Topic: So what's stopping china from banning bitcoin mining? - page 2. (Read 783 times)
China banned bitcoin transactions such as trading and exchanges but didn't shut mining I think this country is planning to penetrate bitcoin ownership because if their people will earn bitcoin and just keeping it possibilities that large amount of bitcoin will be idle in the market that will turn to supply to lack for the demand and so as the price will go even much higher and if the value of bitcoin will reach millions in the future that's the time China will sold their bitcoins. Investment strategy I guess.
They have a legal grounds to regulate relations about ICO’s and trading,Because they feel fear.They think ,that it can be potentially dangerous,there is enough legitimate ground for this, because it is related to public interest and the economy of the country,When something confronts public interest that can be dangerous for the economy, in this case the preference is public interest,In case of illegal trade,But what Legal purpose do they have to stop mining process? In developing countries, It is free to do business and its our own business,the government can not oppose the will of the people to gain the right to earn a lawful income.why would they ban it if this ban doesn't serve political will and not economical? They have no legitimate aim,People are honestly earning money in the same way they also pay taxes.
Pretty bold statement to make. But you can't get any statistics about that - because mining is decentralised. Sure, miners are loud, but my point is that in general it's a futile battle for a government to have, expending resources to get people who aren't ultimately wasting any money, and expending a lot of resources trying to get the people who do it on a smaller scale.
It would also really piss people off, because it's basically stealing their investment into those miners by forcibly shutting it down. Shutting down exchanges, on the other hand, isn't a huge threat to people's investments unless people's coins get stolen from the exchanges.
It would also really piss people off, because it's basically stealing their investment into those miners by forcibly shutting it down. Shutting down exchanges, on the other hand, isn't a huge threat to people's investments unless people's coins get stolen from the exchanges.
Oh but I can....
Even if mining is "decentralized" in your opinion, I doubt we have hit a number of blocks mined by individuals (non-pool) to even bother counting.
Those pools have to pay their members for the hashrates unless they scam them an run away with the funds.
Now, following the money trail in the blockchain we can approximate on how many miners and how big they are or ,and even easier than that we can access in some cases the mining pool statistics (those that provide it) and see there how many individuals are mining at home with 1 or 2 s9.
Once you try to get over 4 s9 in the average house you're going to have to ask for permits unless you want to leave the entire street in darkness when you turn on anything in your house the same time the miners are plugged in.
I dont really understand why china no ban mining?
As some people said also china has been banned mining as well.
Which one is true?
As some people said also china has been banned mining as well.
Which one is true?
Nothing. It should be clear by now that China is an authoritarian country which can take civil liberties as it pleases. They can, and have routinely banned whatever they want, and their citizens have little to no privacy as the government monitors them. They were able to ban ICOs and shut down exchanges, and they could just as easily ban Bitcoin and its mining operations.
The question here is why they would ban it. Despite what it may seem, I don't think they would simply ban something arbitrarily. They banned ICOs and exchanges because they were protecting their economy from capital outflows, and mining accomplishes the exact opposite of that. They're not going to touch it unless it's a potential threat, and it really isn't. It even makes money flow in. Mining in China should be safe for a while.
The question here is why they would ban it. Despite what it may seem, I don't think they would simply ban something arbitrarily. They banned ICOs and exchanges because they were protecting their economy from capital outflows, and mining accomplishes the exact opposite of that. They're not going to touch it unless it's a potential threat, and it really isn't. It even makes money flow in. Mining in China should be safe for a while.
Why would China ban or shut down mining farms ? This basically means you cannot understand what the Chinese government is concerned about regarding bitcoins and why they closed exchanges and are looking for ways to regulate ICOs.
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.
I don't think they're against Bitcoin mining at all. As a matter of fact, it brings the govt. a lot of money from all those farms. I even heard that they're making it easier for people to start farms next to hydraulic power stations with low usage (but I heard that was from electricity companies and I don't think these would do anything against the company). So basically they want their money to stay in. But cut off something that gets them tons of money
Oh hell no.
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.
I don't think they're against Bitcoin mining at all. As a matter of fact, it brings the govt. a lot of money from all those farms. I even heard that they're making it easier for people to start farms next to hydraulic power stations with low usage (but I heard that was from electricity companies and I don't think these would do anything against the company). So basically they want their money to stay in. But cut off something that gets them tons of money
Oh hell no. 
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.
they are not "totally against bitcoin." they are just worried about capital flight and by the rate at which investors are pouring money into cryptocurrencies and ICOs. in fact, i've heard rumors for years now that the chinese government (or at least local governments) have been subsidizing mining farms with excess hydroelectric power.
But still china has not banned mining.So,what's actually stopping china from banning bitcoin mining totally there?
china has been "banning" BTC since 2013. i think the government understands by now that they cannot stop it. what's the next best thing? controlling the populations' interaction with BTC and maximizing tax revenue. to do that, they need stronger KYC and capital control compliance from exchanges, hence the shutdown. i think we'll see licensed exchanges reopen on the mainland again.
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.
Well I think they know that if they do that, miners will just go somewhere else. They will not kill bitcoin worldwide, by going after miners, so all they would achieve if they did that, would be to lose a decent source or income from the electricity consumption associated with mining. Their only problem with bitcoin, in my opinion, is that it allows it's citizens to easily make transactions, and the government would lose power over money. Mining is not threat to them, because it's just money entering in their pockets, and they don't mind that.
I'm not sure, but maybe one of factors is electricity. Yes, electricity is very cheap in China, but these huge mining farms using so much electricity. It's beneficial for China, because miners have to pay lot of money for electricity. If they would ban Bitcoin mining, it would cause serious drop of electricity usage.
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.
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. 
Mining, on the other hand, is decentralised. By "banning" mining, they would be banning something which could happen in any home anywhere without their knowledge, so it would be a very ineffective law.
Oh really?
There is nobody mining at home in China
Pretty bold statement to make. But you can't get any statistics about that - because mining is decentralised. Sure, miners are loud, but my point is that in general it's a futile battle for a government to have, expending resources to get people who aren't ultimately wasting any money, and expending a lot of resources trying to get the people who do it on a smaller scale.It would also really piss people off, because it's basically stealing their investment into those miners by forcibly shutting it down. Shutting down exchanges, on the other hand, isn't a huge threat to people's investments unless people's coins get stolen from the exchanges.
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.
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.
Wang’s planned farm in Gansu – one of the poorest provinces in China – will cost about 10 million yuan (US$1.52 million) to set up.
Is it not clear by now that any form of banning has no practical influence on crypto?
I mean, Chinese are still trading bitcoin, maybe not as easy as before, but they still can do it. Meanwhile, price has quadrupled since the ban.
Mining is even less important in that regard and would even reduce the influence of the Chinese on the bitcoin market.
I mean, Chinese are still trading bitcoin, maybe not as easy as before, but they still can do it. Meanwhile, price has quadrupled since the ban.
Mining is even less important in that regard and would even reduce the influence of the Chinese on the bitcoin market.
i think even have an order from the china government to ban the exchange people of china can't control by the government to continue mining the bitcoin or invest in the bitcoin, my reason people can mining without knowing of the government its because bitcoin use by the people to buy anything using the online trasaction in the other country.
It seems that China is still weighting what is the best for them as a country. On one hand, they want to control the trends within the country and probably also prevent fraudulent ICOs but on the other hand, they don't want to be left behind by totally banning any cryptocoin.
Do you really think china banning bitcoin mining will affect bitcoin positively?
Mining, on the other hand, is decentralised. By "banning" mining, they would be banning something which could happen in any home anywhere without their knowledge, so it would be a very ineffective law.
Oh really?
Mining is decentralized?
There is nobody mining at home in China and if it were everybody on a 10 blocks radius would know.
Have you ever heard the noise of a S9? And it would be so easy to identify a miner just by looking at energy consumption.
Either way they user wash talking about mining farms.
And those are so easy to spot and already knows (we even have threads with pics from them) it would be a piece of cake to shut them down.
So,what's actually stopping china from banning bitcoin mining totally there?
Trading relies on centralised platforms. By regulating Bitcoin exchanges, what they're really doing is pressuring websites to abide by specific regulations (or to close down) - this is easy, because it's just a website, not a decentralised network.Mining, on the other hand, is decentralised. By "banning" mining, they would be banning something which could happen in any home anywhere without their knowledge, so it would be a very ineffective law.
Also, since electricity is cheap there, it's actually beneficial for the Chinese economy as a lot of miners make significant profits from it there.
By attempting to ban mining, they would be basically banning people from making a potentially profitable investment, and not even succeeding in doing that. So it seems very unlikely that they would ban mining.
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