Topic: More China Craziness - "Cracking done on mining" (Read 566 times)

Yeah, you are right about it. China had the majority of the miners though but it will change drastically very soon I believe. Bitcoin or Bitcoin mining won't lose anything here. China will be the losing side after banning Bitcoin and cracking down on Bitcoin mining.

I guess there will be still operating illegal mining in china, like those you have mentioned. It's very hard to move to another country. First of all, It needs significant money to move out, including your family/place/foods.
As China is known for illegal stuff, I'm sure they will still be some peoples/group/organisation that will operate mining rigs stealthy in China.

I was already thinking about bans a few months ago when similar conversations started in India, but there, in my opinion, the question still stands squarely and no decision has been made. China surprises me - perhaps this is such a step to popularize their digital yuan and clean up competitors. Given the tight control and authoritarian management in all spheres, this is certainly not surprising, but it is still strange that such a giant would so easily part with its leverage on the market and expel people who gave it such an opportunity.

And you thought that the guys who cheerfully claim miners will just move have ever done it or have at least run a business that has ever moved to form a country to a different country? For most of them they think you pack the miners in a box, you ship it to a different country, there you open Craiglist and rent with a click a warehouse, put tour phone in hotspot mode and plug the miners in a socket and that's it. If they would see the number of documents you're required to open the business, then the permits, then the contracts with the power supplier, then hiring technicians and other stuff, dealing with inspections, dealing with the IRS, hiring people to translate everything, legalize papers, and most importantly, getting in the first place in that country and obtaining residency!

Yeah, behind the keyboard it's easy, one might think it's like Farmville but in real thing are different, otherwise, we would have seen thousands of those moves already. I've spent two days with customs and clearing papers for one damn container coming directly from a manufacturer in the US and that was agricultural equipment, and I'm in the EU so a lot of already established protocols. Imagine being a foreigner in a country and receiving 2 containers with equipment worth 10 million from a company that nobody knows a thing what they are and how much is really worth and you're not able to speak a word without a translator nor are you able to make sure that translator is not screwing you up.

This is an interesting take. I usually think of the mining outfits as large companies or companies that have made enough to be able to move when forced (like this), but surely there are lots of operations that may just have to shut down because they can't overcome the barriers you listed. Moving across country lines isn't as easy as pick up and physically moving, there are import/export laws and regulations and stipulations that could all make it very difficult, even if you DID speak the language(s) of the new locations.

Thanks for sharing this perspective.

Moving to a new country isn't as easy as it sounds. These people have a life in China, family, children, friends. All that can't be abandoned over night just like that. Not to mention familiarizing yourself with the regulations of the new country, finding an appropriate and cheap location to set up your farm, and physically moving your equipment from point A to point B. All that takes time and money. There is also the language barrier, cultural differences to consider, etc. Of course it's doable when someone forces you into it, but I believe that's not what the Chinese miners want to do.   

Another alternative to banning is to move their mining rigs to more crypto friendly country I beleive this will put an end to all these negative news always coming from China this is another calculated attempt by the communist goverment to bring down bitcoin of course they won't succeed every of their previous attempts always hit a brickwall neither will this latest one have any long term impact on the price of bitcoin the news can only temporarily result to minor dump I beleive price recovery is well assured.

From time to time, news comes from China about the problems of miners with bitcoin mining in this country. Moreover, this has already been happening since 2017. Let it be better that mining is really completely banned there so that there is no such constant negative information. In my opinion, then it will become much easier. Bitcoin mining will still take place in other countries. Therefore, you should not worry about it.

The memecoin craze has triggered irrational investment by ordinary citizens. The Chinese government just wants to protect investors, remind them and calm the market. The news was overinterpreted and the markets panicked.

^^^ All you need to do is to avoid these FUD news, since all these stupid news were coming out i was afraid that the transaction charges are going to skyrocket once again because the news was that the mining farms are shutting down in China and till now i did not find any drop in hash rate which means either these news coming out are fake and made solely to create panic in the market.

The China craze is something we can't control for. We have to make up our own minds and ideas when it comes to investing.

Thanks for posting this. Since around 80% of the hashing power comes from China, this simply means that most of the mining farms there are up and operating without any issue. The Chinese whales have a habit of crashing the prices every now and then, so that they can accumulate cheap coins. This has happened so many times, and similar to the previous such occasions, I expect the exchange rate to be back to $50K levels by the first week of June. Don't know why a section of the crypto users react so negatively to all this FUD.

Yeah too bad for this theory is that the drop in hashrate started well ahead of the Chinese announcement:


As you can see the news came in late hours on the 20th but already by the 19 we were down -13% in hash rate combined for over a week.
So I would rather blame this swing on the price drop and the end of relocation for the rainy season than what he is babbling there.

If you look at all the stable coins inflow and the net outflow of Huobi exchange then you will understand is that China is buying as much as a possible dip. The price already claimed 36k$ and moving towards the new resistance of 43k$ now. China banning crypto is not new, they do this all the time. They themselves buy the dip and pump it back.

... and I start to think that China is such a whale and all their actions are coordinated in that direction, just they don't do it that often to not gather too much attention.


If they would have wanted it out of the country, they would have done that. But they don't. I don't know if only some very powerful members of the Party exercise their influence into avoiding Bitcoin get fully banned or it's intended to only stop this and that to stay in the news, but we have to keep something in mind: China always tried to find ways to acquire western wealth, no matter if it was western currencies, companies or, why not, Bitcoin...

I wrote this in the Wall Observer thread, relevant for the conversation here

Users need to realize that the news from China was one of the several reasons why the exchange rates went down. It was not the "only" reason. First there was a shocker from Elon Musk, and then there was news about the American authorities preparing a lawsuit against Binance. The news related to Binance rattled a lot of investors, because a number of projects were planning to migrate to the Binance Smart Chain, and at that point of time BNB was the third largest cryptocurrency in terms of market cap.

It is for so called carbon neutrality.
Crypto mining is just one of many industries in China affected by this stupid thing.

The digital Yuan is happening and from this report below it seems like there will be an
increased demand for crypto when it is fully implemented. A lot of people will be unhappy
that another part of their privacy is eroded away. The Chinese authorities know this
and are taking steps now, we will find out how serious those steps are soon enough.

https://news.bitcoin.com/chinas-absolute-control-digital-yuan-boost-demand-cryptocurrencies/

I am glad that these are happening. If we have high dependency on China for anything, that doesn't ends well. Either Chinese government will pass a law to ban that activity or will just confiscate the equipment. I am glad that Chinese government is at least giving a warning here and a safe passage to move out of the country.

I believe many large scale miners will move out of China to continue with their operations. Slowly the dependency on China will end. That should have happened earlier. So the impact we are seeing now, is temporary. Hopefully we will be back on track by the end of the year.

Yes! So much opportunity created here to make things better overall. It seems like a big hit if you look directly at the BTC price, but when you see the big picture, it all makes sense.

It's a good opportunity for mining companies move their businesses to another countries and decrease the total mining power China is responsible for. It will give a lot more stability for bitcoin if mining power isn't concentrated in one only country, especially a country ruled by communist dictators like China. It's also a chance for smaller countries which need to increase their income to attract these mining bitcoin operators to their territories.

It could be a possibility that the government themselves has been into Bitcoin for a long time. The Chinese are very forward looking and I don't think they would just ignore a technology like Bitcoin, but rather explore it and develop a strategy that they can best exploit without getting caught.

CHINA IS CRAZY

Agree lol, it will just be mined in the dark now much like the days of prohibition and alcohol...  it became illegal but they still made and sold it.

another recycled fud. can't believe China would really go along with this renewable energy play they are doing as if the fungibility will be affected. i guess they just play along till they see where this is going. with the successive fud, institutions are also grabbing coins, they should just let the price dip below the 27K. i wouldn't be buying this dip until they push the price below $27K, there is even a chance for it to go $20k.

This is just temporary or false statement to move the market down. Nothing is gonna change as the biggest mining farms are in china and they are not going to close. We should stop following these news or atleast try to remain out of market for next two weeks. Hopefully by then, this fud will fade away.

In the past six months, the price of metal products has risen too high, and the electricity consumption of steel has greatly increased. Coupled with the problem of greenhouse carbon emissions, this disaster has been caused. In fact, there is nothing to fear from what I have experienced in the early years.

even this has several times China said and made threats that lead to crypto, of course we can be sure that there is a certain load behind it. because we know that the biggest mining sector is in China. Is it possible that China will do that because he does not know, obviously not possible. but there is a charge behind it that will clearly be seen, because this is the umpteenth time they have done that and returned to normal as usual and as if nothing happened that was very worrying.

China plays a very important role in crypto and clearly has a huge influence when it comes to actions that are against reality. although they are very disciplined and obey the rules that may be made, but I do not believe it.

But it is good for other miners in other parts of the world or should I say, some of these chinese mining companies are already going to other countries like BIT Mining. So if China doesn't want them, they can always set-up their mining facility outside of their country. It is not a loss for these mining companies, but loss from China.

https://www.coindesk.com/chinese-bitcoin-mining-company-invests-25m-in-new-facility-in-texas

China is not the only place that they can set-up their mining facilities, there are other parts in this world that will gladly accept them to invest on their area of jurisdiction. Sooner or later, China will realize that bitcoin will survive even without them.

China didn't want to content themselves with only banning cryptocurrencies. They wanted to ban mining also. I can't say that I'm surprised about this. When it comes to China, everything is possible. 

I am more and more convinced that China is trading the cycles that it helps produce. Maybe they bought Bitcoin for $100 billion, now do everything they can to drive the price down, refill their bags and let the market build up again. They threaten so often but still a major part of the industry is located in China and probably will always be located in China.
They won't the whole mining industry including the chip production and so on. I will only believe it once it happened.

This is really about the CCP's need to control its populace. crypto-currencies remove the government's hand in financial transactions, which threatens the entire communist system. I really don't think there's a conspiracy to manipulate the crypto market, but rather to exert more control over their population. Chinese citizens are already required to report other Chinese abroad that are doing anything that could threaten the CCP. Look at Hong Kong, they cracked down on the independent democratic government there. This is the real power of BTC, and by getting this message out there, we can hopefully reverse the negative trend that's hit the market recently.

Bitcoin miners should Ban China 

the same news every 3 years....
https://i.ibb.co/rpDhM3k/145454.jpg

As though China wanted to maintain yuan's value by banning cryptocurrencies. They see this market as a threat. If there is such possibility, then why doesn't the USA do the same, for example. And yes, they can't destroy Bitcoin with such actions. Bitcoin will bounce back and reach its old levels at least.

China is banning Bitcoin every year so I think it would be a good idea to have special Bitcoin Ban day we can all mark on our calendars and celebrate annually.
Look at it from positive side, if they ban and restrict Bitcoin mining that means that pools from other countries will have bigger share and there will be no more fake news how China controls Bitcoin.
Bitcoin is like a living organism and it adapts to whatever conditions are in the world with regulations and everything else, but I think Chinese will just move everything underground and continue their business as usual.

China continues to damage the market with its actions recently. They banned cryptocurrencies first and now this happens. There were already some rumours that China would lose its dominance in Bitcoin mining. And it starts to come true.

China wants digital yuan,,, and anything that is competing or even looks close to their CBDC must be considered a threat. They were even giving out free CBDC in some provinces last year so we know for sure digital yuan is not IF but WHEN.

They will kill Bitcoin seemingly at first but this will end up being a good thing for crypto, just see!:)

Read the post above yours by Kakmakr to understand.

In short:
China is developing their own digital currency. It's not going to be a decentralized asset like bitcoin is and it's not yet clear whether it will be blockchain-based or not. From some articles I read in the past, they are already trying out their digital coin in a few Chinese cities. Not sure if they consider those trials as successful or not.

It's pretty obvious that they want their citizens to be disgusted by bitcoin as much as possible to increase the adoption rate of their government-controlled digital asset. 

China is really making everything to show the crypto community and market that they are still the dominant figure in talking about Bitcoin and the whole cryptocurrency .


Look how every news or press release from them affected the market flow.

But the thing is that , China is serious or not? because why not stop the mining totally in the whole country?

Let me make a quick prediction, so that this can be put in perspective for the people that does not know what is going on. The Chinese government has been talking about their own Digital currency for years now and I think that coin might be close to completion now, so what do they have to do, before they launch that coin? ===> They have to eliminate their competition and guess who is their biggest competition... Bitcoin!

Look out for the Yuan Coin in the near future, because it is going to be the only digital coin that will be allowed in China. 

Huge opportunity for other nations - the miners surely won't quit mining, but will simply pick up and move somewhere else. If China doesn't want the economy stimulation, other nations do!

Sooner or later China will ban cryptocurrency mining for sure.The question is when it will happen.
Another thing that makes me wonder is why the Chinese government didn't ban crypto mining years ago.
Maybe the companies like Bitmain are selling lots of mining hardware and making lots of money,so the government doesn't want to destroy Bitmain.
We have to be prepared for the mining ban.The party might be over and we will never gonna see another 60K USD Bitcoin price.I don't want to spread FUD,but we have to know that such possibility is real.

Whatever happens in China stays in China. These people are so disillusioned of their government's nigh-tyrannical rule because of their booming economy which coincidentally is because they are oppressing smaller countries for their resources and power. But take all of that from China and they will be hapless. Still,  we can't do much about this new rule being imposed since we're not in China, or I guess most of us are. And even if we are we can't really go against Xi Jinping.

Well, it is possible and perhaps in my own opinion, --there is a big whale there who also secretly manipulating the market.
Not so well to be done for China. I don’t think their decisions towards bitcoin are reasonable. Let us just say that their agendas consider bitcoin as their competition but I don’t think this is the best way to handle it. This is too stupid, I  wonder how miners reacted to their government’s decision. I really find it disappointing honestly. But I think we just had to move on, the government really has the power to stop bitcoin on a national scale, and they just did like many attempts already. But it does not mean that bitcoin’s rise will stop here. Sooner or later, Bitcoin will recover and their yuans that they are very much proud of will soon be gone.

That's probably just how they are looking at it

Probably one that will speak first would be Jiang Zhuoer, he has always come either on twitter or on weibo during events like those, the coal plant accident, the inner Mongolia ban that didn't materialize either to date, he runs btc.top, they have a lot of gear of their own in Xinjiang where this thing would hit hardest (if it will even do so).
If he has something clear to say he will be on all over the net in a few days, if not it means this is nothing.

China is completely a big joke, nothing different.    First they banned cryptocurrencies AGAIN and now they are cracking down on crypto mining. It is like they are at war against cryptocurrency industry.

Another trash news coming from China. Those politicians ain't anything to do other than recycling their random speech about banning Bitcoin, restricting trading activities, cracking down mining operations...? Apparently, Chinese honest politicians didn't smell yet some ¥ from crypto related operations?

good point !  I also think Elon is in the know with China and their stance on crypto. After all the fastest growing demand on his vehicles is from the Chinese market.

Can you please name those miners?

This time is a press release:
http://www.gov.cn/xinwen/2021-05/21/content_5610192.htm?ivk_sa=1023197a

Things are getting a bit uglier, of course, this committee is nothing when it comes to the legislature and as far as Google knows it's a mechanism of coordination, so probably what they get done in one of their meetings is just giving out guidelines that might or might not be put into laws or enforced.
But at the same time, that's also one of the politburo committees, and the guy running it is quite high up 4th vice premier, so I could understand the market moves at hearing those.

Going into conspiracy theories I'm starting to wonder if this drop in hashrate is not made by some miners fleeing danger zone, the current 15% drop we're experiencing makes no sense economic-wise, even if we round the price to 35k.

Anyhow, I'll wait a bit anxious myself for some tweets from guys known to run miners in Xinjiang and Sichuan, if they ring alarm bells, then we're going full bear season, if not, just the usual china dip.

Lol if freakin republished news is going to again cause weak hands to sell just like recently, let them. All of them. I'd like some cheap bitcoin. Thanks.

Don't wish for that because China's persistence is going to be something that is pretty formidable and stupid at the same time. Also what is the worse thing that can happen if they cracked down on mining?

I was just wondering why Bitcoin price has gone down below $40k again. And it looks like this is the reason. China is still continuing to manipulate the market by its recent actions. And I think that should be enough. They don't have another thing left to damage the market anymore.

So just another rehash of the news yesterday? Man, China might as well just crack down on Bitcoin every 10 minutes just so we can get done with it.

The government just want a piece to be corrupted, it always comes down to imposing tax, our noobs and weak holders got shaken out again because of this news. I wonder how many times did this ban from China got onto Bitcoin or to the whole crypto space but still at owe that it still has its effect.

So more nonsense from the statist authoritarians in China today.  Anyone mining in China should move their (or at least a large percentage of their) miners out of China. 

The thing to remember is that it is irrelevant where mining occurs.  At worst, it slows blocks for a while, and makes it easier for other miners to win the blocks.



https://www.cnbc.com/2021/05/21/bitcoin-falls-after-china-calls-for-crackdown-on-bitcoin-mining-and-trading-behavior.html