Topic: The reason mining was banned in China (Read 11023 times)
I did not hear that Chinese mining was stopped or banned. And I do not even think that China will never do that. Mining is one of the components of online platforms that can be financially beneficial. Mining is now one of the most popular entertainment and money-making medium online. Why China will ban this mining when mining is a popular medium of earning and entertainment?
They will try and dominate even the world of cryptocurrency
I doubt this one. I don't think they can even dominate the world of cryptocurrency. If China will create their own crypto, and although China holds the largest population in their country, they still can't freely use it I guess. Since the government will control and will still put some limitation to it. And if they're aiming the world of crypto, I don't think most people outside their country would probably use it since it is centralized and is being controlled by the government. concerned will be in questioned, from here, the mining business still operational inside china as interest of their society still positive with mining practice.
I doubt this insider report will work for now. It's just a mere speculation which can't be trusted. If they ever do this, will they still have paper money in existence? because the conversion system for the man on the street will be complicated, even if they decided to make it a stable coin, that I think they are not going to do because they have a history of always devaluing their currency to attract investment and trade from other nations.
I am wondering if more and more mining centers will switch to the use of alternative energy, will it allow to reduce the cost of bitcoin? After all, while mining is very expensive
I don’t understand why, with the general access to green energy, countries don’t switch to it en masse? One guess is that it is more profitable for them to keep high rates for traditional mining methods. I am wondering if more and more mining centers will switch to the use of alternative energy, will it allow to reduce the cost of bitcoin? After all, while mining is very expensive
Maybe it will. Now many projects decide to combine green energy and mining. Recently saw such a project in Kazakhstan, and this is all brought to the state levelI am wondering if more and more mining centers will switch to the use of alternative energy, will it allow to reduce the cost of bitcoin? After all, while mining is very expensive
Maybe it will. Now many projects decide to combine green energy and mining. Recently saw such a project in Kazakhstan, and this is all brought to the state level
https://blockonomi.com/chinese-renminbi-become-a-government-backed-crypto/
Just saw this article pop up in the news and figured it was relevant to the conversation. I've been watching this topic for a while and am also curious to see what happens in China in terms of crypto
Just saw this article pop up in the news and figured it was relevant to the conversation. I've been watching this topic for a while and am also curious to see what happens in China in terms of crypto
Some thought that this is the reason why China is hostile to Bitcoin but it is not yet confirmed if they will create their own cryptcurrency, in short it is still in discussion and proposed plan
I am wondering if more and more mining centers will switch to the use of alternative energy, will it allow to reduce the cost of bitcoin? After all, while mining is very expensive
I do not think the cost of mining have something to do with the current price of Bitcoin since Bitcoin is valued according to the speculative value of a buyer.
They will try and dominate even the world of cryptocurrency
I do not think that is the case, I think China fears what they can't control and it is obvious that BTC is out of China's control. So their option is to shut it down or regulate it for their benefits.
I am wondering if more and more mining centers will switch to the use of alternative energy, will it allow to reduce the cost of bitcoin? After all, while mining is very expensive
Maybe it will. Now many projects decide to combine green energy and mining. Recently saw such a project in Kazakhstan, and this is all brought to the state level
I am wondering if more and more mining centers will switch to the use of alternative energy, will it allow to reduce the cost of bitcoin? After all, while mining is very expensive
https://blockonomi.com/chinese-renminbi-become-a-government-backed-crypto/
Just saw this article pop up in the news and figured it was relevant to the conversation. I've been watching this topic for a while and am also curious to see what happens in China in terms of crypto
Just saw this article pop up in the news and figured it was relevant to the conversation. I've been watching this topic for a while and am also curious to see what happens in China in terms of crypto
They will try and dominate even the world of cryptocurrency
I doubt this one. I don't think they can even dominate the world of cryptocurrency. If China will create their own crypto, and although China holds the largest population in their country, they still can't freely use it I guess. Since the government will control and will still put some limitation to it. And if they're aiming the world of crypto, I don't think most people outside their country would probably use it since it is centralized and is being controlled by the government. China has its own strategy, I believe that when China makes a decision, they actually have their own planning. This is difficult to understand because China has its own interests. For me, we must respond to this carefully. We must not be easily influenced by all issues, not to make the issue even make it difficult for us to make a decision.
Of course they always do you know how good they are when it comes to business and whether it is ethical or not they will surely do it as long as they know that they will give them more benefits.
Of course we are not it is just a news and we know that this can give us benefits if they are closing their largest bitcoin earners
The news has created Keos as they said in their draft the Bitcoin mining industry need to be eliminated on which miners are arguing on their counter 
in fact China has made various efforts to hinder the development of the bitcoin cryptocurrency industry since 2017. China has banned mining of bitcoin in response to concerns about the process of making digital currency (cryptocurrency). It is not impossible that China can make its own cryptocurrency that can obtain government legality. So far many things have been banned in China and in the end they want to make crypto money themselves.
China won't make a crypto in the way that we know cryptos, if anything it would just be their own currency with a couple of extra steps added and probably a whole lot more government control. I realistically cannot see China trying to make a crypto that isn't just an extension of the Renminbi/Yuan. Of course, I could be very wrong about that and they might make their own crypto which is more than fiat. Either way, I almost guarantee that it would include some form of integration with their social credit system. It will be a shitcoin regardless if it's considered a "real" crypto or not, just for different reasons than we might expect.
Of course we know how China play their game but as I have said it is indeed just another sh*tcoin. Unless they will not going to connect it to the blockchain technology but if they do then it is just a pure alt of bitcoin. It is still a good sign tho because other miners can now share more blocks
China won't make a crypto in the way that we know cryptos, if anything it would just be their own currency with a couple of extra steps added and probably a whole lot more government control. I realistically cannot see China trying to make a crypto that isn't just an extension of the Renminbi/Yuan. Of course, I could be very wrong about that and they might make their own crypto which is more than fiat. Either way, I almost guarantee that it would include some form of integration with their social credit system. It will be a shitcoin regardless if it's considered a "real" crypto or not, just for different reasons than we might expect.
Of course we know how China play their game but as I have said it is indeed just another sh*tcoin. Unless they will not going to connect it to the blockchain technology but if they do then it is just a pure alt of bitcoin. It is still a good sign tho because other miners can now share more blocks
most of the Chinese articles claim the main reason for mining get banned in China is because of Environmental pollution these mining cause
hey remember the time when we all speculated 
how China is gonna just give birth to a cryptocurrency on it's own and bang ! They will try and dominate even the world of cryptocurrency, well guess what ? Days after mining the Bitcoins that is the king of all cryptocurrencies' was banned , we have a news .!!
*China is going to make it's own currency Renminbi a cryptocurrency *
Well the reports have still yet to be confirmed officially but experts have provided a good Intel. I don't even think that they will provide any Intel ahead of time . They are going to take help from the central bank and turn their own currency into a cryptocurrency.
Well to be honest I think it would be a good experiment when we would be able to see how ! Cryptocurrency + government can work together since it will be a derivative of a bank !
Any ideas about what will happen ? What do you guys think ?
Was this confirmed? I think China didnt ban mining as per new articles.
China won't make a crypto in the way that we know cryptos, if anything it would just be their own currency with a couple of extra steps added and probably a whole lot more government control. I realistically cannot see China trying to make a crypto that isn't just an extension of the Renminbi/Yuan. Of course, I could be very wrong about that and they might make their own crypto which is more than fiat. Either way, I almost guarantee that it would include some form of integration with their social credit system. It will be a shitcoin regardless if it's considered a "real" crypto or not, just for different reasons than we might expect.
Of course we know how China play their game but as I have said it is indeed just another sh*tcoin. Unless they will not going to connect it to the blockchain technology but if they do then it is just a pure alt of bitcoin. It is still a good sign tho because other miners can now share more blocks
Are you talking about these story? https://cointelegraph.com/news/official-chinese-currency-renminbi-to-become-cryptocurrency-expert-says.
First, mining is yet to be banned in china, the proposal is there and still under review. This is somehow misleading saying that mining is already banned in China but it is not.
I agree the title is misleading because mining in China is still ongoing and the ban proposal of its government is under review just like what you have said. I think the Chinese government see that Bitcoin mining is wasteful and needs a lot of energy to operate especially a big mining farm and not just that they also see it as a means of medium for transactions of illegal activities of criminals especially for drugs and we know that China is very strict in this kind of matter, we have heard of news about execution of proven drug-related peoples. First, mining is yet to be banned in china, the proposal is there and still under review. This is somehow misleading saying that mining is already banned in China but it is not.
To the OP, I don't think that a country making its own Crypto Currency is a bad idea and anyone is free to do so. And if China will do its own Crypto for its country they can do it but until today it is still a rumor and we don't have a solid proof that they will create one.
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