Mining plants in China are shutting down. How will this be reflected on Btc - page 3.

SFR10

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Quote from: jqprez on June 13, 2021, 06:17:22 AM

mining is banned in CHINA. Each province will decide the timing to remove mining from their area. Right now they just got notice so I would assume at least 30 days

A nationwide ban on BTCitcoin mining? Would you mind providing a "reliable" source in regards to that? I've tried looking for it on google but had no luck and lately, I've been reading a lot of conflicting news coming in/out of China.
^{- If what you've written here is indeed the case, then it could have some bad long-term effects ^{[I'm referring to most of the ASIC manufacturers as opposed to its price]}.}

jqprez

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Quote from: SFR10 on June 11, 2021, 06:48:39 AM

@jqprez
In regards to the question on the subject field, I don't think this time around it'll have a significant impact on BTCitcoin... From what I've read online, only three provinces ^{[Inner Mongolia, Xinjiang, and Qinghai]} so far have banned such operations and it appears that they're targeting "only" coal-based regions; In other words, other regions may continue their operations depending on how they're operating it ^{[not yet a nationwide ban]}.

mining is banned in CHINA. Each province will decide the timing to remove mining from their area. Right now they just got notice so I would assume at least 30 days

stomachgrowls

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Quote from: Maslate on June 12, 2021, 06:08:58 AM

This will affect hugely on bitcoin, but it should only be temporary because miners could relocate and find a country that is crypto-friendly. Anything that is considered as bad news could really affect the market, and in fact, the bullish market is now gone due to bad news that was reported so far.

For sure they will and how many times we did experience this mining ban? They can always make some step but effects would be just temporary. Cool

They'll never ever learn that no matter what kind of decision they would make it cant really completely shutdown Bitcoin even how hard they do try.

People are way just too reactive that anytime these kind of news pops out they are been too afraid that the market would crash out.
If they cant plant on China then they can simply migrate into other place where Mining isnt restricted as simple as that.

Maslate

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This will affect hugely on bitcoin, but it should only be temporary because miners could relocate and find a country that is crypto-friendly. Anything that is considered as bad news could really affect the market, and in fact, the bullish market is now gone due to bad news that was reported so far.

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Well, we'll find out in a day or so what happens when difficult adjusts up about 13%. Miners will be at max output, or they switch off and then we get even tighter on congestion for another couple of weeks. Then they jump back right in for the certain difficulty down adjustment after.

For as long as market keeps sideways anyway. So... Same same.

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Quote from: Hypnosis00 on June 12, 2021, 04:11:29 AM

Quote from: irsada on June 12, 2021, 03:58:50 AM

So far there has been no significant impact on the price of bitcoin, China will always add something good or bad to bitcoin.
today the power of bitcoin is not what it used to be which is easily swayed by some bad news, now investors have realized this trick.

Well, the impact on the market price is not instant, maybe you can just see it later.

Anyways,
This is not the first time that China bans crypto, they hated it so well and I don't think this could have an ending story. And it was not to wonder why the impact doesn't just come so fast because their people are already moving away from China just to continue mining before the government bans the crypto mining industry.

Yes, China is not the only country that you can do mining. Now, you can read that these Chinese mining facilities are setting up in countries like USA or Canada or other crypto-friendly countries. If they don't want crypto, then, so be it. But it doesn't mean that the market will stop just because of them. Or bitcoin/crypto market will cease to exist just because one country is strict with it. Later on, they will change their stance on crypto.

ultrloa

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Quote from: irsada on June 12, 2021, 03:58:50 AM

So far there has been no significant impact on the price of bitcoin, China will always add something good or bad to bitcoin.
today the power of bitcoin is not what it used to be which is easily swayed by some bad news, now investors have realized this trick.

If we talk about price movement it can affect since whenever there's a bad news towards bitcoin the price suddenly fall but we shouldn't be worried since actually after the dump bitcoin price pump will follow and seems this is normal manipulation made by big players. For now I don't believe that incedent will happen since so far this is the weapon of whales to manipulate the market and its up for us to believe and who ever panic he lose.

Hypnosis00

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Quote from: irsada on June 12, 2021, 03:58:50 AM

So far there has been no significant impact on the price of bitcoin, China will always add something good or bad to bitcoin.
today the power of bitcoin is not what it used to be which is easily swayed by some bad news, now investors have realized this trick.

Well, the impact on the market price is not instant, maybe you can just see it later.

Anyways,
This is not the first time that China bans crypto, they hated it so well and I don't think this could have an ending story. And it was not to wonder why the impact doesn't just come so fast because their people are already moving away from China just to continue mining before the government bans the crypto mining industry.

irsada

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So far there has been no significant impact on the price of bitcoin, China will always add something good or bad to bitcoin.
today the power of bitcoin is not what it used to be which is easily swayed by some bad news, now investors have realized this trick.

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Maybe it will affect bitcoin in some back end way since there is a lot of things that Chinese mining is a big contributor but in the grand scale of things, I am pretty sure that these shut down is going to be a big deal because the mining can always migrate to other places although it will take some time or a lot of companies.

jqprez

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Quote from: jrrsparkles on June 12, 2021, 12:33:47 AM

Quote from: jqprez on June 10, 2021, 01:02:00 PM

Due to the big blackout in China, the government has decided to ban mining and I have verified that, indeed, many mining facilities are closing. I have seen that there has been a nice cut of hashpower but, I have also found that some hosting centers have closed. This could be good because fewer miners would have more income.

I don't think that China will completely ban the mining operations because it has its good and bad to their own country as well, but if they decides to close then these mining farms will simply move to other countries and keep making profits.

yes, can be. But where?

jrrsparkles

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Quote from: jqprez on June 10, 2021, 01:02:00 PM

Due to the big blackout in China, the government has decided to ban mining and I have verified that, indeed, many mining facilities are closing. I have seen that there has been a nice cut of hashpower but, I have also found that some hosting centers have closed. This could be good because fewer miners would have more income.

I don't think that China will completely ban the mining operations because it has its good and bad to their own country as well, but if they decides to close then these mining farms will simply move to other countries and keep making profits.

Baofeng

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I think it will only affect the mid to small miners in China. For the top tier minings, they have already a business plan continuity here. Ever since their government releases that they are going to ban bitcoin mining in 2017-2018, they have sought other nations, even US as a viable next stop for them in case China shut it down for good. So for me, the effect will be minor. And then we are going back to normal once other companies and nation start to mine bitcoin outside of China.

blockman

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It should've affected the price of bitcoin already but there's almost no reaction to its price and it's still recovering from the last correction that it has been. The news that is coming from China needs to be verified first and if you've verified it then the news would come quickly to the news publication websites and especially those news agencies in the mainstream but I still haven't seen any of them report this incident in China.

dothebeats

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I don't think there would be much of an impact in terms of price tbh. News was circulating for quite some time now, and the price remained relatively stable on the $35000 - $36000 levels during those times. To think that there might be such a huge change given the possible implications of this news and the price remains on where it was before it even surfaced. This goes to show that no matter the news, if it comes from China, it will always be shrugged off by the rest of the world.

Mahanton

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Quote from: Oasisman on June 11, 2021, 07:59:05 AM

Quote from: cryptomaniac_xxx on June 11, 2021, 07:28:37 AM

Quote from: jqprez on June 10, 2021, 01:02:00 PM

Due to the big blackout in China, the government has decided to ban mining and I have verified that, indeed, many mining facilities are closing. I have seen that there has been a nice cut of hashpower but, I have also found that some hosting centers have closed. This could be good because fewer miners would have more income.

Just another set back though, for sure, many miners around the world are willing to fill in the void left by the Chinese miners, so the effect might be short term.

Or the Chinese miners already have connections from different countries to continue to operate the mining rig as part of their contingency plan If their government decides to shut down all the mining rigs in their country.
Now that their government found a solid ground to shutdown Bitcoin mining rig because of the energy consumption issues, this will somehow affects Btc price.

I have read the same news about 2 weeks ago I guess, that was the time when the mempool is so clogged up and Btc starts declining

Not that really much of an issue and if they do decide on banning miners then so be it but doesnt mean that effects would turn out to be permanent forever.
It would just make out some temporal effects and wont really last that long because recovery would really be always next inline and also we have seen on whats the behavior of China when it comes to changes of plans and decisions where they might be revoking it later on and its not really a surprising thing.They can do all sorts of things that they want but it cant completely stop Bitcoin.

Oasisman

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Quote from: cryptomaniac_xxx on June 11, 2021, 07:28:37 AM

Quote from: jqprez on June 10, 2021, 01:02:00 PM

Due to the big blackout in China, the government has decided to ban mining and I have verified that, indeed, many mining facilities are closing. I have seen that there has been a nice cut of hashpower but, I have also found that some hosting centers have closed. This could be good because fewer miners would have more income.

Just another set back though, for sure, many miners around the world are willing to fill in the void left by the Chinese miners, so the effect might be short term.

Or the Chinese miners already have connections from different countries to continue to operate the mining rig as part of their contingency plan If their government decides to shut down all the mining rigs in their country.
Now that their government found a solid ground to shutdown Bitcoin mining rig because of the energy consumption issues, this will somehow affects Btc price.

I have read the same news about 2 weeks ago I guess, that was the time when the mempool is so clogged up and Btc starts declining

cryptomaniac_xxx

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Quote from: jqprez on June 10, 2021, 01:02:00 PM

Due to the big blackout in China, the government has decided to ban mining and I have verified that, indeed, many mining facilities are closing. I have seen that there has been a nice cut of hashpower but, I have also found that some hosting centers have closed. This could be good because fewer miners would have more income.

Well this news has been in circulation for at least a week or two now, and as for the dent on the price? it has been price-in. Yeah, it could be that the hash power has been declining, I've even see reports that there hash rate has crash: https://bitcointalksearch.org/topic/hash-rate-crash-today-2021-06-11-5343187.

Just another set back though, for sure, many miners around the world are willing to fill in the void left by the Chinese miners, so the effect might be short term.

jqprez

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Quote from: bitcub on June 11, 2021, 05:13:24 AM

We are no more children. I believe anyone in this forum are already old enough to understand that every bad news related to Bitcoin in china is only FUD. A drama, a fake news to dump Bitcoin. Remember China plans to create it's own crypto.

If you are a Chinese, just hold your Bitcoin. You don't have to give your Bitcoin private keys to your government.. Wait until the news back to normal.

this is true. It' s not just a bad news. Tested

SFR10

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@jqprez
In regards to the question on the subject field, I don't think this time around it'll have a significant impact on BTCitcoin... From what I've read online, only three provinces ^{[Inner Mongolia, Xinjiang, and Qinghai]} so far have banned such operations and it appears that they're targeting "only" coal-based regions; In other words, other regions may continue their operations depending on how they're operating it ^{[not yet a nationwide ban]}.

Topic: Mining plants in China are shutting down. How will this be reflected on Btc - page 3. (Read 637 times)