Topic: No, China is not planning on unbanning bitcoin mining (Read 391 times)

What China wants is their domestic financial stability. Their government controls everything. Finance is that their government will not allow any non-state financial products to affect their financial markets. They must absolutely control power and finance. They have a sense of security.

Russia supports Bitcoin? I really don't know why some people have the idea that Russia is a friendly country towards Bitcoin, especially if we know how friendly they are to fundamental human freedoms, such as the Internet.


I don't know if anything has changed in terms of blocking this forum in Russia, but I would really like people to start understanding some things, Russia is not that far from China when it comes to cryptocurrency - let no one be surprised if they start copying the Chinese in their decisions.

if indeed the cancellation of bitcoin carried out by the Chinese state will have a very good impact on bitcoin itself considering that currently bitcoin desperately needs recognition from countries in the world, especially considering some time ago that the Chinese government strictly prohibited the circulation of bitcoin in the country. them, but with the cancellation we really hope that bitcoin will continue to circulate in the country, hopefully this will really happen in the country so that one day the people in that country can also adopt bitcoin widely

Indeed, ofcourse bitcoin can survive without the support of the 2nd biggest economy in this planet namely China, there are still lots of other countries particulary in Asia who supports bitcoin like Russia. China's banning of bitcoin or other related transactions isn't going to have a negative effects in bitcoin because it is not entirely dependent in China or any country, it is decentralized that's why China has to drop its hope to control bitcoin or other cryptos. So let's accept the fact that they will reconsider their steps because it is already a closed case.

China is the current strongest economy in the world, China can do whatever they want, even China has closed bitcoin mining, which makes their own people feel disappointed with the policies taken by their own government, but what can they do in control, we can only follow the direction of the Chinese government..

150 reactors, not powerplants. France has 19 stations with 56 reactors, there is a significant difference in those numbers.
And they are not just building nuclear reactors they are also building new coal-powered ones, they know that only with solar and wind you risk blackouts for days and be at the mercy of nature, for a country that needs the manufacturing sector to run smoothly the option is not with windmills, coal and nuclear are cheaper and far more reliable than any renewables. Not even hydropower can rival those , a few months of drought and the turbines will be at a standstill.


Yeah right, do you have any proof of "China" whatever China means in this context making profits after spreading "FUD" ?

I agree with you, we as Bitcoin lovers should read the title and content first and understand it before posting here.
Back to China which banned Bitcoin mining, we don't need China to be the biggest Bitcoin mining country but it's not welcome there, we can survive without China because now the US is the biggest Bitcoin mining country and their government welcomes Bitcoin.

I once saw a video when a city in China was shrouded in thick smoke from industry, maybe they really have a bad environment, and they decided to close mining once and for all, we don't understand it, but they probably know better.The hashrate is gradually recovering and miners will find another outlet in a more loyal country to mining.

China recently announced the construction of 150 new Nuclear Power Plants. It's pretty clear that they're going to face a big energy problem in the next decade. Not just them, it seems that the world will face the growing demand for electricity.

Cars will be powered by electricity. So it cannot be expensive or scarce. It is essential that everyone involved with Bitcoin starts to study ways to transform what is currently considered a villain into a transformer and financier of new energy matrices.

https://www.bloomberg.com/news/features/2021-11-02/china-climate-goals-hinge-on-440-billion-nuclear-power-plan-to-rival-u-s

The cryptomining ban was not about playing with miners or stopping cryptomining. It is about a country’s fight for carbon neutrality and doing everything that they can to win the fight. If you were a policy maker in a country that is going through an energy shortage, which uses of electricity would you consider first as not an essential to save the country’s manufacturing sector?

The reason is people reaching on conclusions before making any research or detailed analysis about what they are going to post and China is one of them like whenever there is news about btc and China there are bundle of threads piled up in this section and most of them would contain misleading information and you will find someone pointing out the correct information in the thread if they have done research about the topic but still there will be similar threads being made on daily basis.On the other side China is always manipulating the market with these news and try to create FUD and make profits out of it but we need to be wise enough to make comparison between reality and these fake topics.China is no more big concern.

I agree with you in this case not only talking about China but any other government in the world would not change the mind so much fast about anything specially about when they strongly banned many times bitcoin I was thinking the same way if you want to know more about what China is doing you better read about economic communism that's what China is doing in many other different fields, even if they change their mind to unban bitcoin I don't think if they do that any time soon.

Well I don't read dailymail. There are a couple of factories and suppliers that shut down. There are multiple industries that have warned that they cannot remain open for much longer specially if gas prices go any higher. The food prices are soaring, and a lot more. These are all signs of collapsing (not collapsed) economy.

True, I never said the problems are only in UK.
As for food price elsewhere it is because of inflation that happens everywhere specially with COVID and the stupid money printing policies that all governments seem to have. But in UK all of it is being intensified by this recent energy crisis.

They wants to play with miners again and that's for sure because ever since before to be honest the only news that poping up from them is BANNING and mostly criticism which not good, indeed they're always the main reason why crypto experience a massive correction..and you know when they kick out mining within the country, we see that the market is very fine even though sometimes there are bad news but it didn't getting worse unlike before.. So what's now if they want to take it back? I hope you're correct @Op so that there's no big problem on the crypto space again, i mean let them enjoy what digital currency china have now.  

The one that has triggered the referendum is gone, as I mentioned, the moment the result was in he handed his resignation, have you heard anything about Cameron in the last 5 years? As for the screw-up, what was there left to do, the people have voted for Brexit, that's what they want if they wouldn't have gone with it everyone would have accused them of not listening to the poeple and being dictators.
What's to apologize? The poeple voted, that's it!

As for the collapsing economy where? Unless it's from dailymail there is no collapsing anywhere, and the energy crisis is not limited to the UK alone, China is rationalizing power and it had nothing to do with Brexit,  food prices have gone through the roof from India to Nigeria and it wasn't caused by the troubles in the UK. Besides the UK imports only 11% of its oil needs, one of the lowest percentages in the EU, they are better prepared for an energy crisis than the rest of Europe.

Does it really? Isn't UK in N.W. Europe? Didn't they screw their country with the Brexit crap? Isn't the economy collapsing?
I haven't heard anyone apologizing yet. Maybe in winter as the energy crisis worsened and food prices went to the moon they are going to apologize.

@BlackHatCoiner. Beijing considers mining for bitcoin and altcoins a waste of electricity. The policy makers will never unban this. Also, the energy shortages caused by the Chinese  goverment’s fight for carbon neutrality might extend for years. They will very much prioritize their energy usage for their manufacturing sector.

Yeah! Now haters can stop bringing the “China owns Bitcoin” as an argument.

Here's a question: Can't they continue mining with renewable sources of energy? They do face some issues with the minimization of coal, but can't some continue having their income this way? I mean, why banning it if it doesn't damage you with any way? You can also benefit yourself this way by taxing the ones who do. Kill two birds with one stone.

I like to underline your sentence, I totally agree with the title of China politics in running the world financial and economic system. We saw how China easily toyed with the economic cycle by launching news, then had time to destroy the price of Bitcoin. After a while, then another statement appeared about withdrawing the Bitcoin mining block on the pretext that it would support it again.
We are indirectly following China political game. Even the world is also carried away by its political playing. That way China is confident, already feels that the world economy depends on its statements.

Yes, we have understand that China is already a closed chapter though it does not mean that there is zero cryptocurrency trading within China as there are those who are able to evade the government using new stealth technologies. BTC mining is something that is hard to hide and it is because of the unusual spike power consumption involved. Bitcoin is not part of China's overall vision and plan for its economy and we should leave it at that. Now, Bitcoin can survive much better without China, just like big and successful companies namely Google, Facebook and many others.

Actually, it does happen around here, in like half of Europe, the northwestern part mostly.
Sometimes is just the advantage of a multi-party system or just the fact that some party leaders know when they screwed up and they do have the honor of taking the steps needed. Ignoring the Netherlands which with 20+ parties is in a class of its own and looking even at more traditional parties there are a lot of examples, David Cameron is one, he called a referendum he fucked up, he admitted defeat, and he put a stop to his political carrier for good. 

China on the other hand is special, one party, one ruler, the system can't show weakness the whole communist propaganda relies on all as one stuff, so even if something happens it's the fault of everyone. The US is another case, just now democrats blame the loss of Virginia on Trump...everyone is at fault but them.

But leaving politics aside, there is no way they would change this even without the political implication, they're now focusing on the recovery of key sectors, they need to put back online at maximum capacity things that can help them in an economical war, and while semiconductors and other electronic parts manufacturing, steel, batteries, plastic products can be used as a tool, bitcoin mining can't. When half of the total annual mining reward is worth the same as their Christmas decoration industry, it's pretty easy to understand why they will never consider an unban.

What did you expect bro, you who have been around since 2013 should already know that FUD with the word "China" in it is one of the most common garbage filled subjects on bitcoin media (this forum, reddit, twitter, and news sites). Granted 90% of them are about "banning" and this particular one that surprisingly pissed you off was about "un-banning" bitcoin but the theme is the same!

Do you know any government who would do otherwise?

I knew it, it was either bbc.reporter was trolling or baiting the hell out of those spammers, I checked the link for authenticity prior to the topic but I wasn't able to find the fact that China is actually planning to unban Bitcoin, I didn't voice it out though, I just went against the topic and tried to convince everyone that it is quite unlikely for China's government to unban Bitcoin regardless of how beneficial it may be for their citizens. Good job, OP.

There's always argumentation or long discussions in regards to this because not all would really be sharing up same thoughts or comments that they do have in mind which there would really be going against with other

peoples words and comments and talking about unbanning bitcoin mining then this is something that we wouldnt know because China is really that making off those shitty move most of the time

but it doesnt matter because this market doesnt really just move out basing off with their decisions that had been made.What matter most here is that the market isnt something that manipulated by a single country
so it isnt really mattering much.

The Bitcoin/crypto community has been like this for as long as I remember it; people spreading baseless rumors as "news", projecting their hopes and dreams, dismissing anything even slightly negative as "FUD". And when Bitcoin grows in price, they see it as validation of their views. This is not going to change anytime soon, not until Bitcoin's price becomes stable and "boring", so we just gotta accept it as a fact.

It's like another hoax that people will tell you after seeing the title that China is unbanning BTC mining without reading the entire thread where you say it isn't.And when this news goes viral, China will say it's pure wrong news. It is a joke, a rumour, and blah blah and the market will start crushing. Well, in this case, China is not responsible. There is only fud that is responsible. Though true, I don't care what China or other countries or other people say about bitcoin, because my research is my bitcoin. That's it.

The banning of Bitcoin mining happened on September 24th. Since then mining Bitcoin has become illegal in China. It's ridiculous how we rush to comment in this forum when the news about unbanning Bitcoin mining by the Chinese broke out without know the real facts. Which the real fact is that the China’s National Development and Reform Commission (NDRC) it's only seeking public opinion on its decision to include bitcoin mining on her list of “phased-out” industries. The public comment period will last until 21 November. Just hoping that the public opinion will come out good.

Probability of China doing it might be zero right now but I do think we don't really need China to actually unban bitcoins and other cryptocurrencies, their mining as well, since at the end of the day, There is always a fear of them trying to manipulate the whole market, which can be detrimental to the whole system.

Plus the media in China portrayed it to be super negative as well, they did say things about it being a tool to support illegal/criminal activities and at the same time a threat to the people's asset. Which I do think shows their outlook on whole virtual currencies.

At the same time they do need popularize their own digital yuan.

Considering the situation with non essential factory shutdowns, the government might now be so adamant on keeping the cryptos on the bay and letting them in so soon, maybe in the future when it might become a necessity they might reconsider but right now for the time being FUD's needs to be ignored.

Some shitposts are not deleted, if I would allow the same guys to do this in my topic in which I'm complaining about them it would make no sense.
If the topic dies and it's not on the first page it doesn't matter, at least I tried, and just the thought of guys rushing to post to make their quota and then suddenly stopping because they know their shitpost is going to be removed is enough.


And who could expect the Chinese government to come out and say, we have been wrong about this!?
No way in hell this will happen, they would rather see a complete collapse of an economic sector rather than admit they made the wrong decisions about something, just look at everything that happened recently, from the housing bubble to covid, to the energy crisis, they will never admit of being wrong nor will they openly change a thing.

I know how Chinese crypto enthusiasts felt about the government laying down the axe on Bitcoin mining and other crypto-related stuff. Really sucks to live there if I'm heavily relying on crypto for a living (whether working with a company, a trader, etc.). When I saw that news on Facebook, I am not convinced nor believing that they would really do a U-Turn and unban Bitcoin mining (unless it's really coming from them or from their own mouth). 

It is not important for it to survive but the support of China would help Bitcoin grow quicker anything which is there to slow down the adoption is bad imo. I think most citizens of China ignore the laws that China has I have friends that live in China and everyone is anti government uses a VPN to get around the restrictions they have in place there. Bitcoin will still be used illegally in China but it will slow down the adoption rate because there are no advertisements allowed and not everyone is willing to break the law even if that means giving up their freedom.

Having it self moderated is a good thing because it will discourage the people who spread these stupid rumors without evidence. Take a look at the replies on the topics linked and you will see that most are in a altcoin signature and they are posting similar posts to other people in the topic without giving it any thought just so they can earn money.

The obsession with China is something that will not disappear so soon, because a lot of people still think that China is in some way necessary for Bitcoin to succeed - of course because it is the most populous country in the world and because they are already (or will become) the first world economy. What they all completely ignore is their political system, and only those who have not experienced the evil of communism still have some hope that China will accept Bitcoin in one way or another.

The best thing that happened was that Bitcoin was banned in that country, because China has actually been one massive weight around Bitcoin all this time - we can finally move forward without listening to what comes next from that country.

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On the contrary, if more people used this option, there would be less spam - and the goal is to discourage those who are shitposters. The OP always has the option to bump his thread every 24 hours if he wants to make it visible.


Report posts based on inaccurate information only make sense if we substantiate our claims with information that unequivocally proves it. Mods will not waste their time determining whether some information is accurate or not.

I am with you. Some time ago I opened a thread in meta about a similar case:

How to deal with multiple, factually incorrect threads?

The only thing I would'nt have done is to self-moderate the thread. That will cause it to have fewer replies and you may find several other threads with more replies than keep being bumped while yours dies.

If you are pissed off that people don't read and say false information you can try reporting but you may have not much success reporting for false information.

Last week we had a topic :
China is thinking about unbanning bitcoin mining after price rise

It quoted two articles that  clearly were written by poeple who had no clue what they were doing, like:
https://digesttime.com/2021/10/24/china-is-thinking-about-unbanning-bitcoin-and-started-a-new-research/

I know bbc.reporter clarified the situation,


but the avalanche of poeple not bothering to read more than the title and posting pure garbage on it has got me really pissed off.

So, from the Chinese propaganda mouthpiece:
China puts cryptocurrency mining on industrial blacklist in final step to eliminate the activity


China is going through an energy crisis, the price of coal has skyrocketed, the government is doing everything it can to keep energy prices as low as possible, opening more coal mines, shutting down non-essential factories and you think they will cave in and allow bitcoin miners to come back in? And for what? No, China is a closed chapter, and that it, from the start it was obvious that bitcoin is not something that is welcomed there, the fact that it took them so many steps to actually come to an all-out ban is the surprising part, not the final outcome.

Do we need them? No! Can bitcoin survive without China? Of course, it does it right now and it's doing great!
What we definitely need to do is actually read more than the title when posting something around here!