Urgent news: China is shutting down cryptomining

nioctiB#1

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Quote from: Chokolo on January 06, 2018, 07:16:34 AM

Oh this wont be pretty for Bitcoin and Ethereum. Chinese miners and mining pools make up for a big portion of the network. Regulation have now begun.

https://mobile.twitter.com/cnLedger/status/949468263800479744

RIP Bitcoin

Why you people think that bitcoin will be dead if china shutdown all mining farms in their country? you think it the wrong way. even if china will really do it then let them. mining difficulty will drop a lot but that is not a bad thing instead it will benefit those people who want to mine bitcoin but can only do it small time and also think that china is not the only country that can mine bitcoin. they cant even shut it all. miners can just spread their hardwares in different houses and continue to mine bitcoin without government being noticed.

max6575

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Quote from: Chokolo on January 06, 2018, 08:25:25 AM

Quote from: beachbummer on January 06, 2018, 08:17:35 AM

China is not shutting down cryptocurrency mining completely, just the errant mining companies.

https://www.cryptoinfomag.com/2018/01/04/china-btc-mining-shakedown/

Didnt you read the news? It is also about miners not paying tax. China wants a big piece of the cake and the numbers of miners not paying tax are probably HUGE

they might be huge in numbers of the miners, but for me the parts of potential miners with good revenue as possessing better resource only less with the relative to total population of miners in prc.
from 1.3 billion of the people, i guess the number of miners with the less potential competence may reach until 1 billion and they have less resource on possession to leaves less taxable revenue from their daily lives with bitcoin.

lolchina

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Not this again,same old story every 3 months china is baning btc we all gonna die sell all sell all sell all Grin

This is nothing new and its not about shutting down the mining its more to regulate it as many chiniese miners dont pay for electricity while having masive farms,nothing big will happen as those farms will move to other part of the countrie or in other country competly like russia or iceland

ZaoXhou

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Quote from: bamboylee on January 06, 2018, 08:53:05 AM

Quote from: Chokolo on January 06, 2018, 07:16:34 AM

Oh this wont be pretty for Bitcoin and Ethereum. Chinese miners and mining pools make up for a big portion of the network. Regulation have now begun.

https://mobile.twitter.com/cnLedger/status/949468263800479744

RIP Bitcoin

The effect seems different from what you expected. The price pumped in the last 24 hours. It seems that the crypto community is already tired of hearing FUD news coming from China. It has no effect anymore.

Anyway, if ever its true there is ample enough miners coming from other countries to cover what will be lost.

I think it can still have some effect, but all this fud is just not as powerful as it used to be. Bitcoin has grown too much.

Bezobraznike

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★Bitvest.io★ Play Plinko or Invest!

Quote from: bamboylee on January 06, 2018, 08:53:05 AM

Quote from: Chokolo on January 06, 2018, 07:16:34 AM

Oh this wont be pretty for Bitcoin and Ethereum. Chinese miners and mining pools make up for a big portion of the network. Regulation have now begun.

https://mobile.twitter.com/cnLedger/status/949468263800479744

RIP Bitcoin

The effect seems different from what you expected. The price pumped in the last 24 hours. It seems that the crypto community is already tired of hearing FUD news coming from China. It has no effect anymore.

Anyway, if ever its true there is ample enough miners coming from other countries to cover what will be lost.

Do you still have trust in Chinese? They are spinning the news for years, and in all that
time they did not do anything except making more money from their manipulations.
I doubt that this can have some big effects on Bitcoin, when will people understand that
Bitcoin does not depend only from Chinese, Bitcoin is bigger than any country and their laws.
Like with all news coming from China regarding Bitcoin this one will be forgotten too, just
wait couple weeks or month and they will just continue with what they did. Do not trust
Chinese government.

a6ledn218

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Quote from: nakamote on January 06, 2018, 08:21:17 AM

Electricity isnt the big problem,the greedy people who is taking advantage the crypto for their wealth,there will a lot of powerful people in the chinese if the china dont regulate cryptocurrency,chinese are too racist to each other

Maybe you misunderstood, there is no racial discrimination, but for the use of electricity mining, there is no good supervision and management, you need to define its social attributes

bamboylee

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Quote from: Chokolo on January 06, 2018, 07:16:34 AM

Oh this wont be pretty for Bitcoin and Ethereum. Chinese miners and mining pools make up for a big portion of the network. Regulation have now begun.

https://mobile.twitter.com/cnLedger/status/949468263800479744

RIP Bitcoin

The effect seems different from what you expected. The price pumped in the last 24 hours. It seems that the crypto community is already tired of hearing FUD news coming from China. It has no effect anymore.

Anyway, if ever its true there is ample enough miners coming from other countries to cover what will be lost.

a6ledn218

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Activity: 182

Merit: 100

In fact, this news is simply nothing in words. As the rectification and disposal of the mine started last year, especially after the exchange was closed down in the country last year, the relevant regulatory agencies also discussed about the mine However, the conclusion is that the reasons for the closure of the mine are not sufficient and that the mine has not caused any more social problems and the risk point is not clear and no specific arrangements have been made

nicedreams

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Quote from: Chokolo on January 06, 2018, 07:16:34 AM

Oh this wont be pretty for Bitcoin and Ethereum. Chinese miners and mining pools make up for a big portion of the network. Regulation have now begun.

https://mobile.twitter.com/cnLedger/status/949468263800479744

RIP Bitcoin

Come back when China outlaw miner or mining and willing to send miners to gulag. If not then not really gonna put down Chinese miners and their way.

LUCKY21

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It seems to me that after the autumn news from China about the prohibition of bitcoin this news will not scare anyone. This is all manipulation kryptorkom. And someone pursues their goals by releasing such news.

Metroid

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Xtreme Monster

Quote from: Sniar on January 06, 2018, 08:38:20 AM

I thought it was already banned in China. so you're telling that was illegal to trade with crypctocurrency in China but legal to mine it? sounds like a fake news.

China banned bitcoin for the 1210th time and people here asking --> "did china ban bitcoin?" hehe

Sniar

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I thought it was already banned in China. so you're telling that was illegal to trade with crypctocurrency in China but legal to mine it? sounds like a fake news.

hieu81

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Quote from: Chokolo on January 06, 2018, 07:16:34 AM

Oh this wont be pretty for Bitcoin and Ethereum. Chinese miners and mining pools make up for a big portion of the network. Regulation have now begun.

https://mobile.twitter.com/cnLedger/status/949468263800479744

RIP Bitcoin

May be we have more power for mining? I think! Mining need more support from country! Because blockchain verry attractive

natasha-lev

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Quote from: Fahim on January 06, 2018, 08:09:25 AM

This news came out a couple of days ago. But this almost did not affect the price of Ethereum and bitcoin. All expected that the cost will decrease, as in China there are a lot of miners. However, this did not happen. And the currencies are quite stable. Perhaps this will affect the market a little later. But the Chinese projects are developing rapidly and the government can not do anything about it.

Even if China closes mining - its good for worldwide decentralization of BTC mining. Secondly, look at envion ICO. They are making movable containers for mining with cheap energy.

Metroid

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Xtreme Monster

Quote from: Chokolo on January 06, 2018, 08:22:00 AM

No the news came yesterday on western media. Bitcoin is already going down value. Wouldnt surprise me to see a huge crash in price.

Are you kidding? that sounds like cause when the word banned comes up the only thing that happens is bitcoin going up.

sarfwr

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Quote from: Chokolo on January 06, 2018, 07:16:34 AM

Oh this wont be pretty for Bitcoin and Ethereum. Chinese miners and mining pools make up for a big portion of the network. Regulation have now begun.

https://mobile.twitter.com/cnLedger/status/949468263800479744

RIP Bitcoin

In fact, China has no effect on cryptocurrency markets, and this foolish country has given up its pricing power.

Chokolo

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Quote from: beachbummer on January 06, 2018, 08:17:35 AM

China is not shutting down cryptocurrency mining completely, just the errant mining companies.

https://www.cryptoinfomag.com/2018/01/04/china-btc-mining-shakedown/

Didnt you read the news? It is also about miners not paying tax. China wants a big piece of the cake and the numbers of miners not paying tax are probably HUGE

natasha-lev

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Very interesting news. But I am not sure that we understand those regulations in the correct way. It doesn't mean that BTC rip. Think that we need to prepare money for buying cheap crypto with the current FUD.

Chokolo

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Quote from: Fahim on January 06, 2018, 08:09:25 AM

This news came out a couple of days ago. But this almost did not affect the price of Ethereum and bitcoin. All expected that the cost will decrease, as in China there are a lot of miners. However, this did not happen. And the currencies are quite stable. Perhaps this will affect the market a little later. But the Chinese projects are developing rapidly and the government can not do anything about it.

No the news came yesterday on western media. Bitcoin is already going down value. Wouldnt surprise me to see a huge crash in price.

nakamote

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Electricity isnt the big problem,the greedy people who is taking advantage the crypto for their wealth,there will a lot of powerful people in the chinese if the china dont regulate cryptocurrency,chinese are too racist to each other

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