China Will not Ban Bitcoin Mining! | Bitcointalksearch.org

rodel caling

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Quote from: Red-Apple on November 06, 2019, 09:09:06 AM

Quote

Since China holds half of the bitcoin's global hash power

i am curious about whether we have any actual data supporting this. i tried searching for it once recently but i could not find anything apart from news sites making claims without proof.
all the data or evidence we have are mining pools but pools doesn't own hashrate they just link people together.

Yeah definitely your correct mate meaning china government announced for totally banned of bitcoin, above at all government hide secret operation for bitcoin mining... Lol 😀😀😀 and people not follow from the government is punishable by the law, ithink that unfair.

minersday

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Quote from: Debonaire217 on November 06, 2019, 08:47:33 AM

Sources:
https://www.coindesk.com/china-scraps-plan-to-categorize-bitcoin-mining-as-industry-to-be-eliminated
https://static.coindesk.com/wp-content/uploads/2019/04/bitcoin-yun-860x430.jpg
Another topic regarding this: https://bitcointalksearch.org/topic/china-backtracks-stance-on-cryptocurrency-mining-after-new-guidance-document-5199187

Before, the China National Development and Reform Commission (CNDR) tried to categorize the industry of bitcoin to be banned from their country. It was included in their catalog (pertaining to industries needed to be banned) that virtual currency and mining activities should be phased out in their country.

The initial draft of the catalog states that "Virtual Currency mining" particularly bitcoin mining should be eliminated, thus recommending local governments to scrap bitcoin mining out of their industry. Now, there's a sudden turn table in their decision:

during the press conference on Wednesday, the catalog received 2500 suggestions concerning bitcoin mining, and most of it was taken into consideration.

Here's my point of view:

   1. Since China holds half of the bitcoin's global hash power (according to https://www.coindesk.com/china-scraps-plan-to-categorize-bitcoin- mining-as-industry-to-be-eliminated), the service that bitcoin provides will not just retain, but also be further develop in the future as China will not put restrictions to bitcoin mining. Thus, will let cryptocurrency mining more efficient.

   2. Inducing Market Adoption - China scrapping their plan to eliminate bitcoin mining to their country will enable their people to trust bitcoin even more, and will lead to much better bitcoin adoption that will not affect their country, but also the whole world.

   3. Great control to Cryptocurrency - Regarding the news, reducing the resistance for mining industry will entail china to have a great control over the hash power of crypto. As a result, more control to cryptocurrency.

It is evident that even big a country with restriction to cryptocurrency and mining is now in favor and showing support to crypto. There are better future that awaits us in crypto space and we should be knowledgeable about that.

Should you have any questions and comments about this, kindly spread the word to the comments below.

The truth be told, the government of China has never made any formal announcement regarding the ban of Bitcoin mining in China. People will just spreading FUDs which they thought could cause and bring the downfall of Bitcoin and prevent people from adopting to the use of Bitcoin since it is believed that China produces the highest hash rate of the bitcoin network and the ban of Bitcoin mining will cause the network to collapse. But there hasn't been any evidence to back this FUD.

alani123

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This type of news has been looming around forever. It's a rumor that's known to have an effect on prices. Thankfully the government has now picked up wind and communicates its decisions better, especially now that they're openly friendly to blockchain.

qiman

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China is very clever when it comes to its policies around the Blockchain and Bitcoin in particular. Although it doesn't want to propagate much the use of Bitcoin as a currency in China, it has embraced the technology and still wants to get the cream off of the pie by allowing miners to mine and just pay their tax etc to the Government. Even though it is advocating it's digital Yuan currency, it wants to collect profits form Bitcoin mining as well for as long as it lasts, as China has the most miners anyway due to the mega cheap electricity in places like Inner Mongolia for example.

Kunnu

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Chinese government understand the advantages of Bitcoin and cryptocurrency so their step to not ban Bitcoin mining is very admirable and it will bring many positive potentials as well I think those countries should learn from Chinese government which are trying very hard to ban cryptocurrency.

adzino

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I heard China was planning to ban the usage of bitcoin itself. Did they change their stance or something? Or is it just that they will ban the usage of bitcoin but will allow mining bitcoin which makes no sense at all. Weren't they suppose to make their own centralized crypto currency where they will have full control of the network?

Tipstar

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Bitcoin mining is a good source of earning foreign reserve for China. China is producing large amount of renewable energy and a large portion of it does not goes on the grid as they have to maintain a minimum output. The excess of electricity generally goes to the mining farms. The other factor that may want China to mine more bitcoin is if it don't someone other would do it and they would benefit the largest by bitcoin bull.

peter0425

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Quote from: alyssa85 on November 06, 2019, 09:16:50 AM

https://www.wired.co.uk/article/bitcoin-mining-china-ban-crypto-cryptocurrency-wechat

holy cow is this how china treat mining?so they are really serious on what they are doing,now i finally believe that China holds the Majority of cryptocurrency .

thanks for this,as i have not done reading the whole its very long lol.

Clement Kaliyar

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Does it or not, 70% of computing capacity lies in China for years.
Such ban never exsisted.

You think that the worlds 70% of computing power is in China or you meant that bitcoin hashing power. There was a talking point about banning mining farms because it has become a environmental issue in China as these mining farms are creating environmental damages and then the government took a stance against banning but they might have come up with some rules and regulations and a framwork to protect the nature.

Mike Mayor

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Maybe if China can't get enough of their people to mine their new coin coming out then maybe they will try to ban or at least threaten to ban bitcoin mining. I think they realize that bitcoin is not going anywhere and the technology behind it is here to stay and they will have to make do and keep with the times. This is why they want more control in the only way they know how by making their own currency.
I wonder how many of you will be the first investors in their new currency? Do you think it will be an easy profit? If the coin is backed by an entire country surely getting in at launch is best?

panganib999

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Quote from: bounceback on November 06, 2019, 09:49:22 AM

Quote from: Debonaire217 on November 06, 2019, 08:47:33 AM

Should you have any questions and comments about this, kindly spread the word to the comments below.

in a few months ago China was one of the countries that hated bitcoin so their megara government had passed a law on bitcoin bans, their president only supported blockchain technology because of the reason they wanted to launch their own digital currency based on blockchain technology and now why they lift the ban they have issued, I doubt about this kind of news.

China has been known to be a competitive country and that characteristic of the country might have triggered their government to make such significant change of policy towards cryptocurrency. These past few weeks, China media has been being all about bitcoin and blockchain, in fact just today they published an article where bitcoin is on the front-page. The article is entitled "Bitcoin: The First Successful Application of Blockchain Technology." This just shows how China's view with cryptocurrency shifted because of their support and plan of using blockchain technology. China might have saw the potential of applying blockchain technology with the businesses and concerns of the country, especially about security and counterfeiting issues since blockchain has a feature of being a ledger with an exceptional encryption.

Astvile

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China is a country full of businessmen, and I'm sure even some of the government officials are invested in bitcoin mining there making the bitcoin mining scene big there. So shutting down and banning bitcoin mining can affect China's economic value because bitcoin mining surely contributes big time there, especially if they are taxing bitcoin incomes in China.

dioanna

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For sure they will not ban bitcoin or mining because China is a very competitive country
and banning bitcoin or mining will not help.
On the other side somehow this kind of news I think is just a form of manipulating the market.
Just my opinion.

bitcoinposts

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china recently launched crypto law allowing mining to be legal in china so we can expect china to be major contributor for bitcoin mining

Asuspawer09

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Quote from: Debonaire217 on November 06, 2019, 08:47:33 AM

Sources:
https://www.coindesk.com/china-scraps-plan-to-categorize-bitcoin-mining-as-industry-to-be-eliminated
https://static.coindesk.com/wp-content/uploads/2019/04/bitcoin-yun-860x430.jpg
Another topic regarding this: https://bitcointalksearch.org/topic/china-backtracks-stance-on-cryptocurrency-mining-after-new-guidance-document-5199187

Before, the China National Development and Reform Commission (CNDR) tried to categorize the industry of bitcoin to be banned from their country. It was included in their catalog (pertaining to industries needed to be banned) that virtual currency and mining activities should be phased out in their country.

The initial draft of the catalog states that "Virtual Currency mining" particularly bitcoin mining should be eliminated, thus recommending local governments to scrap bitcoin mining out of their industry. Now, there's a sudden turn table in their decision:

during the press conference on Wednesday, the catalog received 2500 suggestions concerning bitcoin mining, and most of it was taken into consideration.

Here's my point of view:

   1. Since China holds half of the bitcoin's global hash power (according to https://www.coindesk.com/china-scraps-plan-to-categorize-bitcoin- mining-as-industry-to-be-eliminated), the service that bitcoin provides will not just retain, but also be further develop in the future as China will not put restrictions to bitcoin mining. Thus, will let cryptocurrency mining more efficient.

   2. Inducing Market Adoption - China scrapping their plan to eliminate bitcoin mining to their country will enable their people to trust bitcoin even more, and will lead to much better bitcoin adoption that will not affect their country, but also the whole world.

   3. Great control to Cryptocurrency - Regarding the news, reducing the resistance for mining industry will entail china to have a great control over the hash power of crypto. As a result, more control to cryptocurrency.

It is evident that even big a country with restriction to cryptocurrency and mining is now in favor and showing support to crypto. There are better future that awaits us in crypto space and we should be knowledgeable about that.

Should you have any questions and comments about this, kindly spread the word to the comments below.

I think this only makes sense since a lot of mining company is originated in china it will be a big loss if the china banned cryptocurrency mining in their country and surely will have a big effect on their economy. I think if China banned bitcoin mining in their country it will be a big opportunity for a lot of small mining company all over the world to mine and have more profitable mining because there will be big competition since china is one of the competitors when it comes to bitcoin or cryptocurrency mining in the world.

7788bitcoin

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Quote from: omfg.xekcep on November 11, 2019, 02:51:38 AM

By mistake it occurred an opinion that China intended to preclude the evolving of crypto technologies and especially mining. Partly it is true but not at all. As far as I know the chinese government wanted to organize the deeper control under the all crypto technologies which were located in China. There was a negative reaction vs such intentions. I consider that the government ought to be distanced from crypto tehcnologies to let them evolve normally

The news that spread was not a mistake, the Chinese government was thinking about banning the mining industry and they wanted the opinion of the public and they voted against it and so is the reason they came to a conclusion that it is not banning bitcoin mining. I do not think that the Chinese government will think that they will distance a technology to evolve on its own as that is not their way to conduct business.

ChrisPop

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They have an advantage over the USA and the more powerful states in the world as most of the farms are running operations in their country. I don't think they want to just dump this leverage. If they do that farms will surely move their business to another place incorporing economic benefits for the respective country.

omfg.xekcep

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By mistake it occurred an opinion that China intended to preclude the evolving of crypto technologies and especially mining. Partly it is true but not at all. As far as I know the chinese government wanted to organize the deeper control under the all crypto technologies which were located in China. There was a negative reaction vs such intentions. I consider that the government ought to be distanced from crypto tehcnologies to let them evolve normally

Pamadar

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Quote from: Doell on November 10, 2019, 10:45:49 AM

I'm sure China wants to greater profits trying to be the best in this industry because electrical power can be bought cheaply which results in greater profits ,this is definitely a good planned and good for the bitcoin industry in the future will be better I agree with your opinion this a great news mate

China wants profits and nothing else. After learning deeper regarding to this business for sure they will maximize everything that they can get out from this industry. They knew that the advantage of having cheap electrical supplies can be use as an advantage to mine more bitcoin to hold good part of this crypto. Knowing that they are also into adopting blockchain, it can be a good advantage for them to continue much deeper to this market.

Eugenar

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Quote from: Youghoor on November 10, 2019, 08:26:08 PM

China has never banned the mining of Bitcoin. News regarding the ban of Bitcoin in China is just FUD spread by people who want to get traffic on their website and content creators. Evidence regarding the ban on mining of bitcoin was never provided throughout the spread of this allegation. So I was very surprised that people were still falling for this FUD.

It is better to provide links of evidence that states that China isn't really planning to list Bitcoin in their ban list business in their country. Because for me, China is really a big economy that will surely filter out what's best for their country. Cryptocurrency is somehow a threat to the financial currency that a government has, and there might be a sudden turn table why the Chinese plan to disregard the banning of bitcoin mining. I supposed that they already figure out how bitcoin will even help them in their systems.

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