China to restrain mining | Bitcointalksearch.org

iv4n

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Quote from: Vladv26 on January 12, 2018, 07:49:48 PM

Their purpose is just to gradually reduce the minig from China because the power used for it is pretty big. Somewhat for them it is a good thing but I dont really think this help them.

I dont understand why they want to do this because CHina produces the biggest quantity of bitcoin and this help the country in some way because people bring a lot more money to the economy of China. It is probably because they know they cant fully stop it or people doesnt pay any taxes for mining. I dont think they have a problem with the electricity since it is profitable and they can anytime bring more electricity if there isnt enough wich I doubt

Did you saw recent situation in South Korea? First news were that South Korea plans to ban trading with cryptos, and after few days, yesterday, some government officials said that they don't have such plans. That was the reason why price dropped to 13500 dollars and now recovering. Spinning the news is very popular, in Asia they do it a lot apparently, or do they do it or someone else? Long ago I stopped to believe in many news, I check, then double check if I wish something to find out.
This is similar, stories from China and their government are different every day, and still they are doing the same. Who knows are they trying to drop the price to buy more or they have some other agenda.

Vladv26

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Their purpose is just to gradually reduce the minig from China because the power used for it is pretty big. Somewhat for them it is a good thing but I dont really think this help them.

I dont understand why they want to do this because CHina produces the biggest quantity of bitcoin and this help the country in some way because people bring a lot more money to the economy of China. It is probably because they know they cant fully stop it or people doesnt pay any taxes for mining. I dont think they have a problem with the electricity since it is profitable and they can anytime bring more electricity if there isnt enough wich I doubt

orions.belt19

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Quote from: jseverson on January 04, 2018, 04:31:15 AM

It's weird how they're regulating mining's power use though, rather than mining itself. If their plan really is to reduce and hurt mining, this is a rather roundabout way of doing it. This seems like it will have more loopholes and such. Is the writer sure China simply doesn't want to regulate its overall power consumption? It's just weird.

I don't have any strong feelings regarding China's position in the Bitcoin market, but I would prefer the hashrate to be distributed among countries better. We need every country if we want Bitcoin to reach mass adoption.

Then it may mean that China doesn’t want to regulate mining but instead, minimize the power used for it. I find China to be acountry that are control freaks, they always want everything at their hands and within their control so this regulation may just be an act so as to have some control over the mining in China. Although China is really big country that would really help and contribute if they are able to mine at full power, there’s nothing we can do with a regulation like that.

Victorycoin

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Quote from: pawel7777 on January 03, 2018, 07:35:18 AM

I completely don't understand the decision of Chinese government, by having majority of BTC hashpower on their territory - they have some sort of control over BTC (they could take over and attack BTC if it ever become a threat to them). Are they really that concerned that power consumption can get out of hand and cause shortage?

It goes without saying that China topmost priority or rather anxiety borders on protectionism of its Yuan against the intimidating presence of Bitcoin from the background. To Bitcoin enthusiasts, it turns out that is rather a welcome development as anything that relinquishes China's grip on the cryptocurrency industry is a relief and answered prayers. Interestingly Japan is now in the picture of things and we know they have the capacity and will to see Bitcoin survive and excel.

Topaz72

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Quote from: BitHodler on January 05, 2018, 05:31:13 PM

Quote from: richardsNY on January 05, 2018, 03:31:12 PM

I have seen an interview of BTCC Ceo stating that China might at some point revert its previous actions against Bitcoin, but that it might take years if they ever plan to really do so.

I hope not. I am quite sure that the majority of the people here are happy that China's role in this market has diminished to the absolute bottom in a fairly short period of time. They are nothing more than an obstacle.

Just think back at how much of a problem they have been each time the market was increasing. It always was just a matter of time before they announced something that would then cause the market to plummet.

People thought that China's partial exit would result in severe problems for this market, but guess what, we have done better than ever before from the moment Chinese exchanges were forced to shut down. I am happy.

bitcoin is such a currency which is trying to help every country we know that china and Indonesia ban bitcoin but I know very well still in many part of china bitcoin is still suing because they know how bitcoin is important for them bitcoin is the only currency which is good for rich and also for poor countries because its price is very high than any other currency so I’m sure that in future china will welcome bitcoin once again and if china accept bitcoin so its price will go high again.

naidray

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Quote from: jseverson on January 04, 2018, 04:31:15 AM

It's weird how they're regulating mining's power use though, rather than mining itself. If their plan really is to reduce and hurt mining, this is a rather roundabout way of doing it. This seems like it will have more loopholes and such. Is the writer sure China simply doesn't want to regulate its overall power consumption? It's just weird.

I don't have any strong feelings regarding China's position in the Bitcoin market, but I would prefer the hashrate to be distributed among countries better. We need every country if we want Bitcoin to reach mass adoption.

I would rather prefer that as well than a whole country having a huge percentage of the hash power and that is what gives them the power to somehow want to attack bitcoin. With this happening and with china making the whole mining activity uneasy for the miners, this would gradually spread the mining hash power to other countries rather than having just one country holding a large chunk of it all.

Omega Weapon

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Quote from: pawel7777 on January 03, 2018, 07:35:18 AM

Quote

China’s central bank told a top-level government internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production, a source said.

Rather good news. "Gradually" is the key word, they don't intend to force miners to shut down immediately, just to cap their power usage over time.

That would be a shift in mining power, China will be gradually losing its % of hashpower, which is probably a good thing.

I completely don't understand the decision of Chinese government, by having majority of BTC hashpower on their territory - they have some sort of control over BTC (they could take over and attack BTC if it ever become a threat to them). Are they really that concerned that power consumption can get out of hand and cause shortage?

China and their massive amount of coal and hydro power do not get worried about that at all, we must understand that this decision comes from many perspectives, not only they do not want something like bitcoin since they cannot control it, the Chinese have a long history of trying to control what their population does, it does not matter if there we emperors or communists in power, this is a reflection of that.

Blockfolioz

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Mining has been lead by China during the early days, and later due to some sort of economic issues that prevailed around the globe regulatory acts has been getting effective. Mining is getting more and more spread around the other parts of the world and the same will not affect even when China get out of the same.

leopard2

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Really great news, whohooo!!!

You see, until now, most blocks were mined in China, and sold abroad so that a current of foreign exchange was flowing into China.

Now they are closing the money-tap, much stupidity so funny, wow!!

This means, after a little difficulty adjustment, money will flow elsewhere. Maybe Norway? They don't put political opposition into concentration camps, or occupy neighbouring countries.

Thank you god. Grin

What happened last time they banned Bitcoin exchanges? 3000->18000, so where are we heading now? Cheesy

Cheers
leo2

arpon11

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Quote from: DustyRah on January 03, 2018, 07:13:02 AM

Please read below article. I for one think that China completely leaving the Bitcoin world would be great so we can stop running across their pathetic rule changes.

https://www.reuters.com/article/us-markets-bitcoin-china-mining/china-central-bank-can-tell-local-governments-to-regulate-bitcoin-miners-power-use-source-idUSKBN1ES0TD

I will advice that Chinese governments should come out openly to state their mind about bitcoin and others cryptocurrencies for us to find out what is it their are really looking for as this their today we are friends and tomorrow we are enemy relationship will be well defined. If the government decision is to continue creating fud in other for them to buy cheap and for panic traders to keep running at lose is not a healthy strategies for the development of cryptocurrencies. After banning exchange we hear their banned ico and now mining! I think they should take a position so that bitcoin can move on.

AidenCasanova

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Quote from: pawel7777 on January 03, 2018, 07:35:18 AM

Quote

China’s central bank told a top-level government internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production, a source said.

Rather good news. "Gradually" is the key word, they don't intend to force miners to shut down immediately, just to cap their power usage over time.

That would be a shift in mining power, China will be gradually losing its % of hashpower, which is probably a good thing.

I completely don't understand the decision of Chinese government, by having majority of BTC hashpower on their territory - they have some sort of control over BTC (they could take over and attack BTC if it ever become a threat to them). Are they really that concerned that power consumption can get out of hand and cause shortage?

actually, i dont understand about how BTC price go down with this news besides microsoft abandon BTC payment
when less miner go into this business, dont you think it should be less supply will enter the market or exchange
when less supply, it should be higher price when demand is stable
i just dont understand about this market yet Sad

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Quote from: Fedrey on January 10, 2018, 02:10:02 AM

Quote from: CryptoBry on January 09, 2018, 11:08:36 PM

Quote from: pawel7777 on January 03, 2018, 07:35:18 AM

Quote

China’s central bank told a top-level government internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production, a source said.

Rather good news. "Gradually" is the key word, they don't intend to force miners to shut down immediately, just to cap their power usage over time.

That would be a shift in mining power, China will be gradually losing its % of hashpower, which is probably a good thing.

I completely don't understand the decision of Chinese government, by having majority of BTC hashpower on their territory - they have some sort of control over BTC (they could take over and attack BTC if it ever become a threat to them). Are they really that concerned that power consumption can get out of hand and cause shortage?

I am sure that China has a different thing in mind when it decided to also limit and soon kick out Bitcoin mining from its official jurisdiction. Anyway, this is a big good news to all of us in the Bitcoin community. China will not anymore have that power to control Bitcoin and we will not be under its threats and FUD. This can also lead to the "deconcentration" of the mining power away from China which can be good in the long term. It is about time that the whole cryptocurrency market will forget about China though am sure that many of their citizens are still into this market. We can all survive and prosper without the big China market.

as today Japanese activity in the field of crypto-currencies began to develop, I am convinced that it is the Japanese that can replace the Chinese in this market. To date, in Japan, the crypto currency has been practically legalized and any actions will be legal, unlike China.

As of now, Japan is the new leader, it has filled the void when China left, no questions about it. And now they are also trying to enter the bitcoin mining by developing its own bitcoin mining hardware (GMO). And as what other posters have pointed out, it China decided to ban bitcoin mining, there will be short term effect, but for long term we can withstand it. It's really better for us to really removed Chinese from the bitcoin equation, yes, they have been very supportive of it but their government chooses to turns it back against it. Let's see how Jihan Wu would really react if China orders a full ban of all crypto related activities. I'm sure he has made tons of money and he can probably shift his operations if he still wants to go to the mining business. As for me, the earlier they go out and exit, the better for us long term.

Fedrey

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Quote from: CryptoBry on January 09, 2018, 11:08:36 PM

Quote from: pawel7777 on January 03, 2018, 07:35:18 AM

Quote

China’s central bank told a top-level government internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production, a source said.

Rather good news. "Gradually" is the key word, they don't intend to force miners to shut down immediately, just to cap their power usage over time.

That would be a shift in mining power, China will be gradually losing its % of hashpower, which is probably a good thing.

I completely don't understand the decision of Chinese government, by having majority of BTC hashpower on their territory - they have some sort of control over BTC (they could take over and attack BTC if it ever become a threat to them). Are they really that concerned that power consumption can get out of hand and cause shortage?

I am sure that China has a different thing in mind when it decided to also limit and soon kick out Bitcoin mining from its official jurisdiction. Anyway, this is a big good news to all of us in the Bitcoin community. China will not anymore have that power to control Bitcoin and we will not be under its threats and FUD. This can also lead to the "deconcentration" of the mining power away from China which can be good in the long term. It is about time that the whole cryptocurrency market will forget about China though am sure that many of their citizens are still into this market. We can all survive and prosper without the big China market.

as today Japanese activity in the field of crypto-currencies began to develop, I am convinced that it is the Japanese that can replace the Chinese in this market. To date, in Japan, the crypto currency has been practically legalized and any actions will be legal, unlike China.

CryptoBry

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Quote from: pawel7777 on January 03, 2018, 07:35:18 AM

Quote

China’s central bank told a top-level government internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production, a source said.

Rather good news. "Gradually" is the key word, they don't intend to force miners to shut down immediately, just to cap their power usage over time.

That would be a shift in mining power, China will be gradually losing its % of hashpower, which is probably a good thing.

I completely don't understand the decision of Chinese government, by having majority of BTC hashpower on their territory - they have some sort of control over BTC (they could take over and attack BTC if it ever become a threat to them). Are they really that concerned that power consumption can get out of hand and cause shortage?

I am sure that China has a different thing in mind when it decided to also limit and soon kick out Bitcoin mining from its official jurisdiction. Anyway, this is a big good news to all of us in the Bitcoin community. China will not anymore have that power to control Bitcoin and we will not be under its threats and FUD. This can also lead to the "deconcentration" of the mining power away from China which can be good in the long term. It is about time that the whole cryptocurrency market will forget about China though am sure that many of their citizens are still into this market. We can all survive and prosper without the big China market.

nl247

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Quote from: DustyRah on January 03, 2018, 07:13:02 AM

Please read below article. I for one think that China completely leaving the Bitcoin world would be great so we can stop running across their pathetic rule changes.

https://www.reuters.com/article/us-markets-bitcoin-china-mining/china-central-bank-can-tell-local-governments-to-regulate-bitcoin-miners-power-use-source-idUSKBN1ES0TD

Honestly, that for me is a whole lot of good news. Enough is enough! The sort of negative energy that is always coming from that region first and foremost is preposterous and if their move can even make the hash power in China to reduce, that would really be a good one anyway. However, whatever the government may want to do, clamp down or any shitty thing they want to do, it cannot stop the crypto market from hitting every barrier.

rickadone

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Quote from: pawel7777 on January 03, 2018, 07:35:18 AM

Quote

China’s central bank told a top-level government internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production, a source said.

Rather good news. "Gradually" is the key word, they don't intend to force miners to shut down immediately, just to cap their power usage over time.

That would be a shift in mining power, China will be gradually losing its % of hashpower, which is probably a good thing.

I completely don't understand the decision of Chinese government, by having majority of BTC hashpower on their territory - they have some sort of control over BTC (they could take over and attack BTC if it ever become a threat to them). Are they really that concerned that power consumption can get out of hand and cause shortage?

It is really a good thing like you said and with them losing a huge percentage of their hash power, which should really spread mining power.

You think they are concerned about the hash power, they are concerned about crypto at large and the threat it means to their socialist form of system and the level it can really affect them and shift wealth and power to some individuals, but that is none of my business anyway, as long as they end up being forced by their own government to dish out the hash powers.

filharvey

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Quote from: pawel7777 on January 03, 2018, 07:35:18 AM

Quote

China’s central bank told a top-level government internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production, a source said.

Rather good news. "Gradually" is the key word, they don't intend to force miners to shut down immediately, just to cap their power usage over time.

That would be a shift in mining power, China will be gradually losing its % of hashpower, which is probably a good thing.

I completely don't understand the decision of Chinese government, by having majority of BTC hashpower on their territory - they have some sort of control over BTC (they could take over and attack BTC if it ever become a threat to them). Are they really that concerned that power consumption can get out of hand and cause shortage?

That would be really a great news for bitcoin world since chinese miners would no more be able to influence decisions which should be taken by core team.

It has already been discussed that china would not go against bitcoin mining since its a revenue for their country as mined bitcoins are sold to the whole world.They have already took strict actions against exchanges.And now,the decision comes against miners.

Bitcoin world would definitely face network congestion since majority of bitcoins are mined till now from china.But step by step,it would get clear as big companies start to shift their farms from china and set up it in other friendly countries whether cheap electricity is available.

error08

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Quote from: vit05 on January 03, 2018, 11:09:25 AM

That is old news. People have already explained that China has some major power plants in locals that do not attract so many industries so it is great for the country put some Bitcoin Farms there.

What do you mean? After clampdown miners in there, China government want to establish their own bitcoin mining farms? LoL Cheesy

Jihan Wu as Bitmain co-founder has moving their mining operational in the US, Canada and currently build a regional headquarters in Singapore.
Even if China completely ban anything relate to cryptocurrency, they can't ban people's will to adopt cryptocurrency, there will always a way to trade and mine bitcoin obviously.

Duzter

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We might think that they make sudden rule changes and make it come to effect. But the contributions that they've made for the growth of bitcoin as well the cryptocurrency network as a whole is very big and truly if they haven't took it with such an willingness we could have never reached such a growth scaling in this short time frame.

BitHodler

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Quote from: richardsNY on January 05, 2018, 03:31:12 PM

I have seen an interview of BTCC Ceo stating that China might at some point revert its previous actions against Bitcoin, but that it might take years if they ever plan to really do so.

I hope not. I am quite sure that the majority of the people here are happy that China's role in this market has diminished to the absolute bottom in a fairly short period of time. They are nothing more than an obstacle.

Just think back at how much of a problem they have been each time the market was increasing. It always was just a matter of time before they announced something that would then cause the market to plummet.

People thought that China's partial exit would result in severe problems for this market, but guess what, we have done better than ever before from the moment Chinese exchanges were forced to shut down. I am happy.

richardsNY

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Quote from: btcmayumana on January 05, 2018, 02:52:20 PM

This is old news, in fact China can not escape from Bitcoin itself. Although they prohibit the use of Bitcoin in their country, there are still many miners who open their power plant in China to mine bitcoin. The government does not seem to want to ban it entirely just to take realistic profits from a business, because it will be very difficult for the government to controlling advantage of the private wallet of the Bitcoin holder itself.

The Chinese government hasn't really banned Bitcoin in any way -- people there can still use Bitcoin. It should be seen as prohibiting services from transacting with Bitcoin in any shape or form. It's not for nothing that the peer to peer market in China has literally been exploding. People themselves can and will buy themselves into Bitcoin, which is something that even a potential total ban can't even do anything about. If China wanted to ban Bitcoin entirely, they would have done it already. I have seen an interview of BTCC Ceo stating that China might at some point revert its previous actions against Bitcoin, but that it might take years if they ever plan to really do so.

dothebeats

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About time to actually decentralize the mining scene again and open up opportunities to other aspiring miners as well. I for one believe that China has too much "control" over bitcoin that has left the said coin with too much weakness, especially on the transaction sides and whatnot. Rogue miners that intentionally excludes transactions on their block also hail from China, causing problems to the average and business users alike. They will just move their machine into somewhere safe and bitcoin friendly, though I doubt that their power on the mining industry will remain like where it is now when the move happens.

btcmayumana

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This is old news, in fact China can not escape from Bitcoin itself. Although they prohibit the use of Bitcoin in their country, there are still many miners who open their power plant in China to mine bitcoin. The government does not seem to want to ban it entirely just to take realistic profits from a business, because it will be very difficult for the government to controlling advantage of the private wallet of the Bitcoin holder itself.

el kaka22

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Quote from: cellard on January 03, 2018, 11:17:11 AM

What an start for 2018, we are obviously recovering and your chance to buy back in is now over (if you wanted the best spot, you still have time to buy back in before we go back to all time high)

There's an ascending triangle forming were we are going higher on each correction ($11186, $12061, $12808... notice it corrects increasingly higher)

Wouldn't be surprised to see $20000+ in a week or two.

The China news are good. Anything that makes it difficult for China to mine is good news.

The funny thing is that whatever they are doing in their own country to cause a problem for the users of bitcoin would really end up improving the bitcoin network at the end. If they want to lay a huge hold on the mining hash power, then that to me is a good call for them, and at least mining power will shift from China and probably get spread as that has become so absurd.

China has a communism and socialism environment, so I am not surprised and really just like OP said, I just cannot wait for them to get thrown out of the crypto community to at least give us some room to breathe.

May be if they even tag down on the miners by making life difficult for them, probably that would give some of use a chance to venture into mining as ASIC would rather go cheap and probably reduce the difficulty a little bit.

Kemarit

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Quote from: DustyRah on January 03, 2018, 07:13:02 AM

Please read below article. I for one think that China completely leaving the Bitcoin world would be great so we can stop running across their pathetic rule changes.

https://www.reuters.com/article/us-markets-bitcoin-china-mining/china-central-bank-can-tell-local-governments-to-regulate-bitcoin-miners-power-use-source-idUSKBN1ES0TD

If this is true then what we are really expecting is becoming a reality. Starting with a banned on ICO then shutting down their local exchanges, it seems logical that they really want a total ban on bitcoin, mining farms should be the next target. In a sense, this is good because they have been manipulating it for the last 8 years or so and its better to have another nation to rise up and fill the void like Japan. GMO are already building its own mining hardware so I would assume that they will also be involving themselves in bitcoin mining. But it remains to be seen though. The only affected party here is definitely those mining workers who stop farming and shift to bitcoin work. I'm sure that they have made lots of money already, but closing or reducing mining farm would really affect a lot of Chinese specially in the provinces where bitcoin mining sprung up. Although it can affect the market price significantly, but I tend for long term if will be good for the ecosystem.

millensharon8

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Not like I am surprised and everyone who understands the kind of socialist form of government that China has always had, will know that bitcoin's existence and activities regarding cryptocurrency in China is a threat to their monetary policies and they will keep doing everything to make it uneasy for crypto investors in the country to partake in the crypto world. Their attack on mining on the other hand will even bring some goodies to the world of mining as far as I am concerned.

audaciousbeing

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Quote from: vit05 on January 03, 2018, 11:09:25 AM

That is old news. People have already explained that China has some major power plants in locals that do not attract so many industries so it is great for the country put some Bitcoin Farms there.

Its actually not an old news because the article was published just yesterday on the website.

Quote from: littlebill16 on January 04, 2018, 10:26:29 AM

Quote from: DustyRah on January 03, 2018, 07:13:02 AM

Please read below article. I for one think that China completely leaving the Bitcoin world would be great so we can stop running across their pathetic rule changes.

https://www.reuters.com/article/us-markets-bitcoin-china-mining/china-central-bank-can-tell-local-governments-to-regulate-bitcoin-miners-power-use-source-idUSKBN1ES0TD

This can be seen as a good thing for a number of reasons, firstly it reduces the energy being used to mine bitcoin which is good for the environment, secondly it can start to cut in to China's monopoly when it comes to mining bitcoin.

I have always maintained that China is not done with bitcoin at least not when the majority of the mining activities is being carried in that part of the world and that is one major part of bitcoin that is key in either making more bitcoin to the market, or even ensuring transactions are carried out as at when due.

The fact is mandating locals to regulate the use of electricity is just a step to what they are intending to do because I am sure a lot of miners would still be able to cover the cost of the electricity and the real advantage of China is really not the electricity but the natural environment which they have advantage over. In essence, by the time this option did not work, their end game would be banning it all together just like they did for ICOs and exchange sites.

littlebill16

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Quote from: DustyRah on January 03, 2018, 07:13:02 AM

Please read below article. I for one think that China completely leaving the Bitcoin world would be great so we can stop running across their pathetic rule changes.

https://www.reuters.com/article/us-markets-bitcoin-china-mining/china-central-bank-can-tell-local-governments-to-regulate-bitcoin-miners-power-use-source-idUSKBN1ES0TD

This can be seen as a good thing for a number of reasons, firstly it reduces the energy being used to mine bitcoin which is good for the environment, secondly it can start to cut in to China's monopoly when it comes to mining bitcoin.

candy27

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Quote from: DustyRah on January 03, 2018, 07:13:02 AM

Please read below article. I for one think that China completely leaving the Bitcoin world would be great so we can stop running across their pathetic rule changes.

https://www.reuters.com/article/us-markets-bitcoin-china-mining/china-central-bank-can-tell-local-governments-to-regulate-bitcoin-miners-power-use-source-idUSKBN1ES0TD

It doesn't really matter because Japan's ISPs have expressed an interest in large scale bitcoin mining.

Also, nothing to stop the Chinese miners setting up operations in the rest of the world.

fabiorem

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Bitcoin will also gradually move away from mining. See what happened with the beecash clash, that long drop was caused by high fees, and those because of miners going to beecash.

If LN allows for zero fees to buy small things, the mining cartel will be done, they will have to move to another coin, and those China restrictions will apply mostly for beecash and whatever other coin they will be mining.

ha_ham_bk

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Quote from: DustyRah on January 03, 2018, 07:13:02 AM

Please read below article. I for one think that China completely leaving the Bitcoin world would be great so we can stop running across their pathetic rule changes.

https://www.reuters.com/article/us-markets-bitcoin-china-mining/china-central-bank-can-tell-local-governments-to-regulate-bitcoin-miners-power-use-source-idUSKBN1ES0TD

I think China will participant this event

Drixy

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Quote from: DustyRah on January 03, 2018, 07:13:02 AM

Please read below article. I for one think that China completely leaving the Bitcoin world would be great so we can stop running across their pathetic rule changes.

https://www.reuters.com/article/us-markets-bitcoin-china-mining/china-central-bank-can-tell-local-governments-to-regulate-bitcoin-miners-power-use-source-idUSKBN1ES0TD

Marked that country as opposing to Bitcoin. We know that it wont be that much of a difference i know it will probably slow the mining process of Bitcoin but i think theres so many miners around the world about the rivalry about them is the one that sometimes Transactions are easy. China wont matter to us but one things alarming me that maybe little by little some country will try to copy what China has done and its irritating.

talkbitcoin

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All I know is that I know nothing.

good luck with that...

seriously, someone shared a very interesting video here some time ago about this. the level of corruption is ridiculous in China in a way that they can not do anything about bitcoin mining even if they wanted to.

the government officials are earning a living from the bribes, the power plants are staying alive, there are small cities with jobs and food on their table because there is a mining farm and a power plant alive there that they can work at and make a living, and lots more... government can not just go in and shut it down

jseverson

hero member

Activity: 1834

Merit: 759

It's weird how they're regulating mining's power use though, rather than mining itself. If their plan really is to reduce and hurt mining, this is a rather roundabout way of doing it. This seems like it will have more loopholes and such. Is the writer sure China simply doesn't want to regulate its overall power consumption? It's just weird.

I don't have any strong feelings regarding China's position in the Bitcoin market, but I would prefer the hashrate to be distributed among countries better. We need every country if we want Bitcoin to reach mass adoption.

cellard

legendary

Activity: 1372

Merit: 1252

What an start for 2018, we are obviously recovering and your chance to buy back in is now over (if you wanted the best spot, you still have time to buy back in before we go back to all time high)

There's an ascending triangle forming were we are going higher on each correction ($11186, $12061, $12808... notice it corrects increasingly higher)

Wouldn't be surprised to see $20000+ in a week or two.

The China news are good. Anything that makes it difficult for China to mine is good news.

vit05

hero member

Activity: 672

Merit: 526

That is old news. People have already explained that China has some major power plants in locals that do not attract so many industries so it is great for the country put some Bitcoin Farms there.

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: pawel7777 on January 03, 2018, 07:35:18 AM

Are they really that concerned that power consumption can get out of hand and cause shortage?

It's probably them just looking to banish Bitcoin from their country completely. In reality their actions have an opposite effect since the tiny bit of control they could have had, will be gone completely after a while.

Their paranoid has taken such severe forms throughout the years, that there is no such a thing as rational thinking anymore. I think they are okay with it as long as the majority of their population can't access Bitcoin anymore.

The small minority that will look for alternative ways to access Bitcoin will be seen as collateral damage. They must know that it's impossible to completely ban something as Bitcoin, so they are okay with let's say 90%.

As long as the majority of the population's attention can be distracted away from Bitcoin, it's already a victory for them.

pawel7777

legendary

Activity: 2436

Merit: 1561

Quote

China’s central bank told a top-level government internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production, a source said.

Rather good news. "Gradually" is the key word, they don't intend to force miners to shut down immediately, just to cap their power usage over time.

That would be a shift in mining power, China will be gradually losing its % of hashpower, which is probably a good thing.

I completely don't understand the decision of Chinese government, by having majority of BTC hashpower on their territory - they have some sort of control over BTC (they could take over and attack BTC if it ever become a threat to them). Are they really that concerned that power consumption can get out of hand and cause shortage?

DustyRah

sr. member

Activity: 533

Merit: 251

Please read below article. I for one think that China completely leaving the Bitcoin world would be great so we can stop running across their pathetic rule changes.

https://www.reuters.com/article/us-markets-bitcoin-china-mining/china-central-bank-can-tell-local-governments-to-regulate-bitcoin-miners-power-use-source-idUSKBN1ES0TD

Topic: China to restrain mining (Read 407 times)