Is Bitcoin Fall Because of China Or Actually They Dominates Bitcoin Mining

bitbunnny

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Of course, the price of bitcoin dropped because China holds the most Bitcoin mining plants. usually the amount of bitcoins will be mined more every day but now it is banned and it will certainly affect a lot of supply, you should know that China is contributing 65% of the total hashrate and it is a very large number. But this is only a temporary response because it's just a suggestion. Hopefully the Chinese government knows just how big the income from bitcoin mining is to think about the extent to which law is enforced.

That is not true. Bitcoin price didn't fdrop because of China, that is just pure speculation without any proof. Besides I wouldn't say that price has droped actually, it's more a minor correction. China and Chinese government are given too much influence regarding Bitcoin than in reality actually has.

Captain Corporate

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I doubt China has anything to do with a "fall" but honestly there hasn't been a fall neither so I doubt thats the case. This is more like whales fighting whales and we are just watching, we want the bull whale to win but bear whales are strong as well with how they can leverage shot futures that well and make insane amount of money too. Weirdly enough people forget that these are billions of dollars worth of investments for china as well, they wouldn't want bitcoin down because that would cause miners to lose money and when miners lose money that means china would lose money as well.

Colt81

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Quote from: ?? on ??

Of course, the price of bitcoin dropped because China holds the most Bitcoin mining plants. usually the amount of bitcoins will be mined more every day but now it is banned and it will certainly affect a lot of supply, you should know that China is contributing 65% of the total hashrate and it is a very large number. But this is only a temporary response because it's just a suggestion. Hopefully the Chinese government knows just how big the income from bitcoin mining is to think about the extent to which law is enforced.

Indeed. China do holds the most huge amount of bitcoin came from mining, that is why in every decisions China government makes it has a huge effect on bitcoin due to it's huge contribution. For now, it is still not finalized if China will ban bitcoin mining in their country.

tenakha

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China has been one of the leading roles in crypto and mining for many years. Every single step government takes in this direction affects the market, more or less. Their new year, crypto related decisions by goverment are the proof that how the market is affected from such big country.

Quote from: heidikim on January 12, 2020, 04:42:35 PM

Chinese can not ban bitcoin.!

When we remember before the unban, I guess they could do it within their own boundaries.

pixie85

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Quote from: meanwords on January 11, 2020, 10:04:54 PM

What fall? I don't get it. We are having a blast at the current price right now. Although we are still far from all-time high, at least we are now at $7,000-$8,000 from the lowest of 2019 with $3,800. During those days, china hasn't even involve in Bitcoin mining yet we are increasing in price. It doesn't matter how the hashrates is because bitcoin will adapt and corrects itself in order to be sustainable.

Though I agree that China plays some role in Bitcoin price. Remember when one of their official released a statement about cryptocurrency, Bitcoin pumped to $10,000 then dumped to current price.

Maybe he's talking about the bottom of 2019 because the announcement about China banning mining was also in 2019 and later there was another announcement by Chinese president about the country continuing blockchain research and deciding not to ban mining.

A country with so much hash power will of course have an impact on the price but a ban would not mean that all Chinese hash power would disappear. They would move to other countries. When there were rumors of a ban they were already securing deals in USA and Europe.

heidikim

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China has a large share in Bitcoin mining. I think this dominance needs to be broken. I think the power gathered in one hand is dangerous. A mining that is scattered all over the world will produce more productive results. Chinese can not ban bitcoin.!

carlfebz2

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Quote from: TastyChillySauce00 on January 11, 2020, 10:43:01 PM

How that could make the system less secure if all the chinese miners stopped mining? Isn't that will further increase the decentralization of hash power? Even if we lost so many hash power today in the next 2006 blocks it will adjust and once mining for people with relatively weak rigs is becoming profitable people will try to run their mining power again. This banning will actually influence nothing to the whole blockchain.

Saying the same thing on which how would the network would become less secure if huge chunk or percentage of miners tend to stop?
Yes, it can affect but not in terms of security aspects and yes it would really breakout a sort of monopoly yet we know on how much China do totally operates when it comes to mining.It would be more decentralized instead but I don't really buy this kind of news yet Chinas decisions is way too inconsistent where people doesn't seem to believe anymore.

Zionatin

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I don't think this will have much of an effect. If the hash rate drops much of the transactions will too. How many % of the tx come from china? I think it will be a good thing and even the playing field.
The rest of the world cannot keep up with China as far as mining is concerned. China just has too many benefits compared to the rest of us. I don't remember any ban implemented on bitcoin ever, unless I am much mistaken it is simply FUD.

luckyflop

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And in fact they did not implement this ban. I think they only created FUD so they could control this market because the Chinese mining plants still work so far and I haven't seen any companies shut down. In the near future China will certainly apply blockchain to the central bank system because they are developing and studying blockchain just like the statements of the Chinese president. So there will be no ban here, and they will certainly control this whole market

intybit

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Quote from: Janation on January 11, 2020, 10:58:42 PM

What do they really want?

They banned and unbanned it, I don't know whether they support or do not want cryptocurrency and Bitcoin. The price of Bitcoin cross again the price of $8K, I don't know if this news has anything to do with it but I think it would interest a lot of investor there in China since we all know it holds the most number of miners in the world.

I think the Chinese government is primarily concerned with the outflow of funds from the country. Chinese citizens are restricted from sending money to their accounts abroad. Therefore all possible clampdown attempts at bitcoin should be viewed in the same perspective. Chinese government is definitely not against bitcoin technology (and as mentioned above, they are actually developing their own blockchain projects), they are just afraid of potential capital outflow

samcrypto

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Quote from: Janation on January 11, 2020, 10:58:42 PM

What do they really want?

They banned and unbanned it, I don't know whether they support or do not want cryptocurrency and Bitcoin. The price of Bitcoin cross again the price of $8K, I don't know if this news has anything to do with it but I think it would interest a lot of investor there in China since we all know it holds the most number of miners in the world.

They have a huge mining market, investors are still here comes from China because they didn’t make any final decision yet. The price movement of bitcoin doesn’t depend on China even if they have a huge number of investors. Well, it looks like they support blockchain but didn’t make any statement about bitcoin. Still confident about their movement in adopting blockchain technology and hopefully cryptocurrency as well.

Astvile

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Yeah, you are right China is one of the biggest countries in terms of bitcoin mining but that doesn't mean they can have full control and each move they make will affect bitcoins price. I think the pump is just happening in same time as that news is coming out and people who wanna spread fuds will make credit for china for dumping or pumping price after a certain announcement is made.

Murat

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How could you say that China has dominated in the Bitcoin mining platform? Is it really true? It may be or not but the price is not related to this function anymore, Whatever they have taken any initiative towards Bitcoin mining actually it doesn't bring any impact on the Bitcoin price or anything, First of all, you have to be clear that Bitcoin is a decentralized system so everything is happening on the mass impact, If it really happens then how Does Bitcoin price has been increased so far, Do you know the value of Bitcoin before 2017? then how we are getting the current market value? What's your logic?

merchantofzeny

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Not really. And there was actually a slight rise. Unless China cracks down on mining, it really can't crash the prices hard. Last time it did implemented a ban (which has since been lifted) it didn't touch the miners, only vaguely saying they want to "phase out" mining.

Quote from: Janation on January 11, 2020, 10:58:42 PM

What do they really want?

They banned and unbanned it, I don't know whether they support or do not want cryptocurrency and Bitcoin. The price of Bitcoin cross again the price of $8K, I don't know if this news has anything to do with it but I think it would interest a lot of investor there in China since we all know it holds the most number of miners in the world.

The unbanning seems to have something to do with their plan to have their own cryptocurrency. Maybe they already had an algorithm in place before the banning to track people's activity so they can find who are using cryptos.

Sorta like Mao pretending he's open for suggestions. People then sent him letters and then he had them all killed.

drlukacs

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in fact they have only proposed and have not made any move that they will definitely do it. The fact that bitcoin mining for China should be a pleasure. It is bringing a lot of profits to Chinese people and currency benefits. I think the Chinese government is just making a joke and they will not implement that proposal in the future. China's economy is not stable, they will not want to cut another field.

Ozero

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Recently, the Chinese government has repeatedly imposed various restrictions on bitcoin and other cryptocurrencies, however, the market after 2017 almost did not react to this. In addition, many Chinese have already moved to Canada and other countries and are already mining bitcoins there. Therefore, it is unlikely that another ban on mining bitcoin can already significantly affect the cryptocurrency market.

ragavancoin

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Actually chain has dominating the Bitcoin mining for the beginning and till now more than 70% and first country manufacturing bitcoin mining equipments. But the chain government has been be giving statements going to ban crypto currencies and mining from past 3 years but still not take any action. I think China government really have some statergy behind banning crypto and mining.

bitvalak

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There is no significant effect on prices to date. They just want to dominate crypto before other countries do it.
Whatever is related to the economy and development, surely China always has the initiative to do it the first time. So it's no wonder that almost 50% of the highest hash mining is there.

Janation

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What do they really want?

They banned and unbanned it, I don't know whether they support or do not want cryptocurrency and Bitcoin. The price of Bitcoin cross again the price of $8K, I don't know if this news has anything to do with it but I think it would interest a lot of investor there in China since we all know it holds the most number of miners in the world.

TastyChillySauce00

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How that could make the system less secure if all the chinese miners stopped mining? Isn't that will further increase the decentralization of hash power? Even if we lost so many hash power today in the next 2006 blocks it will adjust and once mining for people with relatively weak rigs is becoming profitable people will try to run their mining power again. This banning will actually influence nothing to the whole blockchain.

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