Topic: China Will not Ban Bitcoin Mining! (Read 641 times)

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.

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.

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.

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.

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.

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?

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.

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.

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.

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?

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.

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.

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.

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

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.

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.

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.

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

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.

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.

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.

I think the OP don't understand or go through the news source site cause what he said/posted was actually different from the topic the article writer said cause what I find on the article site was "Chinese Agency Scraps Plan to Eliminate Bitcoin Mining Industry".
Please read article very well before posting it to avoid misconceptions and spreading of false news.

That's true, China would definitely not ban Bitcoin because the government is aware of the income that all these bitcoin mining companies make and also the number of people whom they have hired to be working with them. Banning Bitcoin will certainly make people not have jobs to do and also bring about huge losses among these big mining companies.

Whatever the Chinese government is going to do, they sure as hell won't let their citizens enjoy any sort of freedom and privacy. If Bitcoin will be allowed, it's use will be tightly regulated, exchanges and all other services will be required to verify their customers, there will be measures to prevent capital flight and so on.

Perhaps they are making good money here that's why they suddenly made a U-turn again.

Just a couple of months ago their government said that it is harming the environment that's why they have plans to shut it down.

But still, we need to be cautious and not celebrate this as kind of 'victory', we still don't know if this is true or not and still baffles me why is the main reason though for relaxing their policy on bitcoin mining.

maybe this will be good news, I hope this news can make the price of bitcoin rise, as we know in China bitcoin is not ranked first but rather eos, hopefully with this news bitcoin becomes the main crypto in the country.

if the state of China applies the ban I don't think it will have too much influence because we all know that the place for mining is not only in China, there are still other places that can do bitcoin mining and still be able to produce bitcoin, just that it might make prices bitcoin is slightly up because it will be difficult to get bitcoin.

The opportunity is already been there so if they're trying mess it up they would have done it a long time ago. Besides, CZ as the CEO of the famous Binance exchange, i never think Chinese government would turn their backs on one of their own. Unless he goes full for taking a US citizenship. Anyway, China is the most advanced in terms of technology and also they don't want to get behind by their neighboring countries just because they hated someone.

China is known to have a great political management and great leaders that's why their economic status is also great, and there's no way  China won't let an opportunity this big slip through their grasp. Also their president Xi Jinping announced that they would support and will invest for a further research about blockchain and other businesses related to it, one of those is bitcoin.

That's not a surprise. Mining Farm in China are one of the larger source of foreign capital income. It has directly and indirectly created many jobs in China and has crafted many individuals as specialist in the field. China would not want to fall behind US in any technology mostly in case of the one that may have huge impact to the society in coming time.

The Chinese are relaxing policies regarding Crypto currencies, because they are developing their own government coin and they want to garner

support for their own technology in the future. They cannot ban other tokens and Blockchain technologies, if they are going to issue their own

Crypto currency, it will just look bad. They even went as far as punishing people, if they talk crap about Crypto currencies, so it shows that they

are serious about this new venture.    I will search for the article, where they issue warnings about penalties for people who spoke negative

things about Crypto technologies.

Ah...I was wondering what the regulations were in china regarding mining.  It was only a *proposed* piece of legislation (right?), and I had thought that they had already banned mining.  Thank you to op for posting this.

This is pretty big news in my opinion.  China is a beast in the world of crypto (I mean that in a good way) and if they had banned mining it might have crippled the mining world, or at least wounded it significantly.  Glad to hear this.

i have been around for a couple of years and have read thousands of articles from before that time. i have seen lots of news about China banning bitcoin. if they wanted to ban it they would have done it already not wait for 10+ years and then do it!
the fact is bitcoin has been a very good thing for their economy. from the mining farms to mining pools and bitmain all the money they produce for the electric companies and all the jobs they create is a big economy of its own. the only reason why they shut down exchanges was their illegal activities and the only thing they have ever banned was ICO which are obviously scams and everyone knows that!

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.

Nice article here.
Maybe we shouldn't be surprised by these since everything that we use now are all made in China. And yeah, one of the reason is the cheap labor and same goes with bitcoin. While I don't think they'll ban bitcoin mining or at least give up on this as they surely lose good revenue. We knew the fact that China don't easily give up they see they'll benefited, just look at the Scarborough shoal.

See the following long article from Wired:

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

In April they had 70% of the world's crypto-mining capacity.

I recommend reading the article in full because it details how they use cheap electricty, actually migrating their operations to the mountains in the winter because excess rain means excess hydroelectric power which they can buy cheap.

It also explains why the Chinese govt is cracking down - some of these local authorities have actually flooded valleys to create cheap hydro to attract bitcoin miners, in the process ruining eco-systems.

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.

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


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.