China says no to miners mean something else

muarip

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Quote from: livingfree on July 19, 2021, 12:51:29 PM

Quote from: muarip on July 19, 2021, 08:17:03 AM

Quote from: livingfree on July 18, 2021, 09:52:29 AM

Quote from: ?? on ??

It becomes a big threat to the Chinese state if they cannot learn or understand about Bitcoin or other virtual currencies. If you look at the many Asian countries that continue to invest with China, surely China has a specific purpose.

They know about cryptocurrencies and they understand it. There's just an internal purpose why they're stopping the miners to operate.

It could be a strategy that will become a bomb later, I thought of such a thing to see a sizeable advantage of the country. Maybe something big will happen in the next few years.

We don't know.

But AFAIK, they have their CBDC and that could be the bomb that you're defining and that's really for sure will be dropped within the next years.

Or as early as next year.

Terrible things that will happen in the next year, maybe this is your prediction in the next year but all must be careful with what will happen later. something bad will come later for some countries or some people.

muarip

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Quote from: livingfree on July 18, 2021, 09:52:29 AM

Maybe they will be the ones to take all of those hash rates as it sounds money to them and that's why they're lessening the hash rate that comes from their people so they'll be the ones to hold the record.

Quote from: ?? on ??

It becomes a big threat to the Chinese state if they cannot learn or understand about Bitcoin or other virtual currencies. If you look at the many Asian countries that continue to invest with China, surely China has a specific purpose.

They know about cryptocurrencies and they understand it. There's just an internal purpose why they're stopping the miners to operate.

It could be a strategy that will become a bomb later, I thought of such a thing to see a sizeable advantage of the country. Maybe something big will happen in the next few years.

MusaMohamed

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Quote from: KaliLinux on July 22, 2021, 08:19:25 AM

Making is own state mining enterprise I believe will be out of the question. If the Chinese government have outrightly putting a ban to Bitcoin mining in China, I don't think they will now establish there own Bitcoin mining enterprise

They allowed the industry to grow up in China mainland because they are aware that they can gain beneficiaries from Bitcoin mining. From selling ASICs, tax to several other things. They will lift their ban on bitcoin mining soon.

The terrible flood days ago in China can be a good evidence that this drop of hashpower can be just seasonal drop because of weather, flood, lack of energy in the nation. When the rain and flood season ends, mining in China will be back.

Quote

I think because of the negative FUD that has been happening around Bitcoin mining and energy consumption/the ecosystem, China really what's to separate itself from that FUD. Many other things could be responsible for their decision and action and somehow we might get to understand why some day.

Bitcoin mining industry globally consume less energy than many nations. End that fud.
Bitcoin mining industry uses more renewable energy than other industry. End another fud.

Q2 2021 Global Bitcoin Mining Data Review
Bitcoin Mining Council Survey Confirms Sustainable Power Mix
Bitcoin Mining network December 2019 - Coinshares

KaliLinux

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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.

Making is own state mining enterprise I believe will be out of the question. If the Chinese government have outrightly putting a ban to Bitcoin mining in China, I don't think they will now establish there own Bitcoin mining enterprise. I think because of the negative FUD that has been happening around Bitcoin mining and energy consumption/the ecosystem, China really what's to separate itself from that FUD. Many other things could be responsible for their decision and action and somehow we might get to understand why some day.

livingfree

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Quote from: muarip on July 19, 2021, 08:17:03 AM

Quote from: livingfree on July 18, 2021, 09:52:29 AM

Quote from: ?? on ??

It becomes a big threat to the Chinese state if they cannot learn or understand about Bitcoin or other virtual currencies. If you look at the many Asian countries that continue to invest with China, surely China has a specific purpose.

They know about cryptocurrencies and they understand it. There's just an internal purpose why they're stopping the miners to operate.

It could be a strategy that will become a bomb later, I thought of such a thing to see a sizeable advantage of the country. Maybe something big will happen in the next few years.

We don't know.

But AFAIK, they have their CBDC and that could be the bomb that you're defining and that's really for sure will be dropped within the next years.

Or as early as next year.

jostorres

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Quote from: apa don on July 17, 2021, 01:14:45 PM

Quote from: carrigan on July 16, 2021, 06:54:13 PM

China always has hidden secrets and purposes for everything that they are doing and planning.
They are smart and China is a big country. So far, much bad news comes from this country, moreover about the Bitcoin ban.
And we don't know whether it has a relation to politics or their economic purpose.

Yes, I totally agree with that, China is a smart country in every way, but China doesn't want to compete hard in terms of the current digital market assets, because with the current digital market assets, right, Then the Chinese economy will go down by itself.
and digital market assets are now happening, China will ban it in that country, because China doesn't want unwanted things to happen, right.

Chinese economy will go down thanks to crypto with or without needing miners in their nations. It doesn't matter if they ban crypto in their nation because the reality is that they are still going to have a horrible problem because other nations will grow richer thanks to crypto whereas they will not grow to their standards. This is crypto, it is basically making everyone rich as long as they wait, and china will be left behind. Think about it, Chinese miners were making billions of dollars every year and where did that money came from? Mostly Europeans and Americans, so china literally said no thanks to billions of dollars every year.

What I believe will happen next is that we are going to face with a lot of backlash from miners in china, it is a dictatorship so it won't be in the official backlash but more like "convincing of the party" basically.

$anounimus$

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Quote from: bastian466 on July 18, 2021, 12:13:44 PM

I think this prohibition refers to taxation because the China government has not been able to issue the size of the tax that must be paid from mining revenues, on average all governments have to levy taxes on income and valuables, I feel it is natural that crypto mining is a government concern because can generate large amounts of money and consume electricity, recently in my country a miner was convicted of being caught stealing electricity to avoid electricity billing

Yes, it could be that as you say this is also true because every country clearly applies taxes on everything that can generate money and use electricity, because cryptocurrency mining always consumes more electricity than others, so the state always monitors it carefully

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Quote from: 2tang on July 18, 2021, 11:16:54 AM

Quote from: Findingnemo on July 18, 2021, 09:45:19 AM

I saw some videos in YouTube about miners being shutdown by the one who runs it, so its is actually shutting down but China has been imposed lot of restrictions over cryptocurrency for very long time but none of tbem stopped the actual market.

Yes, obviously nothing can stop the cryptocurrency market even though China has restricted cryptocurrency miners in their territory, because that is also part of the country's strategy in terms of maintaining a real economy.

China is actually having better economy in this 2021 so they have no reason to ban the crypto miners because it gives opportunities for their citizens to make money. From this we can understand that the main motive behind banning the crypto related things is only to not to give so much freedom to their people which isn't surprising as well because China never has been a country who care about their people.

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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?

Everything is because of chinese political structure. The government wants to subjugate and control people, but crypto is unregulated so they can’t let it develop. They are trying to replace cryptocurrencies by creating digital yuan, but it is not the same as ordinary crypto as they will still be regulated by the government. Authorities can't accept such a strong economic rival, so they restrict everything that is connected with crypto.

Argoo

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Quote from: aioc on July 18, 2021, 10:18:55 AM

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 are right in some ways but that won't stop these miners to stop their operation they will find a way even illegally, they made a good profit from mining and they will be made more money, not the best and right time to stop, they will either go underground or just transfer a country that will suit their needs as a miner.

In my opinion, the point here is not in relation to individual groups of people, to whom the government for some reason has claims or does not want to enrich them. The situation is much broader and the government wants to significantly strengthen its economy so that it is not only competitive with advanced economies, but also significantly surpasses them in the future. To do this, they create a digitized yuan in a special way and now clear the way for its circulation and remove competitors, which to some extent is a decentralized cryptocurrency, as well as private and commercial stablecoins.

bastian466

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I think this prohibition refers to taxation because the China government has not been able to issue the size of the tax that must be paid from mining revenues, on average all governments have to levy taxes on income and valuables, I feel it is natural that crypto mining is a government concern because can generate large amounts of money and consume electricity, recently in my country a miner was convicted of being caught stealing electricity to avoid electricity billing

2tang

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Quote from: Findingnemo on July 18, 2021, 09:45:19 AM

I saw some videos in YouTube about miners being shutdown by the one who runs it, so its is actually shutting down but China has been imposed lot of restrictions over cryptocurrency for very long time but none of tbem stopped the actual market.

Yes, obviously nothing can stop the cryptocurrency market even though China has restricted cryptocurrency miners in their territory, because that is also part of the country's strategy in terms of maintaining a real economy.

aioc

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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 are right in some ways but that won't stop these miners to stop their operation they will find a way even illegally, they made a good profit from mining and they will be made more money, not the best and right time to stop, they will either go underground or just transfer a country that will suit their needs as a miner.

livingfree

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Maybe they will be the ones to take all of those hash rates as it sounds money to them and that's why they're lessening the hash rate that comes from their people so they'll be the ones to hold the record.

Quote from: ?? on ??

It becomes a big threat to the Chinese state if they cannot learn or understand about Bitcoin or other virtual currencies. If you look at the many Asian countries that continue to invest with China, surely China has a specific purpose.

They know about cryptocurrencies and they understand it. There's just an internal purpose why they're stopping the miners to operate.

Findingnemo

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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?

I saw some videos in YouTube about miners being shutdown by the one who runs it, so its is actually shutting down but China has been imposed lot of restrictions over cryptocurrency for very long time but none of tbem stopped the actual market.

Teknisi88

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Yet crypto mining is huge in China, accounting for more than half of global Bitcoin production.
But China's State Council has suppressed Bitcoin mining and trading as part of its efforts to control financial risk.

apa don

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Quote from: carrigan on July 16, 2021, 06:54:13 PM

China always has hidden secrets and purposes for everything that they are doing and planning.
They are smart and China is a big country. So far, much bad news comes from this country, moreover about the Bitcoin ban.
And we don't know whether it has a relation to politics or their economic purpose.

Yes, I totally agree with that, China is a smart country in every way, but China doesn't want to compete hard in terms of the current digital market assets, because with the current digital market assets, right, Then the Chinese economy will go down by itself.
and digital market assets are now happening, China will ban it in that country, because China doesn't want unwanted things to happen, right.

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Quote from: imstillthebest on July 15, 2021, 10:13:42 AM

giving them 10 percent cut and paying more for electric bills is a nice offer but they didnt accept it.
that shows that they their offcials are loyal to their duties but if that is offered in someone else for sure they wont ignore that. you could be wrong with your assumptions .
mining is only banned but not other business . i dont think they hate it when somone became rich for their own hardwork but that is honorable.

Crypto is not just about miners but the miners were a big part of the business. This means that they will definitely keep up the other business, like maybe have exchanges or have buying and selling by Chinese at least, that is going to keep going by the looks of it, hell the official Chinese some government branch publishes best crypos list every year, so it means they are doing fine.

However mining is a huge business and not getting bribed with more money is just idiotic, why? Because while they can make a lot of money for their nation, they are just not doing it because they are afraid that their power will be taken from them and that's wrong, it will give them power instead of taking it from them, mine billions of dollars worth of bitcoin each year and sell it to people from other nations. I am glad that china doesn't have that power anymore.

Psynthax

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Then just make the coin switch to POS then its all solved, although they forbid mining I think its mainly because they believe mining is the reason of their power blackout recently but I think in china crypto still alive more specifically the altcoins. Or maybe they just want the whole market for their own CBDC basically its all their plan

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Quote from: john_nautica on July 16, 2021, 11:26:54 AM

Quote from: bots1 on July 16, 2021, 11:00:10 AM

In my opinion, the impact of China banning cryptocurrencies has made cryptocurrency prices plummet. Not only crypto miners are prohibited by the Chinese government, other institutions are also not allowed to provide savings, agreements including crypto currency guarantees, and financial products related to crypto currencies. One of the reasons China is banning crypto is that they see crypto as disrupting the economic order.

I agree that it is seen as a threat to their existing economic orders. Also, it looks like that the Chinese government has concerns and even speculations about the volatility of cryptocurrencies. They see its power and potentials being possibly utilized for money laundering and other illegal actions. So, the government decided to just cut off everything related to cryptocurrencies.

indeed this reason makes sense. they are indeed very strict about money laundering. and they always try to control their citizens in all aspects. so banning crypto in china is the right choice for the chinese government at this time. and besides bitcoin mining also has problems for the environment. On this basis also China made a ban.

Yes, I also think that China is really after controlling their citizens, their actions and their economy in general. Although, I do not know if this is really the right decision to make. If for the illegalities that has been made with cryptocurrencies, it can be considered as a good decision. However, there are far more negative consequences, especially for the sake of their citizens, when such decision has been made.

clarkt

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China saying no to miner in my opinion is more of politics than control. China have created an environment of economic opportunities for it's citizens, though having control on their freedom is something China will not give up. This recent China policy about miner is about the west. I am sure China that is known for secrecy will be mining bitcoin secretly as well for political reason!

Snappycoco

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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?

A no from China means yes to others. I heard that many of these miners are migrating to other countries who aren't bully to its citizens. Some of them might stop mining but those hardcore miners will probably be leaving china and operate in countries where electricity power are much low cost and renewed.

Keila Faith Villanueva

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China’s ban actually suppressed cryptocurrencies and caused short-term panic in the market when the ban was first issued. However, I personally think that large-scale mining migration is also beneficial to Bitcoin. In addition to reducing the dependence of Bitcoin's decentralization on Chinese miners, this is a net benefit in the long run. Bitcoin will become more decentralized in the future.

Roy Asher

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The main reasons for China’s prohibition should be well known. China produces its own national cryptocurrency. The Chinese government regards cryptocurrency and Bitcoin as a threat to its country’s cryptocurrency. He recognizes that he will not be able to control the transactions between Bitcoin and cryptocurrency.

mhine07

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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?

This is what i saw in the internet a few days ago about china banning bitcoin miners, there are mining cryptocurrency that they have closed, and i think that china want to control everything in their country. We all know that china is a big country and a powerful one, chinese government do not want their people to use bitcoin as cashless payment that is what i have read in an article.

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Quote from: campusnet on July 12, 2021, 10:02:59 AM

Maybe the regulations made for crypto miners in China are also related to subsidies or assistance provided by the Chinese government for listed companies.
many possibilities, actually, that's because China itself does not publish their problems related to crypto mining in their country.

It's still a possibility and you should also know that China is not the same as other countries in terms of any regulations, so have you lived in China for a long time? if you have, you will know how the regulations there are related to cryptocurrencies.

carrigan

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China always has hidden secrets and purposes for everything that they are doing and planning.
They are smart and China is a big country. So far, much bad news comes from this country, moreover about the Bitcoin ban.
And we don't know whether it has a relation to politics or their economic purpose.

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Quote from: el kaka22 on July 16, 2021, 10:14:40 AM

Think about it, Chinese miners spend money in china, they are Chinese and live in china, so when they get rich, they spend that back into their country, and Chinese miners hire Chinese workers as well, and they spend their costs such as energy and all in china as well, compared to all of this, where do they get their money? Mainly from other nations, because they get bitcoin from mining and then go out there and use exchanges to sell their bitcoin and get dollars. So Chinese government is an idiot for thinking this is a good idea to ban it.

China government want fully controll cryptocurrency market , no matter they will loss income potency from their miners. Alot business that supported from this miners, start from power supply ,manufcture industry that rellated with mining tools and other part that we could not metioned it. China will loss huge potential income from taxes , if they could slowing down their ego. Now due their posiition to crypto market , their own citizen loss job and opportunity to their prosperity.

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Beijing desperately needs control, with its financial system now increasingly visible. Bitcoin, the world's largest digital currency, and other cryptocurrencies are untraceable by a country's central bank, making it difficult to regulate. Chinese authorities banned trading this month to "prevent and control financial risks".

Analysts say China is concerned about the proliferation of illicit investment and fundraising. China also has strict rules around capital outflows. "China has no open capital accounts and cryptocurrencies avoid this which is anathema to Chinese authorities," Jeffrey Halley, Asia Pacific analyst at Foreign Exchange trading firm Oanda, told AFP.

But the crypto crackdown has also opened the door for China to introduce its own digital currency, which is already in the works, allowing the central government to monitor transactions.

quoted : https://techxplore.com/news/2021-06-china-tough-crypto.html

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As far as I know, the Chinese government are making their own crypto/digital currency. If bitcoin exists in their country, it will be a direct competitor of their own digital currency. Hence, the government wants to clean their country off bitcoins. So they put a ban on all sort of crypto related activities. Their people can't even access well know exchanges because of the great firewall. And if I remember correctly, the government banned all financial institution from offering crypto related services. The mining was the last thing left. They are now cleaning those miners too.

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China has a digital currency that is Reminbi and I think with the idea of the MMT economic system that they created, it will have a bad impact on the coin if Bitcoin continues to be mined and China becomes a producer of Bitcoin because of the miners, there are many countries that support cryptocurrency and I think we need to give appreciation to the miners so that they don't stop mining and can immediately continue mining Bitcoin elsewhere

ILuckyGuyI

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It's hard to understand China's aim on this. Some people say that they are afraid of the possibility that yuan could get harmed and it's because they banned cryptocurrencies and mining both. But there are also some other people who are thinking like the government cares about its profit in this so it decided to do such thing.

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Quote from: bots1 on July 16, 2021, 11:00:10 AM

In my opinion, the impact of China banning cryptocurrencies has made cryptocurrency prices plummet. Not only crypto miners are prohibited by the Chinese government, other institutions are also not allowed to provide savings, agreements including crypto currency guarantees, and financial products related to crypto currencies. One of the reasons China is banning crypto is that they see crypto as disrupting the economic order.

I agree that it is seen as a threat to their existing economic orders. Also, it looks like that the Chinese government has concerns and even speculations about the volatility of cryptocurrencies. They see its power and potentials being possibly utilized for money laundering and other illegal actions. So, the government decided to just cut off everything related to cryptocurrencies.

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In my opinion, the impact of China banning cryptocurrencies has made cryptocurrency prices plummet. Not only crypto miners are prohibited by the Chinese government, other institutions are also not allowed to provide savings, agreements including crypto currency guarantees, and financial products related to crypto currencies. One of the reasons China is banning crypto is that they see crypto as disrupting the economic order.

Davian144

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Quote from: Evgenklm on July 15, 2021, 08:47:56 AM

I am inclined to believe that China is not very good with the environment, and the miners just gave a push to make such a decision, but I am sure that most of the miners in China will safely transfer to other countries.

Yes, for miners who have found very good results, it will be easy to think about moving to another country in order to be able to carry out mining continuously because for those who already know how it will be difficult to forget the mining they have started.

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Quote from: Sendi blackspade team on July 16, 2021, 10:25:28 AM

Quote from: imstillthebest on July 15, 2021, 10:13:42 AM

giving them 10 percent cut and paying more for electric bills is a nice offer but they didnt accept it.
that shows that they their offcials are loyal to their duties but if that is offered in someone else for sure they wont ignore that. you could be wrong with your assumptions .
mining is only banned but not other business . i dont think they hate it when somone became rich for their own hardwork but that is honorable.

there must be something wrong with crypto mining in China. this creates a ban without any negotiation for the miners.
those who have already invested large sums of money should rethink how they continue their company.
what is certain is that China has made great strides by doing all that. different from many other countries. maybe China has prepared something.

I think not about cheating why China banned bitcoin and never allowed for mining space working there, last four years China have been banned bitcoin, ICO project and mining but just few company still stay keep mining and now have go away from China. There are not friendly
and good country for cryptocurrency, but never forget first time how bitcoin popular because China become most support country for bitcoin before the banned now.

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Quote from: imstillthebest on July 15, 2021, 10:13:42 AM

giving them 10 percent cut and paying more for electric bills is a nice offer but they didnt accept it.
that shows that they their offcials are loyal to their duties but if that is offered in someone else for sure they wont ignore that. you could be wrong with your assumptions .
mining is only banned but not other business . i dont think they hate it when somone became rich for their own hardwork but that is honorable.

there must be something wrong with crypto mining in China. this creates a ban without any negotiation for the miners.
those who have already invested large sums of money should rethink how they continue their company.
what is certain is that China has made great strides by doing all that. different from many other countries. maybe China has prepared something.

el kaka22

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Quote from: Bitcoinjheta on July 15, 2021, 08:49:02 AM

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?

that is the big reason also why government of China strictly implement a total banned of crypto mining in there country. Taxation are basically the main problem why they can not pursue to deal with it because digital currency are illegal and they know its a treat to there economy/fiat in the future.

When you can't charge taxes for something that you can't see but know it is there, the best course of action is to ban it for many people. However what I would advice would be to let it, sure people would be deregulated and you are not getting taxes from them, which is unfair to everyone else that pays taxes but at the end of the day why would you not want your people to have more money?

Think about it, Chinese miners spend money in china, they are Chinese and live in china, so when they get rich, they spend that back into their country, and Chinese miners hire Chinese workers as well, and they spend their costs such as energy and all in china as well, compared to all of this, where do they get their money? Mainly from other nations, because they get bitcoin from mining and then go out there and use exchanges to sell their bitcoin and get dollars. So Chinese government is an idiot for thinking this is a good idea to ban it.

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giving them 10 percent cut and paying more for electric bills is a nice offer but they didnt accept it.
that shows that they their offcials are loyal to their duties but if that is offered in someone else for sure they wont ignore that. you could be wrong with your assumptions .
mining is only banned but not other business . i dont think they hate it when somone became rich for their own hardwork but that is honorable.

tokoorochan

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Quote from: Evgenklm on July 15, 2021, 08:47:56 AM

I am inclined to believe that China is not very good with the environment, and the miners just gave a push to make such a decision, but I am sure that most of the miners in China will safely transfer to other countries.

kazakhstan be main purpose for mining relocation from CHina. And now finally China loss great opportunity from miners , how much money from taxes if they collect it in a year. Its really be great news for us if most miner moved from China , no more decentralization which is give CHina government have power to control cryptocurrency market.

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Quote from: TWW on July 12, 2021, 07:48:59 AM

Quote from: muarip on July 12, 2021, 07:44:52 AM

If china wants to do that, will he be able to beat Bitcoin later? I'm a little worried about what China is doing until now. The country has a million crazy ideas that you probably can't imagine. If you can get into it maybe you will become one of the richest people later. Crazy idea that bears sweet fruit. Wink

no one ever bothered about what the china excuses were or what china was planning. What is clear is that we have seen how dangerous China is in making big news.
not just in the crypto market, this applies to the investment stock market in the world. China is as dangerous as the US.

I also think about the big fear that later, there will be a new thing from China that makes everyone shocked and scares many people to make big profits. Should always be careful with what will happen in the future.

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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?

I think they do not want the birth of an independent millionaire, because they are worried that it will become a big problem for their country, usually independent millionaires don't really care about the influence that is happening in their country, they are more likely to live independently without any rules, this concern is what is sweeping their country, so the fear of not wanting to work with the government is a ghost for the country, in terms of social control, independent millionaires are much higher than government workers, considering that the financial source they spend is their own capital to socialize or help more people without having to report their financial sources to the authorities that have been set

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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?

that is the big reason also why government of China strictly implement a total banned of crypto mining in there country. Taxation are basically the main problem why they can not pursue to deal with it because digital currency are illegal and they know its a treat to there economy/fiat in the future.

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I am inclined to believe that China is not very good with the environment, and the miners just gave a push to make such a decision, but I am sure that most of the miners in China will safely transfer to other countries.

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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?

IMO they couldn't find a foolproof way to tax them, and decided to ban them altogether.
And this will not only happen in China. Any government that smells money which they can't tax, or they do tax but there's a way around it, will ban it.

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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?

I do not think that it really changed a lot, I mean China never liked bitcoin anyway so why worry? I think we should just ignore it. It is not just about self made rich people, look at Jack Ma, they are very happy about him making a huge business because they just took over, and even kept that guy away from the world for months and months, have you ever seen anything like that in other nations? Don't get me wrong USA is a horrible nation in 1 million different ways, people are dying because they can't buy insulin they need while there are rich people who buy yacths that have helicopter pads (or helipads) and that is just insane to think that you can't even increase the tax of people who make more than 10 million dollars a year to 2% higher a year because then you will be called communist.

However even while at that, you never see government doing bat shit crazy thinks like kidnapping rich people and threatening them, so I would still prefer USA if I had a choice. Just ignore China completely, that is the only way.

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Quote from: masterrex on July 12, 2021, 09:04:22 AM

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 know that the Chinese government is run by the Powerful Communist Party and their own word is the law in China, If the Communist Government has warned you it means that they are dead serious to enforce that law, If the Government says that mining all kinds of cryptocurrency is not allowed in China it must be enforced with all might that's their law they don't care about those self-made millionaires they only care about is their own interest and since they have the CBDC project (Digital Yuan) that they want to protect. that's why we must consider China out of the Crypto Picture.

indeed that is the reason why china is so persistent in banning bitcoin and crypto. they have a vested interest in the digital Yuan, and bitcoin is the bottleneck. if bitcoin still existed in china, its citizens would be more interested in a more decentralized coin.

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Quote from: mobtc on July 12, 2021, 06:22:20 AM

The mining industry is basically prohibited in China. Chinese miners only go to Pakistan, Russia, the United States or countries in Southeast Asia to continue mining.
China want to promote the digitization of the renminbi, so decentralized Bitcoin is still not going well in China.

If china wants to do that, will he be able to beat Bitcoin later? I'm a little worried about what China is doing until now. The country has a million crazy ideas that you probably can't imagine. If you can get into it maybe you will become one of the richest people later. Crazy idea that bears sweet fruit. Wink

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Quote from: ?? on ??

I think you're right. China want to control their people and don't give them too much freedom, which is one of the basics of crypto. And also they might consider making their ownr digital currency and destroying the competition.

Maybe the regulations made for crypto miners in China are also related to subsidies or assistance provided by the Chinese government for listed companies.
many possibilities, actually, that's because China itself does not publish their problems related to crypto mining in their country.

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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 know that the Chinese government is run by the Powerful Communist Party and their own word is the law in China, If the Communist Government has warned you it means that they are dead serious to enforce that law, If the Government says that mining all kinds of cryptocurrency is not allowed in China it must be enforced with all might that's their law they don't care about those self-made millionaires they only care about is their own interest and since they have the CBDC project (Digital Yuan) that they want to protect. that's why we must consider China out of the Crypto Picture.

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Quote from: muarip on July 12, 2021, 07:44:52 AM

If china wants to do that, will he be able to beat Bitcoin later? I'm a little worried about what China is doing until now. The country has a million crazy ideas that you probably can't imagine. If you can get into it maybe you will become one of the richest people later. Crazy idea that bears sweet fruit. Wink

no one ever bothered about what the china excuses were or what china was planning. What is clear is that we have seen how dangerous China is in making big news.
not just in the crypto market, this applies to the investment stock market in the world. China is as dangerous as the US.

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The mining industry is basically prohibited in China. Chinese miners only go to Pakistan, Russia, the United States or countries in Southeast Asia to continue mining.
China want to promote the digitization of the renminbi, so decentralized Bitcoin is still not going well in China.

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Quote from: m.rifki on July 12, 2021, 03:48:53 AM

Quote from: bison on July 11, 2021, 12:20:24 PM

Maybe they want miners in China to switch to the digital currency they are going to make, and deliberately create panic after the ban is launched, because there will definitely be an effect on the value of crypto when the ban is enforced.

Yes, it is the fastest strategy to get crypto players to stop using bitcoin or other crypto assets other than the Chinese ones, because it will definitely force people who are already comfortable with the crypto world to switch to using the digital currencies they created, but it also can't guarantee people to switch because they might decide to leave China just because of the ban on bitcoin.

The miners intent is to get profitable, not to use it as a currency. Therefore, China banning mining does not correlate with forcing users to use their own CBDC. How could the miners intent to get a profit would be switched to use their centralized currency one, I'm sure there will be no incentive doing that.

After all, we couldn't exactly know why the reason and what is the motive they banned it. But noting, the whole cryptocurrencies especially Bitcoin operate in a decentralized way it sounds plausible if they want to limit it.

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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?

its not a big deal mate and for your information these kind of news from china is already done and solved, so nothing to worry about it.. If they want to build their own digital currency then who cares.? Indeed only mining is banned on their country not the crypto currency itself.. So stop worrying because this cannot affect the market anymore ..

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Quote from: m.rifki on July 12, 2021, 03:48:53 AM

Quote from: bison on July 11, 2021, 12:20:24 PM

Maybe they want miners in China to switch to the digital currency they are going to make, and deliberately create panic after the ban is launched, because there will definitely be an effect on the value of crypto when the ban is enforced.

Yes, it is the fastest strategy to get crypto players to stop using bitcoin or other crypto assets other than the Chinese ones, because it will definitely force people who are already comfortable with the crypto world to switch to using the digital currencies they created, but it also can't guarantee people to switch because they might decide to leave China just because of the ban on bitcoin.

The digital yuan is just another form of the yuan, along with cash and non-cash yuan. Since the digital yuan is completely centralized, for this reason it cannot compete with cryptocurrency. The Chinese government's bans on mining and cryptocurrency are caused by the fact that they cannot control the cryptocurrency market.

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Quote from: aylabadia05 on July 12, 2021, 04:24:39 AM

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?

If that's true, I don't think you're wrong, or you're right. As far as I know, the Chinese government has orders that make its people obey the government's decisions. And if it really does happen, then this will have an impact on the crypto world.

Hopefully, the impact will not be too bigger because we have other countries that support crypto. Let the Chinese government ban crypto or not allow their people to use crypto because other countries will support crypto. It is normal to see the Chinese government does that because they can not control crypto or have a plan or want to use crypto for themselves and not for their people.

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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?

If that's true, I don't think you're wrong, or you're right. As far as I know, the Chinese government has orders that make its people obey the government's decisions. And if it really does happen, then this will have an impact on the crypto world.

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Quote from: bison on July 11, 2021, 12:20:24 PM

Maybe they want miners in China to switch to the digital currency they are going to make, and deliberately create panic after the ban is launched, because there will definitely be an effect on the value of crypto when the ban is enforced.

Yes, it is the fastest strategy to get crypto players to stop using bitcoin or other crypto assets other than the Chinese ones, because it will definitely force people who are already comfortable with the crypto world to switch to using the digital currencies they created, but it also can't guarantee people to switch because they might decide to leave China just because of the ban on bitcoin.

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Quote from: tokoorochan on July 11, 2021, 03:57:42 PM

Quote from: ven7net on July 11, 2021, 03:41:57 PM

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?

I believe that China's refusal to mine BTC is one of the elements of the war between the United States and China. Moreover, China has its own digital Yuan and does not need competitors. Perhaps the reasons are different, but for me personally, everything looks exactly like this. Unfortunately, we cannot know more than we can see for ourselves and understand ourselves, but it is worth noting that now an attack is underway on BTC all over the world. So at the moment we can only wait and watch what is happening, since this has already happened before and after BTC continued its development and growth.

i think its not rellated with US war , China policy purely want to controll this market and make no more decentralization for crypto market. China always want to be the winner in every field , and in this case they create their own digital currency so bitcoin and other crypto will be obstacle to reach their purpose.

Yes but a digital coin which no one will care about except Chinese people and maybe even Chinese citizens will not care.In order for a digital coin to be profitable it must show some value and surely restricting other coins in order to make this coin a winner is a bad strategy from China.I think the reason behind the ban is their new digital coin which they want to make as I don't think they care much if someone can become a millionaire there,I know a lot of people who had succeed in China,yes they are a communist country but with free economy so far.

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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?

While this may certainly be one of the key reasons behind the action of the chinese government towards the bitcoin and other coin miners in china, I think that there are more to this than what is being shown. The way china and other countries has been making decisions towards bitcoin over the years is really suspicious since some go hard on oppressing crypto enthusiasts on one point then change views and then go back again. Looking at how things have been going on like this specially on china, I can only deduce that there must be some connection; a joint effort or something to manipulate the market along with the people within it.

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Quote from: ven7net on July 11, 2021, 03:41:57 PM

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?

I believe that China's refusal to mine BTC is one of the elements of the war between the United States and China. Moreover, China has its own digital Yuan and does not need competitors. Perhaps the reasons are different, but for me personally, everything looks exactly like this. Unfortunately, we cannot know more than we can see for ourselves and understand ourselves, but it is worth noting that now an attack is underway on BTC all over the world. So at the moment we can only wait and watch what is happening, since this has already happened before and after BTC continued its development and growth.

i think its not rellated with US war , China policy purely want to controll this market and make no more decentralization for crypto market. China always want to be the winner in every field , and in this case they create their own digital currency so bitcoin and other crypto will be obstacle to reach their purpose.

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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?

I believe that China's refusal to mine BTC is one of the elements of the war between the United States and China. Moreover, China has its own digital Yuan and does not need competitors. Perhaps the reasons are different, but for me personally, everything looks exactly like this. Unfortunately, we cannot know more than we can see for ourselves and understand ourselves, but it is worth noting that now an attack is underway on BTC all over the world. So at the moment we can only wait and watch what is happening, since this has already happened before and after BTC continued its development and growth.

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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?

it is good for cryptocurrency market in my opinion , there is no centralized miner in China only. So far we know in this country biggest miners was located , and they take so huge roles in market. Once there are fud from China it always give huge impact to market , but today since China crack down miners and most of them reallocation to other countries we will have more healthy market and its will truely decentralized. China will have less power in crypto market so they could not spread FUD as they please.

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Quote from: Argoo on July 11, 2021, 03:29:54 PM

Quote from: DapanasFruit on July 11, 2021, 08:07:31 AM

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.

I also generally support such arguments. The Chinese government has always had its own way of developing the economy and a decentralized cryptocurrency clearly does not fit into their plans. Until that time, they did not infringe on the cryptocurrency systematically and at a high level. This has now happened as the Chinese government prepares to officially launch its digitized yuan and cryptocurrency, and private and commercial stablecoins are its direct competitors. The current decision of the Chinese authorities is serious and for a long time.

and due this reason they need to kill another cryptocurrency to make their own digital currency make domination inmarket. since several years ago they always has reason to crack down crypto market , start from miner till recently finance institution. As we know China always banned everything that could not controll and google could be an example for this.

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Quote from: DapanasFruit on July 11, 2021, 08:07:31 AM

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.

I also generally support such arguments. The Chinese government has always had its own way of developing the economy and a decentralized cryptocurrency clearly does not fit into their plans. Until that time, they did not infringe on the cryptocurrency systematically and at a high level. This has now happened as the Chinese government prepares to officially launch its digitized yuan and cryptocurrency, and private and commercial stablecoins are its direct competitors. The current decision of the Chinese authorities is serious and for a long time.

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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?

It is clear what China wants, they want control of their citizens but you cannot have that when there is a currency out there that no one can control, also they hate miners more than anything because in the case of the people that get their coins by buying them with fiat they can at least tell that at some point they sent money to an exchange and then that money never came out signaling that there was a purchase, and they could use their influences to eventually track those coins out of the exchange as well.

But in the case of mining this is not possible, if you buy your mining equipment second hand or with cash then they cannot track you and see how many coins you are getting and they like this even less, so they decided to go for a full ban on mining activities, however while this will get rid of the bitcoin mining problem in their country they cannot get rid of the problem of their citizens buying bitcoin precisely to resist their draconian laws.

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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.

Maybe they want miners in China to switch to the digital currency they are going to make, and deliberately create panic after the ban is launched, because there will definitely be an effect on the value of crypto when the ban is enforced.

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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?

That makes sense because, first, the government can not control how much the miner can profit. Second, the government wants to use the energy for their own purpose. Third, the government does not want to see their people become rich from crypto because they can do anything with their officers once they are rich.

But whatever the reason, I hope someday, the Chinese government can allow the miner and their people to use bitcoin. If it is necessary, the Chinese government can involve in bitcoin mining with their own resources.

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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.

I guess the decision to ban mining operations in china have the pretty simple reason. It is a political decision to reduce or completely eliminate "superfluous" energy consumption for the sake of the environment. This is simply the current zeitgeist and from the Chinese government's point of view, it makes perfect sense to pass such a law. All environmentalists welcome this decision, but at the same time it is of course a setback for cryptos in China as a whole. Everyone knows that the Chinese government has always had a rather negative attitude towards cryptos and has already passed several laws that make the use of cryptos more difficult or hinder it.

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I don't believe that's all the reason behind it.
It's a big country and all their rules and regulations must be for all and not individually.
It also has nothing to do with making people millionaires.

IMO, it must be because people don't understand the risk they are taking and they don't want that to happen to most of their countrymen. Or, they just want their new digital currency to be used more rather than the unknown.

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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?

China FUD is not new thing to bitcoin market and they have made several attemps to ban bitcoin but nothing major negative effect have been made on prices in long run.This time they have attacked the miners inspite of earning from them but they have banned most of the social platforms in the country and media is also controlled by communist party for which they will not let people live freely in their lifestyle.But bitcoin won't be under their control so no major effect will be there like miners will be welcomed at other crypto friendly places and business will run again.

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Quote from: [email protected] on July 11, 2021, 10:49:35 AM

that means the government doesn't want to deal with taxes from crypto. the regulations that are carried out are for no mining and crypto use there. this is not tax-related I guess.
The Chinese government is more of a judge, maybe the crypto market can destroy the stock market and investment projects in China. isn't that very possible?

Chinese government do not ban all crypto mining and trading. The only ban ICOs and Bitcoin mining in Inner Mongolia.

Not all miners from China stopped mining in last two months. The 50% drop of hashrates is a good proof that Chinese miners are mining somewhere else, just outside the Inner Mongolia.

Tax, Chinese government want it, from miners, traders and investors. Pay them tax from your activities, operations z earnings and you can keep mining, trading, investing.

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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?

Recently, China's decision of banning crypto usage in their country has been making so much noise and it has made a huge impact on bitcoin's price after the news came out. There are a lot of possible reason behind this decision and one of which is that the government is secretly investing in crypto and are trying to take all the possible quantity in mining. It can also be because they are preparing for something bigger wherein after a long while of restricting crypto mining, they will open up to the world that they will be regulating crypto. China is a powerful country and they will do anything to lead the world in almost every aspects.

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that means the government doesn't want to deal with taxes from crypto. the regulations that are carried out are for no mining and crypto use there. this is not tax-related I guess.
The Chinese government is more of a judge, maybe the crypto market can destroy the stock market and investment projects in China. isn't that very possible?

MusaMohamed

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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?

It can be temporary fud from China when the nation is in temporary shortages of energy. When season changes and the shortages become less severe, government there can flip their ban.

Miners will come back and hashrates will increase again with huge supply from miners are shutting down their rigs.

Not only Chinese government but also others want to get tax. They have gains from crypto trading s so soon they will make more regulations to have gains from Bitcoin and cryptocurrency mining.

It is unfair when miners get big gains but don't share anything to governments.

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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 are definitely right in your opinion, but will the miner follow the instruction, they will always find a way to mine, maybe hidden or they will relocate, they have made money and will want to continue making money through mining, it's now the opportunity of other miners from other countries to take over and start making money, it's going to be a big shift, from China miners to other countries.

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Quote from: DapanasFruit on July 11, 2021, 08:07:31 AM

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.

Well to say it in a simple way, China doesn't want any activities that does no benefit their own scheme. They are doing a process of elimination in order to have a full control over their citizen's finance. Still, this is just a gossip until it is officially published by the Chinese government since this is just a hearsay from a friend as what the OP said.

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China since 2017 have not been supportive of cryptocurrency. They have made one rule or another to discourage anything concerning cryptocurrency in their country, example is the banning of cryptocurrency ico then. The mining issue has come again in China. I think early this year, miners also had issues there. I think most government are really fighting cryptocurrency because of selfish reason of trying to protect there own currency and also they do that because they feel threatened by the emergence of new millionaires but I believe they should face the business of governance and trade not to bother the people.

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Chinese authorities say cryptocurrencies disrupt economic order, and facilitate illegal asset transfers and money laundering. Analysts say Beijing is also worried about potential competition for the digital yuan and that the power-hungry business of bitcoin mining could damage the environment.

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I saw an interesting article the other day. It Claimed that most if not all chinese billionaires are fake. it makes this claim that when these billionaires go to buy say a private jet which would be a rounding error on their bottom line they never "buy" it. they borrow money and offer stock to the bank to get the jet. << just one example theres lots more.

The article said theres no good reason for someone with the networth of a few billion dollars to borrow money for a 20 million dollar plane. its almost pocket change. So the reality of the billionaire is they have such poor cashflow or their handlers in the Party will Not let them spend their money. and the only way to buy a plane is to either borrow money or offer stock.

so they really dont exist as billionaires. all Paper tiger so to speak.

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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.

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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.

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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.

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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.

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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?

Topic: China says no to miners mean something else (Read 704 times)