Topic: China’s Bitcoin ban is short-term negative, long-term positive (Read 364 times)
I´m agree, you can check Turkish adoption
china is nothing, to hell with their government
spread Bitcoin fud to increase the use of the digital yuan is a very hypocritical act
the BTC miners in there are smart people, they definitely know what to do, moving their facilities to another country is the best way
after this fud passes like the wind then we will see a price spike on BTC, keep hold
This ban has helped China fulfill two purposes, first, they clean up their tax evasion system and perhaps the second implicit purpose is that like the story you are sharing, many topics about the digital yuan system are released based on the technology of bitcoin, China is feeling that this big step will take them to another place in the world's perception. Arrogance and selfishness affected some miners and forced them to go to new workshops, mining operations are also paused, stabilizing the new base will open the door to a recovery for bitcoin spread Bitcoin fud to increase the use of the digital yuan is a very hypocritical act
the BTC miners in there are smart people, they definitely know what to do, moving their facilities to another country is the best way
after this fud passes like the wind then we will see a price spike on BTC, keep hold
china is a country where it has very dark policies, i don't understand why the miners didn't learn the lessons of the past and didn't realize that china was unreliable in the long run. and we cannot say that all that is happening with mining in china was not predictable because it would be being naive to the extreme... Now we have to see that this electricity issue will not just be something that ends if miners go to other countries because in a few years you will hear something that in those countries where miners are going they will take the same measures as china unless a few years from now miners consume less electricity
It is true that leaving China has this good part, but the central problem of electricity consumption will continue even if they are in other countries
but this is actually a very good thing because with the freedom of bitcoin and mining can be equally in various countries can increase bitcoin back to a better direction
It is true that leaving China has this good part, but the central problem of electricity consumption will continue even if they are in other countries
To be honest, the impact caused by China's fud has really been felt until now and what China has done is very brave in my opinion because by banning bitcoin directly they seem to want to create a match for bitcoin itself.
but this is actually a very good thing because with the freedom of bitcoin and mining can be equally in various countries can increase bitcoin back to a better direction
but this is actually a very good thing because with the freedom of bitcoin and mining can be equally in various countries can increase bitcoin back to a better direction
Quote - “Historians will write that China had a majority of hashrate within their geographic borders, yet they made decisions that pushed that hashrate into more democratic and capitalistic societies. Just as North Korea chose to embrace the internet only for the elites, China is making a similar mistake here. As if that wasn’t bad enough, China’s plan for a nation state digital currency is similar to North Korea’s internal “internet.” As we have discussed over and over again, open systems beat closed systems. The Chinese approach of banning an open monetary network in pursuit of a tightly controlled monetary system is unlikely to be seen as an advantageous strategic move for their citizens. But just like North Korea, this decision will be helpful in continuing to consolidate power and ensure the longevity of the dictatorship.” - Anthony Pompliano
China are saving their country for people using their resource power for their own benefit, and people on internet said china does not support bitcoin. right know people there are using it into the limit . and many new company are created especially for mining only . this why their government are taking care this more seriously. I really hope that bitcoin will not get any impact from news such like this anymore.
I don't know what the real reason the Chinese government is doing raid and bans bitcoin mining but it's true that this is not the first time they have done it. This will certainly affect bitcoin in the short term as raid and bans continue to be carried out by the Chinese authorities. But whatever China's purpose of conducting raid and bans minning, I'm sure they won't get a bigger profit than that. China has forced miners out and I'm sure other countries are ready to accommodate it.
I think China has no other reason than to fear that bitcoin could destabilize the country's economy in the long run. Meanwhile, high power consumption and environmental pollution are reason that do not make sense when miners have used renewable energy sources. Although "afraid is not a definite reason, but it seems they are really afraid of the power of bitcoin.
I think China has no other reason than to fear that bitcoin could destabilize the country's economy in the long run. Meanwhile, high power consumption and environmental pollution are reason that do not make sense when miners have used renewable energy sources. Although "afraid is not a definite reason, but it seems they are really afraid of the power of bitcoin.
maybe we hope like that, this is only a short-term minus and long-term income even though lately it has had a low cycle and we are very confident that the price will stabilize again. maybe it will return to the best point as in a few years ago.if all will feel very confident that the thing that makes us return to the enthusiasm for investing as before, with very high optimism and maybe in a relatively short time will a revival to bitcoin itself
I totally agree with your opinion, because of the bitcoin ban in China I strongly believe it will be negative in the short term and will be positive in the future, because China has banned bitcoin mining many times, in the past year they have also done the same thing, but the proof is bitcoin still in a safe place..and still there today..
It must be admitted that external bad news will certainly affect it, it is impossible to avoid it, maybe only the level will determine, because if the news is continuous then the level will not be too sensational when it first occurs. because china has done this for the umpteenth time and everyone already knows that.but indeed the impact is always there because the character of investors is clearly different and there are those who already understand but also those who do not know. but with the passage of time will eventually get used to things like this. adjustment will occur because bad news is always unavoidable, it's just a matter of how everyone reacts
I totally agree with your opinion, because of the bitcoin ban in China I strongly believe it will be negative in the short term and will be positive in the future, because China has banned bitcoin mining many times, in the past year they have also done the same thing, but the proof is bitcoin still in a safe place..and still there today..
There will be two long-term advantages as the hash rate moves out of China:
These miners will have access to more stable / reliable sources of electricity wherever they move to... in the past many Chinese miners have had to move rigs from locations with hydroelectric sources to inner Mongolia with coal-powered sources ... and back and forth as hydroelectric power wasn't as reliable a supply with draughts.
... that and wherever they move to will be politically more stable for crypto.
So the hash rate will come back online eventually and will only be more stable and reliable.
And the distribution of the concentration of hashrate out of China is of course great for bitcoin generally.
These miners will have access to more stable / reliable sources of electricity wherever they move to... in the past many Chinese miners have had to move rigs from locations with hydroelectric sources to inner Mongolia with coal-powered sources ... and back and forth as hydroelectric power wasn't as reliable a supply with draughts.
... that and wherever they move to will be politically more stable for crypto.
So the hash rate will come back online eventually and will only be more stable and reliable.
And the distribution of the concentration of hashrate out of China is of course great for bitcoin generally.
In any aspect in the world where there is competition, China always make sure that they can outsmart the other countries. It might seen bad for bitcoin on having mining within Chinese territiories banned but sooner or later, we will see how beneficial it will be both for bitcoin and for China with regards to bitcoin. We should analyze further more why such things are happening so that we can have an idea on what are the best thing during such transitions or situations. China and crypto will soon play well with each other and rest assured that China will be included on those who will dominate the world.
china is nothing, to hell with their government
spread Bitcoin fud to increase the use of the digital yuan is a very hypocritical act
the BTC miners in there are smart people, they definitely know what to do, moving their facilities to another country is the best way
after this fud passes like the wind then we will see a price spike on BTC, keep hold
correct because the opportunity of mining bitcoin still huge than what's China trying to do.. Only fuds is the problem here but for sure this will not long last and only for shorts. Indeed bitcoin is proven tested so once they're all gone spreading fuds, bitcoin will start to spike again like what always happen because ever since i don't see bitcoin didn't fight every time someones trying to make him down on the market, how much more now that it almost hiy the highest price on this year... There will be more surprises in the future for sure. spread Bitcoin fud to increase the use of the digital yuan is a very hypocritical act
the BTC miners in there are smart people, they definitely know what to do, moving their facilities to another country is the best way
after this fud passes like the wind then we will see a price spike on BTC, keep hold
So in totality it is still Bitcoin is the roots of their Digital yuan and this brings them to be stupid enough to amake false accusation against bitcoin while they are pushing Digital Yuan.
china is nothing, to hell with their government
spread Bitcoin fud to increase the use of the digital yuan is a very hypocritical act
the BTC miners in there are smart people, they definitely know what to do, moving their facilities to another country is the best way
after this fud passes like the wind then we will see a price spike on BTC, keep hold
correct because the opportunity of mining bitcoin still huge than what's China trying to do.. Only fuds is the problem here but for sure this will not long last and only for shorts. Indeed bitcoin is proven tested so once they're all gone spreading fuds, bitcoin will start to spike again like what always happen because ever since i don't see bitcoin didn't fight every time someones trying to make him down on the market, how much more now that it almost hiy the highest price on this year... There will be more surprises in the future for sure. spread Bitcoin fud to increase the use of the digital yuan is a very hypocritical act
the BTC miners in there are smart people, they definitely know what to do, moving their facilities to another country is the best way
after this fud passes like the wind then we will see a price spike on BTC, keep hold
china is nothing, to hell with their government
spread Bitcoin fud to increase the use of the digital yuan is a very hypocritical act
the BTC miners in there are smart people, they definitely know what to do, moving their facilities to another country is the best way
after this fud passes like the wind then we will see a price spike on BTC, keep hold
spread Bitcoin fud to increase the use of the digital yuan is a very hypocritical act
the BTC miners in there are smart people, they definitely know what to do, moving their facilities to another country is the best way
after this fud passes like the wind then we will see a price spike on BTC, keep hold
Couldn’t have said it better. It’s crazy they can’t see how nimble making a NEW currency is in the time of crypto. hunch hunch even the US is scared of it, just a little clue. I’m just a avg civilian and I can see that...
Well China clearly knows what they are doing and with their strong economy they can easily support the coin they will be creating now like US that is now in bad economy.China government second time ban cryptocurrencies uses in his country because they once ban Binance exchange 2017 and now they ban cryptocurrencies 2021 so easy to understand that they would again permit cryptocurrencies. So wait for another bull run. ...
China Banned the Mining in some areas and not the whole country , and with this effect the market shaken slightly but look at it now , recovering fast with good movement upward since yesterday.China Banned the Mining in some areas and not the whole country , and with this effect the market shaken slightly but look at it now , recovering fast with good movement upward since yesterday.
The recent bitcoin price correction may have an impact on China's mining ban in some region. Price correction have been happening so frequently lately and this has created a lot of hesitation among short or medium term holders and investors to hold bitcoin longer. Nonetheless, the market recovered more quickly and currently bitcoin has traded back at $34K after dropping briefly to $29K yesterday. 
If you put price charts and hashrate charts together last time price was in $30k range hashrate was 114 on average and currently it is about 90 on average which is a 20% drop. Of course when price was $58k on average the hashrate was 140 on average which we shouldn't use in calculation for obvious reasons I mentioned above. But when you do you get 35% which is misleading.
Sorry, but when was that?
Also, the fact you're using max price hash rate as an indicator of optimal profitability, that's misleading.
The hashrate from August till November last year was between 120-140Exa, with the price in the range of 9-13K, it would make zero sense for somebody that was mining at that time to turn of their gear now because of the slump in price. We're still talking about 3x profitability compared to November at the same profitability as the second part of May when we reached 179.25 EH/s or the same as in February where we were also at 155.47 EH/s, while now we're moving towards 100EH/s not taking into account miners that have already moved, not considering constant gear delivery done by Bitmain since then, especially the May batch.
How can you say that after what happened in Xianjing? We had a forced closure of mining farms, documented even by Chinese miners and the hashrate dropped to 30% exactly on that day, as soon as they reopened the hashrate went back to normal.
It may be slightly higher, it is just an approximation, maybe an extreme one but still.Also keep in mind that over the past two month we have had a lot of price drops and these falls started after we were sitting above $50k for a couple of months, which means hashrate had grown to that price or close to it. That also means part of the hashrate drops is because of miners' low profit (or lack of it). We can't associate it all with China, even the sudden drops.
If you put price charts and hashrate charts together last time price was in $30k range hashrate was 114 on average and currently it is about 90 on average which is a 20% drop. Of course when price was $58k on average the hashrate was 140 on average which we shouldn't use in calculation for obvious reasons I mentioned above. But when you do you get 35% which is misleading.
Couldn’t have said it better. It’s crazy they can’t see how nimble making a NEW currency is in the time of crypto. hunch hunch even the US is scared of it, just a little clue. I’m just a avg civilian and I can see that...
Well China clearly knows what they are doing and with their strong economy they can easily support the coin they will be creating now like US that is now in bad economy.China government second time ban cryptocurrencies uses in his country because they once ban Binance exchange 2017 and now they ban cryptocurrencies 2021 so easy to understand that they would again permit cryptocurrencies. So wait for another bull run. ...
China Banned the Mining in some areas and not the whole country , and with this effect the market shaken slightly but look at it now , recovering fast with good movement upward since yesterday.
I very much agree with the op’s point of view. Although China hinders Bitcoin from various means such as mining and trading, we can also see that many mining farms have gradually moved to other countries, which just diversifies China’s computing power, which is for other countries. It is a good thing, and under such severe measures, Bitcoin is still above $4,000, indicating that the impact on Bitcoin is not that big. I believe that after these, Bitcoin will slowly rise, and it is still in a bull market.
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