Topic: China Will not Ban Bitcoin Mining! - page 2. (Read 628 times)

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. 

Considering 70% is a big number. Indicates that the adoption of crypto in China has been large since a few years ago compared to other countries. Chinese people are very smart in seeing opportunities and making the best use of those opportunities. Of course they also benefit from cheap electricity costs.

The OP hasn't been very helpful in that regard. It was addressed on the next page too. The OP seems to just be making statements that are probably more like guess work then facts. Guess work and a mix of opinion. Not a good match.

China certainly is one of the biggest contributors to hashing that is undeniable. By how much im not sure. I would not be surprised if they contribute to half.

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

Maybe China realized that banning cryptocurrency within their country would not do them any good, instead they have thought it through about the possibilities that may occur if they are going to regulate cryptocurrency within their territory. China is big country and it contributes massively to the mining of crypto so having it restricting digital coins would surely inflict great damage to the market specially to the investors. On the other hand, if regulated, crypto would definitely improve more if China would legalize it.

It was lack of understand that made them wanting to reject the mining of the cryptocurrency in their country because I dint see in anyway it will affect them and not even this electricity consumption thing we are talking because china is generating more than enough.

They only wanted to ban the mining in order to frustrate the activities of bitcoin usage for payment so as to protect some of these their own digital payment like Alipay which I think it is the ceo of these digital payment applications that must have been putting things in the head of the president and the government, but now that they understand it fully, I don’t see them banning bitcoin mining again, most especially now that they also want to introduce their own personal cryptocurrency for next year.

I bet you should put some details and sources regarding this because it is mainly too heavy to generalize the entire country with a great economy. Though there are cases that China really does things that are off-limits such as the issues concerning Scarborough shore with the Philippines based on this: https://www.rappler.com/nation/236636-lorenzana-hits-china-bullying-scarborough-shoal-takeover, it is not enough to conclude that everything they do has a hidden agenda.


On the other hand, I definitely put some applause to this, as China is really inducing market adoption worldwide especially with people knowing how big their population is, that trust cryptocurrency.

Oh, and the article claims that...

With zero proof!!!

Another hint that the claim shouldn't be taken serious is that the biggest bitmain farm is not in Sichuan is in Ordos, Inner Mongolia and it runs on good and old and not so clean coal-generated energy (Ordos is home to one of the largest coal mines)

But who gives a damn about facts anymore, let's just post some non-sense and be done with that!

Whatever China does has a hidden agenda and profit behind it as we are aware that the Chinese news of adopting blockchain is not a surprise since they had been planning this from years and yes mining will help them in their economy so they cannot ban it and moreover they are adopting blockchain for their own benefits not because of their love for crypto or something else, I am sure China is gradually trying to take over the crypto market with their influence and occasional news which has affect of the price of bitcoin.

I don't think that China is going to ban Bitcoin Mining very soon, I think China is the country which is gaining from Cryptocurrency than any other country, Chinses people are getting involved in this system both trading and holding at a large scale, not only that but also they are producing most of the mining equipment and other accessories with a dominating role. so why they are going to miss this chance to gain a huge profit from this platform? I have seen a report regarding this platform which states that Chinese people hold almost half of the Bitcoin hash power so there is a lot of scope working with this system, That's why China will not ban Bitcoin mining and other activities also.

What a great news. I think that China had realized that Bitcoin mining had brought a lot of money into their country and would benefit them in some way than banning it. Though following this news means that China still holds most of the hash power in mining and I think that’s not totally a bad thing. I just hope that China would not change its mind even though they are planning to launch a cryptocurrency of their own, they should still be open to other cryptocurrency in order to diversify their market which would be much beneficial for them.

Great news indeed since above 50% of the network relies on nodes located in China, and having this update that the government's threat to the Bitcoin network as a whole has been gone. However, things do not stop there, as China's own government is planning to release their own cryptocurrency backed by gold, which may shift the public's interest from Bitcoin to their own cryptocurrency. Still though, we're not sure how this new cryptocurrency would affect the market demand.

Don't think we need data, it's pretty apparent that such a super-country like China would own half of the hash rate of the world, there are a shit-ton of companies with mining farms there, and it makes sense, so I just take these statistics at face value. Oops, just saw the article, there's your proof then

Not sure why China would ever consider banning Bitcoin mining, with them looking to get into the blockchain industry, they can quite easily try and control bitcoin (to a certain extent).

This news is excellent for the ecosystem, it was something that was already coming, because China has dominion over Bitcoin and the government has realized that allowing its mining and later its use, benefits will be obtained, I believe that the price of BTC is going To raise considerably like the rest of cryptocurrencies, we all expect a year 2020 with a lot of growth.

China knows best, indeed. Like a MOTHER looking up what can be good for its child, China now fully realized that it can be a big mistake to let go of an industry that has become very powerful and can be a tool to dominate a very profitable industry. I guess that leaders in China now see that if Bitcoin mining can be helping, in one way or another, its world superpower ambition then it should be retained and even be cajoled. Now, I know that the next question will: Is this a sign that soon Bitcoin is going be welcomed to China? I am crossing my fingers that it can be that way for that Bitcoin recognition, as part of the preparations for the launch of the country's own digital coin. Now, am wondering where is the jump from Bitcoin in reaction to this news?

It wouldnt make sense, they have always been focused on the growth of their economy. Sure, at first they may feel threatened by this emerging technology. But once that passes they will see ways they can carve out a place for themselves in this market and profit from it, this mind set is one of the reasons they are one of the largest players in the world economic market.

I knew it. They wouldn't just leave this opportunity. China will do everything it can to prosper and Bitcoin is one of the best opportunity to grab. Those news about China banning Bitcoin is I think is just for show to manipulate the price as China still holds a large portion of Bitcoin in the world. In the near future, we might hear some news about them regulating crypto space properly, I don't know if that will be good or not.

Actually China has already plans to ban bitcoin mining in their country many years ago and some Chinese citizen also hates the bitcoin, the only reason why their president announced the accepting of blockchain technology to their country is just because they have the plans to make their own new digital currency that may change into their fiat and there is also some sayings that their president do this because they want to be open in the possibilities and opportunities that may give of bitcoin mining into their country's economy so they will not ban bitcoin mining in China.
As we can see China is one of the holders of the half of global bitcoin hash around the world so It would be hard to ban bitcoin mining into their country.

You could post the link to that article so we can verify the information provided. As per checking, the news provided by the OP is somehow a bit exaggerated. Meaning to say that the plan was just to scrap the prohibition of bitcoin mining activities. In this case, there might be still a way of leading to China to not ban the bitcoin mining activities. Though the point there is to provide updates, the best way to make this clear is by dropping links directly from the source of the topic.

Bitcoin mining is not really related to freedom. In fact you could have a place where Bitcoin is banned but mining is allowed. The miners don't need to use the bitcoin they obtain, except to buy the local fiat to keep operations running. This produces a small but constant demand on that coin helping its position in the markets.

Its a form of export, like exporting electricity, without the wires. Even the countries that hate an uncontrolled coin, would welcome this, if they are smart enough to understand it. China wants its own State crypto coin, and i wouldn't be surprised they restrict bitcoin use to the point it could only be exchanged for the gov approved coin. Or they could still ban it altogether and the miners would need to exchange for an intermediary fiat abroad first.

So no, its not what some people think. If a government actually mentions Bitcoin by name, such as Japan, then yes you can give them some benefit of doubt, but the likes of China probably fear a coin that cannot be "controlled", or its rules changed by political decision at any point later. If Petro was sign, you can expect something just like that over there, not unlike other country backed initiatives, just repeating the same fiat fiasco in digital form.

If the Chinese would have banned mining, that income would have moved to the neighbors. In fact some of those neighbors are already doing it, so they would have loved that.

This is a time limited opportunity, bitcoin mining won't be profitable forever, each day that passes this window will close until its no longer profitable to mine at any price. They would be fools to lose this chance, and after the "bitcoin rush" passes, they are left with electricity production that could be sold or used to growth their economy anyway.