Topic: China's complicates Bitcoins miners - page 2. (Read 577 times)
China has already taken many steps against bitcoin so this one is not unexpected at all. Although it is true that China has provided a paradise for bitcoin miners due to cheap electricity but declaring mining illegal will not going to effect the bitcoin in any way, however they will regret later on their useless restrictions and bans. Yes China is serious to fight in an already lost war against bitcoin.
We already know China's government has been ban initial offerings and bitcoin exchanges in since beginning of September this year.
At that time, all bitcoins exchanges in China have problems to continue this business. Some China's Bitcoins holder also divert all its assets to store in abroad exchanges.
Source from
https://cointelegraph.com/news/breaking-china-may-cut-off-cheap-power-to-bitcoin-miners
If this true will be applied then China's is serious to fight this Bitcoins business.
At that time, all bitcoins exchanges in China have problems to continue this business. Some China's Bitcoins holder also divert all its assets to store in abroad exchanges.
Source from
https://cointelegraph.com/news/breaking-china-may-cut-off-cheap-power-to-bitcoin-miners
Quote
The statement regarding the cessation of cheap mining electricity indicates that the Sichuan Electric Power Company has issued a circular indicating that it will no longer provide the necessary power from its grid-connected hydropower stations. The circular suggests that Bitcoin mining is ‘illegal operation.’ The circular has yet to be confirmed.
If this true will be applied then China's is serious to fight this Bitcoins business.
This is one of the reasons why I always maintained a contrary opinion when some people always hold the view that since bitcoin price surge after it crashed because of the two actions of the Chinese government that we can now do without China and that bitcoin has surpassed China but from what we can see here, China is not through with bitcoin.
Whether its speculation or not, its one of the last major card that Chinese government will have to play if all other options to stop bitcoin continues to fail and the moment this is played because of the high importance that mining plays in ensuring that bitcoin runs successfully, its going to deal a great blow on bitcoin but the moment this can be surmounted, we are fully sure of victory from the Chinese.
China WILL continue to crack down on Bitcoins and Cryptos in general, as they are a great means of getting your money out of the country easily. This is something that the Chinese government have been cracking down on and having issues with, so expect scrutiny to increase further.
China has never been friendly to bitcoin.It was just waiting for the correct time to take actions against bitcoin.China has already banned ICOs and bitcoin exchanges.
Now,it clearly knows that their country has the largest number of mining firms in the world.They know very well that unless they ban bitcoin mining,they would not be able to control bitcoin usage in their country.
Already bitcoin miners in china were not able to sell their mined bitcoins easily as it was before.And now,they have finally decided to ban bitcoin mining.
If that comes in to action,then the world would face a huge delay in confirmation of transactions and thousands of transactions would get stuck once again.
And again,BCH supporters would start shouting that BCH only could solve such issues
and BCH is the true bitcoin 
Now,it clearly knows that their country has the largest number of mining firms in the world.They know very well that unless they ban bitcoin mining,they would not be able to control bitcoin usage in their country.
Already bitcoin miners in china were not able to sell their mined bitcoins easily as it was before.And now,they have finally decided to ban bitcoin mining.
If that comes in to action,then the world would face a huge delay in confirmation of transactions and thousands of transactions would get stuck once again.
And again,BCH supporters would start shouting that BCH only could solve such issues
and BCH is the true bitcoin
Doesn't make much sense for them to ban if they can make money off excess electricity that is going to go to waste if left unused right?
I mean why would they say no to free money?
I mean why would they say no to free money?
I dont know why that country is releasing so many fuds and complications to the miners/holders or all of those guys who are making profit from cryptocurrencies. they are the most greedy country that have ever seen that affects the crypto world.
They are just applying regulations to everything that concerns about cryptos.. but i dont know, it has been posted yesterday and it was proved that it was a fake one, but it might happen in some time from now, so nobody knows about it yet.
LOL. You do not have to take it personal bro. If they think their actions can have an effect on bitcoin, then they are totally wrong.They are just applying regulations to everything that concerns about cryptos.. but i dont know, it has been posted yesterday and it was proved that it was a fake one, but it might happen in some time from now, so nobody knows about it yet.
Moreover, a lot of fake news has been generated from this region by whales so as to have some free money, but unluckily for them, those times are over and bitcoin is gaining more strength than normal. The mining issue is even something that would have zero impact on bitcoin.
I thought they will lift the ban for the exchanges and ICO applying extreme regulation for the both of them for various reasons, well a lot of FUD's and false news are spreading in the entire bitcoin community about china and now we are getting the possible ban for the miners that would make the community of china move to japan as i heard that they are starting to move to japan to trade and continue the living in crypto well the miners will follow if this is true.
From the beginning we can see that actually China's government is opposing Bitcoin and keep on finding a lot of way to stop Bitcoin usage, the government still hasn't found the right way to control Bitcoin, when they can't find a way to control then they will banned bitcoin
As far as I know, Bitcoin is forbidden in Bangladesh and Kyrgyzstan, but in fact the Bitcoin network can not be banned, which means that only companies are banned. The situation of China is quite interesting, they are forbidding icos, they are trying to make the minig difficult. The country that produces most asic miners can not do that. We already know China's government has been ban initial offerings and bitcoin exchanges in since beginning of September this year.
At that time, all bitcoins exchanges in China have problems to continue this business. Some China's Bitcoins holder also divert all its assets to store in abroad exchanges.
Source from
https://cointelegraph.com/news/breaking-china-may-cut-off-cheap-power-to-bitcoin-miners
If this true will be applied then China's is serious to fight this Bitcoins business.
At that time, all bitcoins exchanges in China have problems to continue this business. Some China's Bitcoins holder also divert all its assets to store in abroad exchanges.
Source from
https://cointelegraph.com/news/breaking-china-may-cut-off-cheap-power-to-bitcoin-miners
Quote
The statement regarding the cessation of cheap mining electricity indicates that the Sichuan Electric Power Company has issued a circular indicating that it will no longer provide the necessary power from its grid-connected hydropower stations. The circular suggests that Bitcoin mining is ‘illegal operation.’ The circular has yet to be confirmed.
If this true will be applied then China's is serious to fight this Bitcoins business.
Earlier this month, the news of bitcoin banned in china is a big setback for bitcoin and it also affects the miners. Though they can divert what they currently hold in abroad exchanges still this is a major problem that complicates the investors residing in China, they are really strict when it comes to bitcoin matter that is why this a very serious matter not only for the chinese bitcoin investor but also outside the china premises because their portion has a big part on what could bitcoin achieve.
Okay, another FUD creating news by the whales I guess!
Whatever China wants to do, they can go ahead with it and that will not in any way stop bitcoin usage all over the globe or by any means result to any dip.
If anyone is gullible enough to fall for shits like this and want to drop what they have at lesser value, they are free to do that as some of us are willing to take it from them. They can settle the scores within their country with the miners for all I care, but the community cares less.
Whatever China wants to do, they can go ahead with it and that will not in any way stop bitcoin usage all over the globe or by any means result to any dip.
If anyone is gullible enough to fall for shits like this and want to drop what they have at lesser value, they are free to do that as some of us are willing to take it from them. They can settle the scores within their country with the miners for all I care, but the community cares less.
This would mean that we get larger fees and slower transactions right? This could put some of the miners out of business. When there are less miners, do the speed of mining increases though? I heard the difficulty depends on the number of miners.
Well, I've never thought of it that way. I've heard that electricity there is one of the cheapest in the world and still some miners were still greedy enough to steal electricity.
That's a bad news for the crypto community as a whole. China's current electricity infrastructure doesn't support the huge increase in mining power consumption and probably that is the reason they want to cut it down. Why a government will support you for earning de-centralized money (without their regulation) using their subsidized electricity? That's a valid question. Instead the miners can move to green energy like solar panels or wind turbines. That's a huge initial investment, but the mining profitability will increase. But if this become reality, we will have to face a slow network with increased transaction fees and increased numbers of unconfirmed transactions. So it's not a good news for us!
Well, I've never thought of it that way. I've heard that electricity there is one of the cheapest in the world and still some miners were still greedy enough to steal electricity.
We can speculate that this article is just another Drama to create another Dip. If this is proven true, then okay, that it will be good for the Bitcoin system. Bitcoin is still working without China. The separation of China from Bitcoin would open a lot of opportunities to other miners and upcoming miners. It's time to get China's shit out of Bitcoin.
Its true that if bitcoin mining gets out of the hands of china,it would pave the way for decentralization in bitcoin mining.But it should also be noted that china has the majority of mining farms and bitcoin mining is still at its infant stage in other parts of the world.So,if china suddenly declares bitcoin mining illegal,definitely it would create a major issue in transactions confirmation at least for few months.So,china should delay some more time for banning bitcoin mining. 
When China is trying to ban bitcoin, there are other countries that open their door of opportunities for bitcoin miners, some other European region are planning to built hydro-electric plant for bitcoin mining. If China are against bitcoin and other cryptocurrency, maybe they are hiding something, someone that will replace bitcoin that may serve as the China's official cryptocurrency, Chinese government are fond of making internalisation program that they are able to control. Bitcoin is uncontrollable and unstoppable, that's why they are getting rid of it.
That's a bad news for the crypto community as a whole. China's current electricity infrastructure doesn't support the huge increase in mining power consumption and probably that is the reason they want to cut it down. Why a government will support you for earning de-centralized money (without their regulation) using their subsidized electricity? That's a valid question. Instead the miners can move to green energy like solar panels or wind turbines. That's a huge initial investment, but the mining profitability will increase. But if this become reality, we will have to face a slow network with increased transaction fees and increased numbers of unconfirmed transactions. So it's not a good news for us!
If China did really ban mining Bitcoin, It would become a serious problem as the mining fees will increase. We know that a decrease in miners, the transaction speed ofcourse will also decrease. Unless another country would mine as fast as china, then it wouldn't be much of a problem. Let's hope that all this Bitcoin mining problem will come to an end soon.
From the beginning we can see that actually China's government is opposing Bitcoin and keep on finding a lot of way to stop Bitcoin usage, the government still hasn't found the right way to control Bitcoin, when they can't find a way to control then they will banned bitcoin
They are at a cross road. In one hand, they don't want anybody challenge the government in the money making business. In another hand, they understand the blockchain technology will change this world dramatically. Expect some new policy with a twist coming out soon in China.
Not true. The issuing entity has clarified it is an internal memo and does not constitute a ruling from the institution in represents, rather is a branch internal decision.
Summary : you can't cut direct deals with bitcoin miners to sell off surplus cheap hydro electricity. You want a business deal you have to negotiate a public interest deal with the state.
Fair enough to me, really. If Bitmain and other corporates can secure open deals, everyone else should. Further legitimises the industry anyway.
Summary : you can't cut direct deals with bitcoin miners to sell off surplus cheap hydro electricity. You want a business deal you have to negotiate a public interest deal with the state.
Fair enough to me, really. If Bitmain and other corporates can secure open deals, everyone else should. Further legitimises the industry anyway.
This might actually be a good thing. Difficulty will adjust anyway, and there will be less power in the hands of Chinese miners. Only time will really tell tho. What is for sure is that China is against bitcoin.
I believe this will only help other country miners to gain an advantage. Popular belief (may be FUD) says that majority of the miners are from China. Hence if they drop out of the network the difficulty will decrease proportionally to the amount of miners lost. The rest of the world will thus be able to profit from this.
If China thinks Bitcoin is going to be bad for their country let them do whatever they want. It does not matter to the rest of the world - because bitcoin does not discriminate people on the basis of their country of residence.
This might actually be a good thing. Difficulty will adjust anyway, and there will be less power in the hands of Chinese miners. Only time will really tell tho. What is for sure is that China is against bitcoin.
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