it should be through a decentralised effort not because of some mining farm infestation.

drumamat

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Quote from: syamster on April 29, 2019, 12:56:00 PM

Quote from: Xxmodded on April 24, 2019, 07:27:36 AM

Quote from: drumamat on April 09, 2019, 09:47:52 AM

China intends to abandon mining cryptocurrency by 2021.How do You think this news will affect the entire industry and what alternative countries can replace this niche?What is the cost of 1 kilowatt of electricity in your country?
https://uk.reuters.com/article/us-china-cryptocurrency/china-wants-to-ban-bitcoin-mining-traders-say-move-not-a-surprise-idUKKCN1RL0C4

seriously? China still has an influence on the crypto industry especially for bitcoin?
I think the main problem we face is not that. because in my view China has no longer had a major influence to destroy bitcoin as it did in mid 2017.

Well I think this is not true news because it is fake, china is showing great interest in crypto currency, we can see china is developing more and more in crypto currency, we should try to leave this all and spread only wise and good news in market, invest when you see progressive increment is being done with crypto currency.

One is not always news only wise and good.News is news regardless of whether it is good or bad.Everyone agrees that China is interested in cryptocurrency, but mining is an integral part of cryptocurrency in which China occupies the 1st place.And the rejection of mining really takes place.Therefore, to deny the fact that China can really abandon mining is not worth it.

syamster

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Quote from: Xxmodded on April 24, 2019, 07:27:36 AM

Quote from: drumamat on April 09, 2019, 09:47:52 AM

China intends to abandon mining cryptocurrency by 2021.How do You think this news will affect the entire industry and what alternative countries can replace this niche?What is the cost of 1 kilowatt of electricity in your country?
https://uk.reuters.com/article/us-china-cryptocurrency/china-wants-to-ban-bitcoin-mining-traders-say-move-not-a-surprise-idUKKCN1RL0C4

seriously? China still has an influence on the crypto industry especially for bitcoin?
I think the main problem we face is not that. because in my view China has no longer had a major influence to destroy bitcoin as it did in mid 2017.

Well I think this is not true news because it is fake, china is showing great interest in crypto currency, we can see china is developing more and more in crypto currency, we should try to leave this all and spread only wise and good news in market, invest when you see progressive increment is being done with crypto currency.

drumamat

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Quote from: J-N on April 28, 2019, 05:39:43 PM

Quote from: Kelvinid on April 23, 2019, 05:16:24 PM

Quote from: Pamadar on April 23, 2019, 12:54:02 PM

Quote from: Chikitita2004 on April 23, 2019, 12:22:39 PM

Quote from: thirdlight on April 09, 2019, 12:00:51 PM

It seems to me that China will in no way give up mining. Since they stood at the origins of cryptocurrency and it all essentially began with. I do not think that they will give up their own money.

It says that they planning to end it on 2021 so I believe by now they are already planning and preparing for something better to replace what they have right now in mining. They’re probably planning for a more advance devices in replacement to what they are using right now.

Maybe, it seems that they still hyping this issue and with what the statement above you, there's possibilities that they will not give it up since they are beneficiaries of this industry, China knows how things works and how they can take the advantages among nations who also wanted to play from this industry.

China won't be letting this to happen cause they know already that there is a huge money in here. There previous statement regarding banning crypto have ended already and they are now with crypto again.
Yes, they could benefit a lots and everyone who are in crypto does. And so there is no reason why they'll keep banning crypto at all.

In any case, in April 2020 the Bitcoin mining reward will be halved so miners will not be able to earn a lot of BTC coins.

Yes, indeed, many people forget that in 2020 the cost of production will be reduced by 2 times and it is logical that such a number of mining equipment will simply become unnecessary.Perhaps the Chinese authorities have foreseen this circumstance.

gleilsonsilva

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Quote from: tasedijers on April 29, 2019, 01:26:14 AM

I am wondering if more and more mining centers will switch to the use of alternative energy, will it allow to reduce the cost of bitcoin? After all, while mining is very expensive

Well, there is China with one of the largest economies wants to ban mining, it’s natural that centers will open more in Central Asia, where at least the level of development may be less, but the cost of production is cheaper

tasedijers

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Quote from: roluedev on April 29, 2019, 01:38:50 AM

Quote from: darnekleo on April 29, 2019, 01:29:53 AM

Quote from: tasedijers on April 29, 2019, 01:26:14 AM

I am wondering if more and more mining centers will switch to the use of alternative energy, will it allow to reduce the cost of bitcoin? After all, while mining is very expensive

Maybe it will. Now many projects decide to combine green energy and mining. Recently saw such a project in Kazakhstan, and this is all brought to the state level

funny,I see more and more nice projects from there. I also found a nice one. taklimakan is a social network for crypto enthusiasts. It looks like Kazakhstan is going to become the next capital of technology.

Well, there is China with one of the largest economies wants to ban mining, it’s natural that centers will open more in Central Asia, where at least the level of development may be less, but the cost of production is cheaper

roluedev

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Quote from: darnekleo on April 29, 2019, 01:29:53 AM

Quote from: tasedijers on April 29, 2019, 01:26:14 AM

I am wondering if more and more mining centers will switch to the use of alternative energy, will it allow to reduce the cost of bitcoin? After all, while mining is very expensive

Maybe it will. Now many projects decide to combine green energy and mining. Recently saw such a project in Kazakhstan, and this is all brought to the state level

funny,I see more and more nice projects from there. I also found a nice one. taklimakan is a social network for crypto enthusiasts. It looks like Kazakhstan is going to become the next capital of technology.

darnekleo

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Activity: 110

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Quote from: tasedijers on April 29, 2019, 01:26:14 AM

I am wondering if more and more mining centers will switch to the use of alternative energy, will it allow to reduce the cost of bitcoin? After all, while mining is very expensive

Maybe it will. Now many projects decide to combine green energy and mining. Recently saw such a project in Kazakhstan, and this is all brought to the state level

tasedijers

member

Activity: 170

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I am wondering if more and more mining centers will switch to the use of alternative energy, will it allow to reduce the cost of bitcoin? After all, while mining is very expensive

J-N

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Quote from: Kelvinid on April 23, 2019, 05:16:24 PM

Quote from: Pamadar on April 23, 2019, 12:54:02 PM

Quote from: Chikitita2004 on April 23, 2019, 12:22:39 PM

Quote from: thirdlight on April 09, 2019, 12:00:51 PM

It seems to me that China will in no way give up mining. Since they stood at the origins of cryptocurrency and it all essentially began with. I do not think that they will give up their own money.

It says that they planning to end it on 2021 so I believe by now they are already planning and preparing for something better to replace what they have right now in mining. They’re probably planning for a more advance devices in replacement to what they are using right now.

Maybe, it seems that they still hyping this issue and with what the statement above you, there's possibilities that they will not give it up since they are beneficiaries of this industry, China knows how things works and how they can take the advantages among nations who also wanted to play from this industry.

China won't be letting this to happen cause they know already that there is a huge money in here. There previous statement regarding banning crypto have ended already and they are now with crypto again.
Yes, they could benefit a lots and everyone who are in crypto does. And so there is no reason why they'll keep banning crypto at all.

I think the Chinese government can really ban Bitcoin mining. In September 2017 they already threatened miners by blocking network connections on their border firewall. Therefore, I assume that this government will strengthen the pressure on the crypto-currency industry in the future.

The volume of the mining hardware sales is really huge (more than 2 billion dollars) so the Chinese government probably wants this market to stop growing. As an option, such a way they try to force Chinese miners to sell their hardware to other miners living in foreign countries.

In any case, in April 2020 the Bitcoin mining reward will be halved so miners will not be able to earn a lot of BTC coins.

mattadc

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All this news to cheer us up. Nothing like that will happen. China started it and it has most of the cryptocurrency. He will definitely not refuse her.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: TheCoinGrabber on April 24, 2019, 07:06:52 AM

I've been hearing about this since a month ago. Well, their loss. If anything, decentalization of mining would mean the price would no longer be affected by the FUDsters in the CCP. Bitcoin could also become more environmentally-friendly if countries with clean energy like Norway takes the helm.

The concept that bitcoin is adversely affecting the environment is an over-exaggerated one which makes people think its bad and without knowing the actual metrics they start commenting on the same. The amount of pollution coming from printing dollar bills is way higher than what is done by bitcoin mining. That and the fact that miners in other countries are waiting for bigger miners to stop so that they can start mining well with profit is what will keep the network safe and secured even if China wants to turn rogue.

These news are just pieces of FUD made to stimulate the weak hands to sell their coins. Not something worth discussion.

salty

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Quote from: stfN2128 on April 11, 2019, 02:29:32 AM

It wont have any affect on mining... the big mining farms already moved to other countries. If hashrate drops, the difficulty change. So i don't see any bad affect at all. There are many mining friendly countries on the globe, so dont worry about china.

Regarding your last question: Private mining in my country isn't worth it. We are paying in average 0,32 € per kWh.

Yes, but for some reason friendly countries have not yet deployed a Bitcoin mining farm in their country.The transition from one country to another will be very long and costly.With such a cost for electricity in your country, mining is out of the question)!

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