China's complicates Bitcoins miners | Bitcointalksearch.org

sindikat

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Quote from: Kevin77 on November 24, 2017, 11:02:31 AM

Quote from: appleffi on November 18, 2017, 05:54:46 AM

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.

I do not see China as a country that should be making the community sweat. In fact, we give the country too much relevance. Certainly, we understand that the huge mining rigs are present there but that does not mean that is the only place miners exist.

Bitcoin has shown itself so strong that without China it would keep on going, so I see no reason why we should let news from this region raise huge issue or debates.

The joint action of Chinese miners can destabilize the bitcoin market. It is not like everyone. A big mistake that the developers did not take into account the fact that the miners can be traitors. I think that now the primary task of developers should be to decentralize the mining of bitcoin. It should do small miners but not large pools.

Kevin77

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Quote from: appleffi on November 18, 2017, 05:54:46 AM

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.

I do not see China as a country that should be making the community sweat. In fact, we give the country too much relevance. Certainly, we understand that the huge mining rigs are present there but that does not mean that is the only place miners exist.

Bitcoin has shown itself so strong that without China it would keep on going, so I see no reason why we should let news from this region raise huge issue or debates.

abhishekkapoor

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They are banning the Bitcoins so certainly they will make everthing become harder for Bitcoin's miners because directly, they are the main people provide bitcoins to the world.

cydrix

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Quote from: TagaMungkahi on November 14, 2017, 10:24:21 PM

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.

Yeah might as well specualte more on this matter before making nonsense reaction nor assumptions. True that bitcoin is still working even as if without China and other countries as well because it is decentralized in everyway it is helping alot for many issues that this feature is almost untochable for some countries.

Raegorl

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We shouldn't listen too much to China FUD unless it comes from an official source connected to the government. So far, people are abusing the media to manipulate the prices in whichever way they want the coin to swing, and the masses are following while whales profit and accumulate more and more coins.

Don't give in to their media pressure and hold!

beerlover

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Quote from: ahkiatt on November 20, 2017, 03:01:23 AM

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?

They are not banning and even with the rumor about not giving the miners preference when it comes to electricity which for whatever reasons, does not mean that mining won't go on. Best that would ever happen is the difficulty reducing and more miners even finding a way to step in.

The community in itself just likes creating FUDs unnecessarily and if they like they should be unfriendly to the bitcoin ecosystem, but they should already know by now that they really can make so little impact on bitcoin's growth.

Bitcoinjheta

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Quote from: innocent93 on November 22, 2017, 08:58:06 AM

Quote from: AVAMONEY on November 14, 2017, 08:45:21 PM

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

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.

Yes, bitcoin is illegal in China, but i think there is also a problem of electricity resources, considering how big is that country and compared with the electricity necessity of population, there can implemented some new regulations. Thin at the water resources in California.

Few months ago chinesse government has never been favorable to bitcoin or digital currency in general, bitcoin miners in china were not able to sell their mined bitcoins as it was before. And now, they have finally decided to ban bitcoin mining.
Because the government found that bitcoin are not being taxed.

innocent93

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Quote from: AVAMONEY on November 14, 2017, 08:45:21 PM

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

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.

Yes, bitcoin is illegal in China, but i think there is also a problem of electricity resources, considering how big is that country and compared with the electricity necessity of population, there can implemented some new regulations. Thin at the water resources in California.

iram1011

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This time no one gonna fall for this. Enough of Chinese drama. The rumored exchange ban didn't turn out to be to true. Many of the Chinese exchanges like OKcoin and Huobi are working fine. I read somewhere that last Bitcoin exchange ban drama was carried out by exchanges only to bring a temporary dip. This time also I won't believe this unless the Chinese government itself confirms it.

Chinese government has only banned ICOs so far. All the other rumored bans are BS.

salihno71

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I would take this with a grain of salt. China does not have a problem with a bitcoin itself but with a fact they cannot control it on their territeory. If they want to ban mining, they will surely do it in a different and fully direct way and not like this.

Bolt Brownie

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I think that is just more FUD as usual, and the article finishes by saying that the story is not confirmed so I think we should discard it for now. Even if it was true, that would just mean that the miners would have to move to another country, and I'm sure there are plenty of countries that would welcome them right now. Russia still doesn't have a clear position on bitcoin, but it still seems that they are welcoming miners right now. If China follows this path, it will be their loss again, and I don't' think they will do this.

pawanjain

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Looks like China is trying really hard to to spread FUD in the crpypto market. Their initial plans to ban ICOs and shut down Bitcoin exchanges didn't seem to workout very well since Bitcoin is at new heights now and may be that's why they are using mining platform now to spread the FUD.
Even if China stops giving the required electricity to the miners it won't make such a big deal since the mining difficulty will become less if Chinese people stops mining. It might be an advantage for other miners to gain profit and then may be the miners who jumped to BCH will come back to BTC to gain more profits. This sounds to me like a win win situation.

el kaka22

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Quote from: miyaka26 on November 18, 2017, 09:21:12 AM

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.

The truth is that most of this news coming from this region is not even verified.

Definitely, most of them have been known to have been used to create a lot of FUD in the past using the ICO bans and the exchanges as the center to create such FUD. All the above, China have their own policies and if it becomes unfavorable for their citizens, that does not stop them from finding a way to make it favorable for themselves. Even if it means finding a better means somewhere else.

Lancusters

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Quote from: haroldtee on November 21, 2017, 06:18:43 AM

Quote from: allthingsluxury on November 20, 2017, 11:42:12 AM

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.

I would not really blame them since they have always had this strict policies when it comes to monetary laws and they feel threatened by the usage of bitcoin and some of the activities surrounding it. China knows bitcoin is unstoppable and they know there is so little they can do about causing anything to stop it. So, whatever they do, at the end, bitcoin will still win and I really do not see what they want to pull off from even the present rumor that would hugely affect the miners that much and even if it does, they can just easily find an alternative.

It seems to me that the news is FUD. It is used by whales to drive the situation on the market of cryptocurrencies. If at some point the Chinese government will decide that they need to ban the activities of the miners they can do without additional legislation. It is enough to raise the price of electricity. The miners themselves will move their business to countries with lower price of electricity.

haroldtee

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Quote from: allthingsluxury on November 20, 2017, 11:42:12 AM

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.

I would not really blame them since they have always had this strict policies when it comes to monetary laws and they feel threatened by the usage of bitcoin and some of the activities surrounding it. China knows bitcoin is unstoppable and they know there is so little they can do about causing anything to stop it. So, whatever they do, at the end, bitcoin will still win and I really do not see what they want to pull off from even the present rumor that would hugely affect the miners that much and even if it does, they can just easily find an alternative.

AjithBtc

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Such kind of FUD often gets circulated around. The electricity is a major issue with the mining operations, but the same can be overcome easily with the different technology solutions available. The recent ico issue or the ban of exchanges were to regulate the usage as well to avoid the faking the trade volume through exchanges. This doesn't mean that it is complicated.

fiulpro

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China..aims at destroying bitcoins.. its doing everything it can..well I think after banning ICO'S and bitcoin exchanges...now it wanna curb the mining but...!
The reason it isn't doing so is because..it feels that if that happens then the price will again.. get back up afyer a while..thus I think.. Increasing the minning bill is something that they are doing to put a huge loss..on bitcoins..due to this the mining fee will increase and the bitcoin market will suffer a more permanent loss.

darewaller

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Quote from: AVAMONEY on November 14, 2017, 08:45:21 PM

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

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.

Huh, already said– illegal operation– Chinese government sees Bitcoin mining, ICOs and all of them that are associated with cryptocurrencies as illegal operations. Though I’m not 100% sure if they really banned other cryptocurrencies or just Bitcoin, because I’ve never seen or heard that they banned other cryptocurrencies, except bitcoin.

So maybe it’s just Bitcoin, and if so, then Chinese people who are interested in Cryptocurrencies can convert to altcoins by selling off their Bitcoins to exchangers. Just saying.

carlfebz2

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Quote from: nidacoinlove on November 20, 2017, 12:15:23 PM

Quote from: wuvdoll on November 20, 2017, 02:47:37 AM

Quote from: 949miner on November 14, 2017, 11:55:22 PM

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.

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.

Fake news keeps on circulating most of the time from china region because mining industry is still working there. I guess the speculators don't have anything else now to say to create a suspense about bitcoin so they have now focused on the mining weakness of bitcoin. As we know that a majority of miners has already left bitcoin mining, the few miners we are left with are from China mostly. This could be a best speculative tool as well as a serious threat to bitcoin mining.

Its not actually surprising which those kind of news would really exist on this market specially price of bitcoin is soaring up high which those personalities or groups will really create some fuds just to make the price go down so that they would able to accumulate bitcoin for cheaper prices but this news is actually fake which the same on most people do said here. Its possible to happen but wont really happen on these days.

nidacoinlove

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Quote from: wuvdoll on November 20, 2017, 02:47:37 AM

Quote from: 949miner on November 14, 2017, 11:55:22 PM

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.

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.

Fake news keeps on circulating most of the time from china region because mining industry is still working there. I guess the speculators don't have anything else now to say to create a suspense about bitcoin so they have now focused on the mining weakness of bitcoin. As we know that a majority of miners has already left bitcoin mining, the few miners we are left with are from China mostly. This could be a best speculative tool as well as a serious threat to bitcoin mining.

malikusama

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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.

audaciousbeing

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Quote from: AVAMONEY on November 14, 2017, 08:45:21 PM

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

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.

allthingsluxury

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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.

fanbeila

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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 Shocked

and BCH is the true bitcoin Cheesy

ahkiatt

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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?

wuvdoll

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Quote from: 949miner on November 14, 2017, 11:55:22 PM

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.

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.

miyaka26

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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.

Granxis

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Quote from: xuan87 on November 15, 2017, 05:17:28 AM

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.

appleffi

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Quote from: AVAMONEY on November 14, 2017, 08:45:21 PM

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

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.

el kaka22

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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.

TheCoinGrabber

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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.

Quote from: soham on November 15, 2017, 05:35:53 AM

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.

ladydark

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Quote from: TagaMungkahi on November 14, 2017, 10:24:21 PM

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.

yugyug

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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.

soham

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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!

meanwords

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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.

xuan87

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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

tibne

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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.

buwaytress

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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.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: Opquar on November 15, 2017, 04:51:43 AM

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.

Opquar

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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.

3rojan

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Quote from: 8270thNinja on November 15, 2017, 03:42:30 AM

Another Fake News or FUD news from China?. Anyway, it is better to let China go out of Cryptocurrency World, we don't need greedy people who want to casually manipulate prices for their own benefit, Chinese Government is just a control freak Government. If they are officially out of Cryptocurrency activities mainly the mining then it will open a lot of opportunities for other miners and also Bitcoin enthusiasts who wants to get into Mining.

There's potentially so much money to be made here. I highly doubt they will pull out of the crypto world entirely.

8270thNinja

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Another Fake News or FUD news from China?. Anyway, it is better to let China go out of Cryptocurrency World, we don't need greedy people who want to casually manipulate prices for their own benefit, Chinese Government is just a control freak Government. If they are officially out of Cryptocurrency activities mainly the mining then it will open a lot of opportunities for other miners and also Bitcoin enthusiasts who wants to get into Mining.

Baofeng

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Quote from: jseverson on November 15, 2017, 12:54:04 AM

Oh wow. China seems to be starting to crack down hard. I wonder what prompted their hostile attack on Bitcoin.

Still, it's too early to draw conclusions. The story seems to be unconfirmed thus far, so this may not even be true. And even if it is, we don't know for sure if the added electricity costs would force the miners to shut down. It may very well still be profitable, just less so. This just makes me think that Bitcoin's energy requirements are unsustainable and is definitely an issue that must be addressed going forward.

Well when they banned ICO and closes its exchanges, the next target is their mining business. However, I don't know if this is fake news or not because we have seen a lot of them being used as a tool by a lot of FUD's around here during the height of their crackdown.

I have to disagree with the energy requirements being unsustainable, China has abundant of energy and even have a surplus that it can't be depleted in the next 10-20 years. This is real crackdown.

Japan has already show enthusiasm to have its own mining farm and mining hardware. I'm sure they will again take over if ever China bans bitcoin mining.

jseverson

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Oh wow. China seems to be starting to crack down hard. I wonder what prompted their hostile attack on Bitcoin.

Still, it's too early to draw conclusions. The story seems to be unconfirmed thus far, so this may not even be true. And even if it is, we don't know for sure if the added electricity costs would force the miners to shut down. It may very well still be profitable, just less so. This just makes me think that Bitcoin's energy requirements are unsustainable and is definitely an issue that must be addressed going forward.

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Quote from: AVAMONEY on November 14, 2017, 08:45:21 PM

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

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.

Great, get ready to pay more transaction fees now. I don't understand what is the motive of China for banning bitcoin and related services or work? Mining in China contributes the largest towards the bitcoin community and if this cheap electricity is no longer provided to miners then everyone would face a lot of difficulties sadly.

Russia was trying to beat China in mining and we have no proper updates on it yet. There is a mayhem in the world of crypto currencies now, just we can pray to end this sooner.

949miner

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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.

chiggz

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The price of electricity will not impact bitcoin. If the price becomes higher, some miners will drop out as it might not be profitable. Miners dropping out will decrease the difficulty so mining blocks becomes easier hence Energy cost will go down until it matches the value of bitcoin. It's a system that self-corrects.

TagaMungkahi

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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.

AVAMONEY

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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

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.

Topic: China's complicates Bitcoins miners (Read 577 times)