crippling a large number of people and businesses including government employees. the bitcoin mining in China is currently feeding lots of people with the jobs it has created and bribes they are giving. it can not be simply shut down.
besides nothing is stopping all these big mining farms to migrate to another country and take their business and all the money they are creating for the people to that country and help them instead! the mining farms certainly have the money for it.
on top of that the mining "pools" are already outside of country on servers around the world so there is nothing the Chinese government can do there anyways!
Topic: So what's stopping china from banning bitcoin mining? (Read 783 times)
I think it boils down to one word "REGULATION". The Chinese is only regulating bitcoin exchanges to rein in excesses but at the same time leaving bitcoin mining for its citizens for other source of income cognizant of the fact that it the largest mining farm world over.
1. electricity
2. clamping down on perceived risks of the cryptocurrency
2. clamping down on perceived risks of the cryptocurrency
I think it is the wealth that BTC enterprise brings to the Chinese government!
Mining BTC can provide some employment opportunities, solve the employment problem, and bring tax to the government!
Mining BTC requires machines, China has many manufacturers!
Mining BTC can provide some employment opportunities, solve the employment problem, and bring tax to the government!
Mining BTC requires machines, China has many manufacturers!
They have only banned trading bitcoin against their local fiat and not restricting their citizens from trading bitcoin also they are not restricting their people from mining bitcoin and selling them in international trading platform because with this they are importing foreign currency which will make their local fiat stronger.
You're right . There are many countries like China and they only prohibit the purchase, sale and payment of Bitcoin. But they will never prohibit exploitation and investment by Bitcoin
Why will they ban something that is increasing their revenue ? Those people whi mine get paid by people all over the world when their mined bitcoins are sold.
Hi I think just before a month we saw china banning ICOs and taking severe actions against bitcoin exchanges which led to the shut down of almost all the three big exchanges.We could clearly understand that chinese government is totally against bitcoin.China has the largest number of mining farms in the world.
But still china has not banned mining.So,what's actually stopping china from banning bitcoin mining totally there?
Kindly shed some light on this topic.
I guess, it’s the non regulating nature of bitcoin that made China to stop mining bitcoin because in current scenario there is no regulating body over BTC and this thing has attracted many illegal activities such as terrorism and other more and moreover the valuation is deflating continuously therefore China might be afraid of loses also and moreover terrorism is that social evil that can destroy each and everything thing of nation therefore china might be afraid of putting its national security at risk But still china has not banned mining.So,what's actually stopping china from banning bitcoin mining totally there?
Kindly shed some light on this topic.
I think because of the potential that china see's in the bitcoin. The excellence of the business helps them to attract more people and the china is of that.
They always provide a income which the country cannot resist because it is a blessing that should not be missed.
They always provide a income which the country cannot resist because it is a blessing that should not be missed.
and also china move as one. they know what best for their country, and make huge profit using only mining and trading, because they know ICO's not gonna make them rich faster. they have whales for trading, and they have resources to mining, why should bother with ICO's?
I do not think that is not the case with China, they have already started shutting down mining farms and most of the big farms are moving out of the country and even bitmain opened a branch in Switzerland, it is all because they know that China is planning to stop the entire market of virtual currency mainly because of money laundering issues and the huge amount of electricity it takes to mine the coin.
If China can exploit BTC massively, many people will invest in BTC. The Chinese government is afraid that the BTC will lead to losses, so BTC is prohibited.
Because mining industry have a big help to there economy and it is good to mining but the problem is they cannot trade in local market in china.
Maybe they are getting so much money from the power being used to mine bitcoins that they think it wouldn't be beneficial for them to ban the cryptocurrency mining in the first place. And with your problem that's why we have exchanges in China.
Chinese people still accepting and trading cryptocurrencies as i can see. And there is no declaration from the gov that they are going to ban Bitcoin mining.
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Not yet but sooner or later they will. Bitmain already made contingency plans already, so for me that's a sign that they are afraid that the government may clamp down on bitcoin mining as well. They are eyeing Canada and other bitcoin friendly so let's see. Of course they can still trade bitcoin through OTC and they can't really ban it. However, I think it will be good if Chinese miners move of mainland so that miners will not be centralized in that country alone and that it will be spread out in different continents.
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Not yet but sooner or later they will. Bitmain already made contingency plans already, so for me that's a sign that they are afraid that the government may clamp down on bitcoin mining as well. They are eyeing Canada and other bitcoin friendly so let's see. Of course they can still trade bitcoin through OTC and they can't really ban it. However, I think it will be good if Chinese miners move of mainland so that miners will not be centralized in that country alone and that it will be spread out in different continents.
Chinese people still accepting and trading cryptocurrencies as i can see. And there is no declaration from the gov that they are going to ban Bitcoin mining.
China banned Bitcoin against their local fiat. People from their country are not limited to trading.
Even mine bits and coins are not bits. They sell international trading platforms. They import these so that the local currency is strong.
Even mine bits and coins are not bits. They sell international trading platforms. They import these so that the local currency is strong.
Hi I think just before a month we saw china banning ICOs and taking severe actions against bitcoin exchanges which led to the shut down of almost all the three big exchanges.We could clearly understand that chinese government is totally against bitcoin.China has the largest number of mining farms in the world.
But still china has not banned mining.So,what's actually stopping china from banning bitcoin mining totally there?
Kindly shed some light on this topic.
no things stop china from banning bitcoin But still china has not banned mining.So,what's actually stopping china from banning bitcoin mining totally there?
Kindly shed some light on this topic.
even china ban btc price will pumping because bitcoin will be transition coin
Maybe because that would not stop mining, but would transfer mining operations to the black market.
I also have a theory that they prefer to have these mining operations in their territory, so they have a chance to exert influence over Bitcoin in the future.
I also have a theory that they prefer to have these mining operations in their territory, so they have a chance to exert influence over Bitcoin in the future.
Never heard of black market mining...How do you mine on the black market?
Those mining farms need huge amount of electricity, it's impossible to hide them, the government will know for sure.
And we talk about China where the government knows almost everything.
I they would choose to ban mining as they see a thread in importing energy (China is a massive energy importer) they will nuke those farms in a matter of days. They will not risk power outages hitting their factories because of bitcoin mining.
All the bitcoin mining rewards at 1 billion billion a month is peanuts compared to the trillion in goods produced.
Hi I think just before a month we saw china banning ICOs and taking severe actions against bitcoin exchanges which led to the shut down of almost all the three big exchanges.We could clearly understand that chinese government is totally against bitcoin.China has the largest number of mining farms in the world.
But still china has not banned mining.So,what's actually stopping china from banning bitcoin mining totally there?
Kindly shed some light on this topic.
But still china has not banned mining.So,what's actually stopping china from banning bitcoin mining totally there?
Kindly shed some light on this topic.
What's stopping? Nothing, they can do whatever they want and they don't need approval from the people or voting in parliament.
Would it be bad for Bitcoin? Yes, very, it will take a long time to reach that level of hashpower after such crackdown on mining.
Why they didn't do it already? Because they don't see it as a threat, they have banned exchanges to prevent capital flight and adoption by citizens, but they seem to be cool with an idea of converting their cheap electricity into BTC and collecting taxes/bribes from miners in $$ when they sell their coins. There's also some potential for China since they can influence Bitcoin's network, by throttling or speeding up transactions, for example, or even blacklisting addresses if they can consolidate some 70-80% of hashpower.
Hi I think just before a month we saw china banning ICOs and taking severe actions against bitcoin exchanges which led to the shut down of almost all the three big exchanges.We could clearly understand that chinese government is totally against bitcoin.China has the largest number of mining farms in the world.
But still china has not banned mining.So,what's actually stopping china from banning bitcoin mining totally there?
Kindly shed some light on this topic.
But still china has not banned mining.So,what's actually stopping china from banning bitcoin mining totally there?
Kindly shed some light on this topic.
What's stopping them in terms of not actually being able to do it? Then nothing. What's actually stopping them is probably the fact that they are the biggest in terms of mining and it generates a huge amount of money for the company, many big mining companies have links to the government and I'm sure a lot of that money finds its way back to the government in exchange for favourable regulations etc.
Hi I think just before a month we saw china banning ICOs and taking severe actions against bitcoin exchanges which led to the shut down of almost all the three big exchanges.We could clearly understand that chinese government is totally against bitcoin.China has the largest number of mining farms in the world.
But still china has not banned mining.So,what's actually stopping china from banning bitcoin mining totally there?
Kindly shed some light on this topic.
Maybe because that would not stop mining, but would transfer mining operations to the black market.But still china has not banned mining.So,what's actually stopping china from banning bitcoin mining totally there?
Kindly shed some light on this topic.
I also have a theory that they prefer to have these mining operations in their territory, so they have a chance to exert influence over Bitcoin in the future.
They're not agaisnt bitcoins or crypto currencies in general just because they hate them or anything similar. What made go nuts is the amount of funds invested by the Chinese people into ICOs. They felt (and it's actually a fact) that the money is getting out of the country and out of the economical system too fast and not even through the way they're supposed to. They're worried about the capital moving out.
They were also protecting their citizens from losing money on under regulated fund raising. The SEC made a similar move in the U.S.
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