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.
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. ...
That's right, the fud that happened because of China will only have a short impact on the market...
I read on online news that hundreds of Bitcoin miners from China moved to Kazakhstan, This is good news and has a good effect on Kazakhstan. in the next few weeks or months maybe the Bitcoin price will sideway but by the end of the year we will see new ATH of BTC.
I read on online news that hundreds of Bitcoin miners from China moved to Kazakhstan, This is good news and has a good effect on Kazakhstan. in the next few weeks or months maybe the Bitcoin price will sideway but by the end of the year we will see new ATH of BTC.
Anything moving out of China is something positive IMO, given that the government always wants to get a fair share of the pie and be always on the lookout for possible things that goes against the ideals of the communist party. The initial reaction would mostly be negative, especially the markets, but like what happened years ago, the market will just cope and continue existing and prospering.
This is truly a missed opportunity for China!
The problem these guys have is they want to control everything
in their way,, and if they understood that cryptocurrencies are successful because they aren't under the sole control of one entity....I don't think they would be introducing a state owned coin because frankly I don't see it being as popular as decentralized coins like bitcoins.
This makes one ask if these guys even consult before making these decisions, do they have millennials to give them an insightful view of how crypto works...anyway these will be on the wrong side of history.
The problem these guys have is they want to control everything
in their way,, and if they understood that cryptocurrencies are successful because they aren't under the sole control of one entity....I don't think they would be introducing a state owned coin because frankly I don't see it being as popular as decentralized coins like bitcoins.
This makes one ask if these guys even consult before making these decisions, do they have millennials to give them an insightful view of how crypto works...anyway these will be on the wrong side of history.
China is a crazy country where you can get executed in public and where they show off people on a death row to the public on stadiums. I wouldn't even try to explain their actions.
It's important for people to understand that even if all mining in china were to shut down on the same day the network wouldn't become compromised in any way. Even if blocks slow down for a while it's not a bearish sign! What you're seeing is miners being forced to sell the coins they were stashing to have enough money to move their operations abroad. This was to be expected for months if you lived in China.
All attacks on the network are a bad sign but they also make it more robust. Chinese government is stupid to think that banning all other cryptocurrencies will make people use their own centralized coin.
The leaders are spoon feeding shit to their people and sooner or later they're going to puke it back at them.
in fact bitcoin is starting to go green again, will it last long, as seeing altcoins start to follow it little by little lessens the downside. so like the OP said this will only last for the short term, or is it positive in the long term.
It's certain that Bitcoin current rise is still under powered, after so many dumps.
It's certain that Bitcoin current rise is still under powered, after so many dumps.
This is truly a missed opportunity for China!
The problem these guys have is they want to control everything
in their way,, and if they understood that cryptocurrencies are successful because they aren't under the sole control of one entity....I don't think they would be introducing a state owned coin because frankly I don't see it being as popular as decentralized coins like bitcoins.
This makes one ask if these guys even consult before making these decisions, do they have millennials to give them an insightful view of how crypto works...anyway these will be on the wrong side of history.
The problem these guys have is they want to control everything
in their way,, and if they understood that cryptocurrencies are successful because they aren't under the sole control of one entity....I don't think they would be introducing a state owned coin because frankly I don't see it being as popular as decentralized coins like bitcoins.
This makes one ask if these guys even consult before making these decisions, do they have millennials to give them an insightful view of how crypto works...anyway these will be on the wrong side of history.
I think that this may bring some advantages for the bitcoin community overall, since bitcoin have started getting popular people started questioning its decentralizations since china has the majority of the hashrate, and since it is going to take some actions regarding mining it, hopefully the hasrate that we lose from Chinese miners gets replaced elsewhere in different parts of the world which will make bitcoin more and more decentrelized, so maybe the dip that we are getting right now will have some good outcome in the long term.
This short or long term will greatly affect the development of Bitcoin or cryptocurrency, China dealt a hard blow today, because China had a significant impact on the bears this time. The news of China expelling miners coincided with a death-cross when the short-term average price trendline crosses below the long-term average trendline.
this is not the first time China has stifled the growth of cryptocurrencies. China has been hampering the development of cryptocurrencies since 2017 and now it may be at its peak, driving miners out of China. Even though 50% of miners in China use renewable energy sources, China doesn't care.
this is not the first time China has stifled the growth of cryptocurrencies. China has been hampering the development of cryptocurrencies since 2017 and now it may be at its peak, driving miners out of China. Even though 50% of miners in China use renewable energy sources, China doesn't care.
This already happened years ago since for many years China hasn't had "majority of hashrate". I speculate that only about 20% of the hashrate is currently located in China, the rest is spread across the globe. Unfortunately people usually confuse "mining pool" (which a server that miners coming from all around the world can connect to) with "mining farm" (which is actual hashrate). There are multiple mining "pools" owned by Chinese that have majority of hashrate among them but there aren't enough mining farms in China to get "majorith of hasharate".
I appreciate your excellent point. Mining pool is just brand new and I can connect my rigs to any mining pool I want, if they don't restrict my national IP. Unfortunately, because there is no way to get exact numbers, and no public and transparent report about it, people only guess and believe that most of hashrate is in China. They believe so because China is a biggest manufacturing location of the world and also for ASICs.They have reasons to believe so.
Farther perspective, it will be long-term positive changes for Bitcoin decentralized network, by higher decentralization in geographical locations of mining farms and ownership of hashrate.
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
I second the statement. It's a short term negative but long term positive. China has an authoritarian government who tries to maintain absolute control on everything within their country. So a free monetary system like bitcoin is essentially seen as a threat by the Chinese government. So they have done exactly what they do best - banned it!
But I strongly believe that it's definitely good for bitcoin. Too much Chinese intrusion is not good on anything. Bitcoin is no difference. So if the Chinese are leaving the market, that's a net positive.
Gotta hand it to this Anthony Pompliano guy for having such great insight. Although it may seem pretty obvious with just common sense, not everyone is capable of using their common sense in a great way. Specially the leaders of countries that pin down the any crypto enthusiast in their country. Very selfish, dumb and short sighted. imagine just how dumb a leader can be to not see the potential of this industry and the benefits it can give to the people and the economical system as a whole.
It seems as though some miners in China has been shutting off their miners and they have been shifting it to Texas,
where the governments are more positive on Crypto currencies.
where the governments are more positive on Crypto currencies.
Fixed that for you.
Thanks to Bitcoin Miners, Texas is now the new home for soon to be constant rolling blackouts.
And in ~3 years the next place to ban bitcoin mining forever.
If they can last that long before the bitcoin miners excessive waste crash their power grid.
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
The Chinese government wants the Yuan to succeed over all else at the end of the day and they were content to ignore Bitcoin while it was earning them a fair chunk of cash. More recently the cash it has generated has been offset by the bad reputation for dirty fuels used to power the miners and there is little more important to the elites at the top than "losing face" among the world. Bitcoin is pretty insignificant compared to the actual fiat currencies that are in use and getting traded around the world each day - it has become simply a commodity hoarded by the richest to aid diversification within their huge portfolios. The sort of people sitting on large amounts of Bitcoin right now are the billionaires who buy football clubs and mega-yacht's - that money doesn't mean much to them as they will earn in back with little fuss in future. The Chinese government also doesn't like the idea that CCP officials or rich business people could be smuggling money out of the country in many ways undetected.
China a widely populated country in the world majority Bitcoin users are in from china . So bans cryptocurrencies in china has a strong influence in cryptocurrencies market. But most of the projects investors and traders think it's a unstable situation.
What's so good about over a billion of people losing access to easily buying and selling Bitcoin and legally using it as a currency? It's quite negative for long term of Bitcoin, though it was kinda expected for a long time already and it's not really going to stop Bitcoin. Would you be cheering if even more countries in the world have banned Bitcoin?
Don't you know? Everyone should be hating on China!/s On a serious note, the only somewhat-positive I see here is concerning mining; "better" hashrate distribution and all that. Other than that, no not really. Looking past the price, this is definitely very bad news for the people of China mainly.
I speculate that only about 20% of the hashrate is currently located in China, the rest is spread across the globe.
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.
Plus the 20% is simply ridiculous, you're basically saying Bitmain has decided to ship more gear to partners than to fill its own farms and feed bitdeer which is constantly sold out for thousands and thousands of 100-500 THs plans. We know for a fact bitmain had almost 200 000 miners in 2020 at their disposal, everyone knows bitmain mines the shit with new models before selling them to others, just thinking they would be handling that many miners to others, and on top of that all those miners to be outside china is ridiculous, sorry but that's the word for it, ridiculous.
On top of that, mines in Sichuan are still mining, the rainy season is still in full swing yet this is how the hashrate looks for the last month:
- 15.97 % , - 5.30 % , and now the pace shows -17.86 and it ain't over yet.
20%? No way in hell!
It seems as though some miners in China has been shutting off their miners and they have been shifting it to Japan
Japan?
Japan has one of the highest prices in energy and more importantly, all its grid is deepened on coal and gas imports, what makes you think they will welcome a power-hungry business there?
What's so good about over a billion of people losing access to easily buying and selling Bitcoin and legally using it as a currency? It's quite negative for long term of Bitcoin, though it was kinda expected for a long time already and it's not really going to stop Bitcoin. Would you be cheering if even more countries in the world have banned Bitcoin?
These arguments will not remain practical until we remove the Chinese monopoly from the manufacturing of mining rigs. I don't understand why Taiwan or Korea manufacture mining rigs at a rate which is affordable to everyone (electricity is expensive in these two countries, so my preference would be Russia or Vietnam). Still, some diversification is badly needed. For those who are not aware of this, the three largest Chinese manufacturers (Ebon International, Bitmain and Canaan Creative) account for more than 90% of the global market share in Bitcoin mining rigs. Then there are smaller Chinese companies who hold most of the remaining share.
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
I agree with that statement,but cryptocurrency miners still haven't left China,despite all the regulatory pressure and FUD coming their way.
I guess that most crypto miners still like going business in China,because they have some advantages,that cannot be easily found in other countries-cheap electricity,cheap labor,cheap real estate,etc...
Moving their facilities to other countries won't be that easy.
We can't be sure that the miners will move into more 'capitalistic and democratic societies'.What if they move to Russia or Kazakhstan?Miners are interested in having cheap resources and affordable electricity.They don't care that much about the democracy or political situation of the country,where they want to start their business.
What happened to all the FUD that Bitcoin is too centralized because of China's miners? They're getting kicked out, and mining will become more decentralized, this is GOOD NEWS.
Somehow the BTC naysayers spin this as the new FUD. Newbies don't get too scared, powerful forces trying to buy your stash on sale, don't let them.
Somehow the BTC naysayers spin this as the new FUD. Newbies don't get too scared, powerful forces trying to buy your stash on sale, don't let them.
I think one of the biggest advantage of China's decision, is the shift of the hashing power.... because it has been a long-term debate and other countries even perceived that as a threat, because they were saying China was having a monopoly on the Bitcoin hashing power and that they might execute a 51% attack with that power. 
It seems as though some miners in China has been shutting off their miners and they have been shifting it to Japan and other countries, where the governments are more positive on Crypto currencies.
It seems as though some miners in China has been shutting off their miners and they have been shifting it to Japan and other countries, where the governments are more positive on Crypto currencies.
Well, it's just China trying to impose themselves as a country where they are in control of almost everything, and Bitcoin runs contrary to that. I'd honestly say it's wrong, but with how their mindset of how they should run their country works, it wasn't really an odd thing to happen. It isn't even the hashrate that they're going to regret, it's the fact that they let go of Bitcoin, something that the world would slowly transition, if not already transitioning into right now.
Bitcoin is going forward however the government around the world tries to act. Some miners are going to suffer and the price is going down for a bit but overall everyone would benefit from it. Miners around the world have better edge and decentralization would improve.
China's bitcoin mining bust is going to be bad for China. Chinese are one of the largest holder of bitcoin and they have realized that their government can't confiscate that property. It would further make people and business insecure leading to further buying and holding of crypto. They can always redeem it going aboard.
China's bitcoin mining bust is going to be bad for China. Chinese are one of the largest holder of bitcoin and they have realized that their government can't confiscate that property. It would further make people and business insecure leading to further buying and holding of crypto. They can always redeem it going aboard.
“Historians will write that China had a majority of hashrate within their geographic borders,
This already happened years ago since for many years China hasn't had "majority of hashrate". I speculate that only about 20% of the hashrate is currently located in China, the rest is spread across the globe. Unfortunately people usually confuse "mining pool" (which a server that miners coming from all around the world can connect to) with "mining farm" (which is actual hashrate). There are multiple mining "pools" owned by Chinese that have majority of hashrate among them but there aren't enough mining farms in China to get "majorith of hasharate".
Well yeah absolutely. China kicking out bitcoin mining does absolutely nothing to hurt bitcoin. All it'll end up doing is make mining more geographically decentralized.
China banning bitcoin mining makes Bitcoin stronger than ever (and one less thing for bitcoin critics to bring up as well).
The Chinese government has really shot their nation in the foot over the years with their fear of Bitcoin. They used to be the dominant player in what will one day be a market worth tens of trillions of dollars, and instead they chose to ban it. It really is similar to the self-inflicted negative impact of North Korea not allowing citizens access to the internet. Free countries celebrate bitcoin, oppressive countries attack it, while Bitcoin just keeps growing.
China banning bitcoin mining makes Bitcoin stronger than ever (and one less thing for bitcoin critics to bring up as well).
The Chinese government has really shot their nation in the foot over the years with their fear of Bitcoin. They used to be the dominant player in what will one day be a market worth tens of trillions of dollars, and instead they chose to ban it. It really is similar to the self-inflicted negative impact of North Korea not allowing citizens access to the internet. Free countries celebrate bitcoin, oppressive countries attack it, while Bitcoin just keeps growing.
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
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