China says no to miners mean something else - page 5.

kidbounty

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Quote from: TheMimic1 on July 11, 2021, 06:20:45 AM

What do you guys think about this? I have friend in China and they told me that their government don't want people to mine any more even if you decide to pay them 10% of your mining reward or pay more electricity bill, their plan is no more miners in the country, what do you think is going on here?

My own reply is the government don't want self made millionaires, they want more workers for the government and crypto mining isn't making that happen, am I wrong?

you're not wrong. indeed that is one of the reasons why they issued a ban. their government doesn't want their citizens to be independent, they want to always control their citizens. besides that crypto mining also has an impact on the environment. So the Chinese government's decision is indeed the right one. and it also benefits them. even so I am also disappointed with the ban, because the ban issued by China always creates FUD.

Falconer

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I was concerned after reading one of the articles that they should be forced to stop mining activities because of the policies of the Chinese government, almost all miners in China have stopped and some have sold mining machines such as scrap metal. Reportedly large companies are looking for other alternatives to keep mining in countries outside China.

DeathAngel

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It’s called oppressive communism & nobody should be surprised. Chinese government has a long history of banning/outlawing innovation & effectively anything that gives the people more power & them less so.
China has banned Facebook, Google, Whatsapp & many more great companies. The Great Firewall If China is famous. Bitcoin will be fine though, it doesn’t need China.

crzy

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That's a communist country where the government controlled it's people, so whether they like it or not, they have to follow that regulations. Chinese government made a lot of changes with regards to Bitcoin Mining regulations, they banned this one for a reason which I can see as a temporary only. Tell your friend to stop operating for now or find a better place to do mining, China is not a cryptofriendly anymore.

Beparanf

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Quote from: nira09 on July 11, 2021, 06:37:10 AM

I also don't fully understand the meaning of the Chinese government's ban on Bitcoin and miners. is it possible that the Chinese government will make its own mining "state-owned enterprise"? just like when the Chinese government banned Bitcoin and then planned to create their own digital currency.

They want control money flowing in cryptocurrency. We know that there's a lot of whale traders in china that freely moving money without paying any tax. China wants to avoid this because its very hard for them to regulate as cryptocurrency is decentralized, a completely opposite on Chinese government principle as a communist country.

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In my own view, the overarching reasons why the Chinese government has decided to ban Bitcoin and its mining are the following: 1. Bitcoin is something they may have a hard time to control and control is always at the center of the government even up to now and anything that can threaten this control will really have to be kicked, and 2. They don't want anything that can compete with their own digital yuan and Bitcoin is taken as a possible competitor, so they don't like Bitcoin. Now, it would be an insult to them if they hate Bitcoin and then continually allow its mining right within its jurisdiction.

cryptoaddictchie

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Chinese are clever fellow. They want btc miner out cause they cant get a lot profit from them, also its not about the crypto market. If you would notice China has some plan to make their own digital coin so there must be something related that triggers the banning on mining. Maybe they are preserving their resources for something else. But one thing Im sure China will have a hidden agenda with this kind of action.

yazher

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The way the miners work in China doesn't give their governments some privilege to control the flow of the money that the miners can get or they realize that they cannot have full control on them so they decided to close it totally without excuse. Chinese are known throughout the world for their brilliant business mind and the only answer for this is somehow connected there. They just don't want to get the minimum, they wanted to take control of it as long as they see the huge income that the miners could get.

tabas

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If that is coming from someone there then it only means that the CCP is really controlling every aspect that seems to be profitable for their people. It is questionable but their citizens cannot do anything with it because the Chinese government has always been too strict with policies and issues that they are bringing to their people.

nira09

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I also don't fully understand the meaning of the Chinese government's ban on Bitcoin and miners. is it possible that the Chinese government will make its own mining "state-owned enterprise"? just like when the Chinese government banned Bitcoin and then planned to create their own digital currency.

TheMimic1

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What do you guys think about this? I have friend in China and they told me that their government don't want people to mine any more even if you decide to pay them 10% of your mining reward or pay more electricity bill, their plan is no more miners in the country, what do you think is going on here?

My own reply is the government don't want self made millionaires, they want more workers for the government and crypto mining isn't making that happen, am I wrong?

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