Could the Chinese Govt take over the mining of BTC?

Pan Troglodytes

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Activity: 392

Merit: 39

Quote from: zxl912157 on August 18, 2018, 01:17:44 AM

First when hearing Bitcoin is banned by China when 2017 and Bitcoin has experienced a significant price decline, around 2017.

And now if the Chinese Government takes over mining, then the price of Bitcoin will rise as well as the price, so that is great to make the market return to GREEN.

It is happening all over again - they ban it just to "unban" it a quarter later, then they start some rumour and then some more. I have a feeling it is all happening so just a few lucky individuals can get some free bitcoin on insider trading.

zxl912157

sr. member

Activity: 588

Merit: 250

First when hearing Bitcoin is banned by China when 2017 and Bitcoin has experienced a significant price decline, around 2017.

And now if the Chinese Government takes over mining, then the price of Bitcoin will rise as well as the price, so that is great to make the market return to GREEN.

Taki

hero member

Activity: 1078

Merit: 514

The first of all explain me all advantages and disadvantages of such move, coz I do not understand why would it be so hurting or opposite.

aezotxmb

newbie

Activity: 116

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I don't think the Chinese government will be able to control these mines, which is not good for the government.

Andrew S

newbie

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China is very correct about the situation in the world. They were the first to believe in bitcoin and are now its main beneficiaries.

Yazrielle

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Merit: 10

A Chinese bitcoin mining takeover will enable the government to take direct control over the international transaction aspect of it. Additionally, the government might want to use that mining power to attack bitcoin to hurt US and Japanese bitcoin holders – according to the post, 80% of the coins are held by people in Japan and in the US.

popelene1

newbie

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Taking over it wont speak good to the crypto currency lover at large, for them doing that means they are trying to remove the purpose of tge decentralized btc was created for.

wtbhitlv

newbie

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There is no need for the Chinese government to take over such operations because they can generate a lot of revenue for local governments.

Harrisonimo

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Quote from: jamesashmore1964 on June 14, 2018, 05:13:18 AM

This news is slowly coming out but over half the Bitcoin miners are Chinese entities!
What would happen if the Chinese Govt took the mining over from the entities: It is a scary possibility and i was made aware of it on a you tube channel that has 200,000 subscribers!

Just as preprogrammed, the cryptocurrency market is not a government owned operation. As much as mist of the Bitcoin miners come from China, it doesn't give the government of the country effrontery to take over the mining processes of bitcoin. But maybe an agreement might be reached later on in future as to how the government can come in to partner with the miners but definitely not taking over.

cryptjh

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Activity: 532

Merit: 187

Quote from: jamesashmore1964 on June 14, 2018, 05:13:18 AM

This news is slowly coming out but over half the Bitcoin miners are Chinese entities!
What would happen if the Chinese Govt took the mining over from the entities: It is a scary possibility and i was made aware of it on a you tube channel that has 200,000 subscribers!

If the Chinese Govt took over all the big mining’s farms, then they cut try to do a 51% attack, if that was what they wanted to do, but I really don’t think that would happen.
Mining Bitcoins consume a lot of electric, so local governments will maybe try to close them down. But I think the mining’s farms would just move around if that becomes a problem.

blockdragon

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Activity: 189

Merit: 10

they could do it because they have the capability of doing so as a communist government, but in a possible scenario like that the community if still believe in decentralization would make a reaction to shift it.

gpamfmcq

newbie

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If the price of Bitcoin continues to climb, and the need for more power continues to increase, the Chinese government may take over the mining business. For the time being, I don't think that's going to happen.

gpamfmcq

newbie

Activity: 160

Merit: 0

I don't think the Chinese government will take over the mining business. There are many mining practitioners in China who have mining agreements with local government departments. In fact, local governments can get a lot of benefits in mining.

telisitan

newbie

Activity: 14

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Most of China's mining is in some backward areas, which require financial help from these sites, so it will not be taken over by the government.

yyourboss

newbie

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There may be no takeover. There are many local governments in China that have a partnership with these mines, which can actually provide some benefits for China.

Desscount

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Activity: 1386

Merit: 101

ComboLabs

Quote from: jamesashmore1964 on June 14, 2018, 05:13:18 AM

This news is slowly coming out but over half the Bitcoin miners are Chinese entities!
What would happen if the Chinese Govt took the mining over from the entities: It is a scary possibility and i was made aware of it on a you tube channel that has 200,000 subscribers!

I think it will never happen, especially china has been very prohibited in this industry. because that's why I'm optimistic the Chinese government will not do that.

maneka

newbie

Activity: 42

Merit: 0

I simply think that the Chinese government has nothing to do with the exploitation of Bitcoin, it's entirely by their own machinists, China is the largest bitcoin mining country in the world because it has the right Access to cheaper power sources. Not only China has the largest bitcoin miners

[email protected]

newbie

Activity: 28

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The Chinese government is a very erratic government. At times it does not prohibit Bitcoin, but the next day it issued a moratorium on electronic money. It's hard to talk about the possibility of this happening

maxreish

sr. member

Activity: 1330

Merit: 326

They will not likely do that mining. After giving restrictions to the mining of bitcoin, Chinese people will surely against it if Government takea over the mining of bitcoin instead. They have to play fair for their people.

Sanu Simon

member

Activity: 215

Merit: 11

Government in China is not that against the bitcoin network, at times due to the fraudulent incidents taking place through the cryptocurrency network, the government came up with plans to regulate. This doesn't have any of the back plan to take everything under government's control and earn the profits.

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