If China does not plan to block mining, can it be expected that in the coming months the rate will rise to 11 thousand? Of course, experts said that it would be necessary to wait until the middle of next year, but then it was not known about the planned reforms in the Middle Kingdom.
Do you still believe some experts? It's time to understand, Bitcoin cannot be predicted. A lot of factors can affect him, and you will never know for sure. What can you do? Buy and hold. You will enjoy the percentage of revenue when in six months you decide to sell your share of bitcoins.
Topic: What Happens If China Bans Bitcoin Mining? (Read 818 times)
If China does not plan to block mining, can it be expected that in the coming months the rate will rise to 11 thousand? Of course, experts said that it would be necessary to wait until the middle of next year, but then it was not known about the planned reforms in the Middle Kingdom.
Do you still believe some experts? It's time to understand, Bitcoin cannot be predicted. A lot of factors can affect him, and you will never know for sure. What can you do? Buy and hold. You will enjoy the percentage of revenue when in six months you decide to sell your share of bitcoins.
The above 2 'orphan' blocks do not have credit i.e.
0.00000000 BTC
...
Most coins on this wallet transferred for an (average ?) price below <$1.00 , mostly a few cents !?!
Mined blocks were spent as experimental transactions / testing, donations, hobby / fun, personal exchanges and/or reimbursements. Some I exchanged to trade retail forex and profits were destined back to Bitcoin, however to many other unfortunate circumstances followed and I left Bitcoin and this forum (temporarily) returning in 2013.
0.00000000 BTC
...
Most coins on this wallet transferred for an (average ?) price below <$1.00 , mostly a few cents !?!
Mined blocks were spent as experimental transactions / testing, donations, hobby / fun, personal exchanges and/or reimbursements. Some I exchanged to trade retail forex and profits were destined back to Bitcoin, however to many other unfortunate circumstances followed and I left Bitcoin and this forum (temporarily) returning in 2013.
It is unpredictable how China's decision regarding bitcoin, two or three years ago China became the foremost country supporting bitcoin as a legal transaction tool, but suddenly they banned bitcoin as a means of transaction, even many ICO coins were banned in China at that time. However, one year ago, the president of China again made a controversial statement about bitcoin as a good transaction tool today, this has caused us to be more confused by China's decision about bitcoin currency, whether to legalize or just their game. It is unpredictable how bitcoin is going in China at this time, because at any time the decisions made by the Chinese government can just change and cause some investors to be unprepared if things happen that cause bitcoin to drop in price.
You can never be sure with the government in China. They can prohibit things, but they can also revert to this decision after a while. And then they can even offer it. I think that bitcoin and the mining around it will never really be accepted by the whole of society. Banks and government lose a lot of power and have little influence and control over transactions. That is why they are vehemently against it, including all the affiliated processes related to it.
Nothing will happen. Several times we've seen about the banning of bitcoin mining in China. At occasions on inspection about the disturbance in the economy bitcoin mining will be stated as a reason. Later the news fades, and mining won't be stopped by the government or the owners. Regularly there is more and more advanced mining equipments manufactured. China holding majority of the miners is also an advantage for them. If China goes against bitcoin mining, and people stops it automatically someone from other countries will take the chance and starts mining. So, at any cost the network won't get disturbed.
Not sure if this is going to happen, even though there have been several talks about bitcoin mining getting banned in China, but if it ever happens, it will be really devastating on one end cause lesser bitcoins will be mined and added to the market, that will cause scarcity of bitcoins and good on the other hand it will increase the price of bitcoin, cause with little or no supply the holders will refuse to sell at lower prices, thus there will be a spike in bitcoin price,although a few mining companies will be able to go out and establish an another enterprise in another country, the smaller ones will be stuck there and they will eventually quit mining since its been prohibited by the government .
Bumping this interesting year old thread to see if anything has changed. Appears China miners continues to have the majority of the hash power (~65%) and currently China continues to be permissive of bitcoin mining. However, China's own central bank digital currency (CBDC) is gathering momentum. My current question is that as China rolls out its CBDC is there a risk of China making mining of bitcoins illegal since they might (incorrectly IMHO) view bitcoin as some kind of competition?
If so what would be the short term and long term ramifications if the China's miners were turned off overnight? IMHO short term there might be a negative knee-jerk reaction, but long term the decentralized nature of bitcoin should accommodate any major shift like that. Would such a shift make a 51% attack actually possible? Thoughts?
A couple of related articles as FYI
https://cointelegraph.com/news/us-bitcoin-holders-worry-about-chinese-control-of-the-mining-network May 1, 2020
https://cointelegraph.com/news/china-s-leadership-in-the-bitcoin-mining-industry-will-be-challenged Nov 14, 2020
If so what would be the short term and long term ramifications if the China's miners were turned off overnight? IMHO short term there might be a negative knee-jerk reaction, but long term the decentralized nature of bitcoin should accommodate any major shift like that. Would such a shift make a 51% attack actually possible? Thoughts?
A couple of related articles as FYI
https://cointelegraph.com/news/us-bitcoin-holders-worry-about-chinese-control-of-the-mining-network May 1, 2020
Quote
US Bitcoin Holders Worry About Chinese Control of the Mining Network
China has consolidated more than half of the world’s Bitcoin mining operations. What threats could the situation create?
China has consolidated more than half of the world’s Bitcoin mining operations. What threats could the situation create?
https://cointelegraph.com/news/china-s-leadership-in-the-bitcoin-mining-industry-will-be-challenged Nov 14, 2020
Quote
China’s leadership in the Bitcoin mining industry will be challenged
China has a lot of advantages in the Bitcoin mining industry, though it won’t last forever, as more countries are entering the space.
China has a lot of advantages in the Bitcoin mining industry, though it won’t last forever, as more countries are entering the space.
When china gets their filthy hands on something, they always ruin it. Besides, it doesn't make a lick of sense to waste so much energy. It's ludicrous, egregious, preposterous.
LOL. I'm not a big fan of China, either, but it mostly has to do with their culture of counterfeiting American goods. I could care less what they do on their own soil, but that affects our economy and it's built into their way of life.There was an article floating around here the other day saying that China wasn't going to go through with the mining ban, and I think that's a good thing. Chinese citizens ought to have the freedom to mine if they want to and the government should just fuck off.
But even if the ban did go through, I would imagine that those Chinese miners would migrate to a country nearby that was friendly to miners. I can't imagine that they would just give it up. Can Chinese citizens move freely to other countries? I know they're a communist country and sometimes they have harsh laws about that.
So I guess we need to locked this thread?
Chinese Agency Scraps Plan to Eliminate Bitcoin Mining Industry.
No more "what if" now, the Chinese government has already changed its stance.
China have eliminate bitcoin mining project after bitcoin banned as legal transaction in china last three year ago, not bitcoin mining still exist in China will be banned because give bad reputation of bitcoin and altcoin price, make government not good with public because they can give solution for their people. Chinese Agency Scraps Plan to Eliminate Bitcoin Mining Industry.
No more "what if" now, the Chinese government has already changed its stance.
Then the whole mining system will collapse, that's what will happen
I doubt that it will collapse, it may have significant effect on the ecosystem. But to say that it will fall just because of China banning bitcoin mining is absurd. And I'm sure big mining companies inside China has already a plan B in case the government made that bold move. At least if this happens, then it can break the monopoly and I'm sure there will be companies and countries will to take the lead.
Why it going to collapse? is the china was the one who can mine bitcoin? I think it can cause to reduce the mining percentage everyday but other country can do also mining so we can recover it until we mined all the bitcoin.
Nothing will be changed. Bitcoin is the world cryptocurrency, and even if China bans its mining, it will not affect the other market. As soon as I know, Chinese guys manage to deal with all activities that refer to cryptocurrencies now (including mining and cloud mining). Hope, soon everybody will understand that the BTC ban will not stop it.
So I guess we need to locked this thread?
Chinese Agency Scraps Plan to Eliminate Bitcoin Mining Industry.
No more "what if" now, the Chinese government has already changed its stance.
Chinese Agency Scraps Plan to Eliminate Bitcoin Mining Industry.
No more "what if" now, the Chinese government has already changed its stance.
Then the whole mining system will collapse, that's what will happen
I doubt that it will collapse, it may have significant effect on the ecosystem. But to say that it will fall just because of China banning bitcoin mining is absurd. And I'm sure big mining companies inside China has already a plan B in case the government made that bold move. At least if this happens, then it can break the monopoly and I'm sure there will be companies and countries will to take the lead.
Why it going to collapse? is the china was the one who can mine bitcoin? I think it can cause to reduce the mining percentage everyday but other country can do also mining so we can recover it until we mined all the bitcoin.
Nothing will be changed. Bitcoin is the world cryptocurrency, and even if China bans its mining, it will not affect the other market. As soon as I know, Chinese guys manage to deal with all activities that refer to cryptocurrencies now (including mining and cloud mining). Hope, soon everybody will understand that the BTC ban will not stop it.
Its only speculations and probably its quite impossible that they will ban bitcoin mining. They have benefited to it in many years and its ridiculous if they will ban it directly. Many countries are very interested about it and if they do ban bitcoin mining its their big loss. They must be ready if they do the ban.
I agree, many bitcoin miners are in china and most of them are a richer. if they do that it will affect more there businesses and other company's that starting to use blockchain and crypto currency. and you are correct that china had benefit on bitcoin mining in several years. they really think about it well before they do. or it may cause any trouble on its users. but we will see it in their next steps. it is not easy to do this for no reason.
That is in the past anyway, I don’t think that they are still planning on doing so because they are also working on their own cryptocurrency, which they will need miners a lot to be able to meet up with the number of coins that needs to be mined for their citizens to be able to use it for whatever reason they want them to use it for. I think now, they are going to be supporting them a lot.
Its only speculations and probably its quite impossible that they will ban bitcoin mining. They have benefited to it in many years and its ridiculous if they will ban it directly. Many countries are very interested about it and if they do ban bitcoin mining its their big loss. They must be ready if they do the ban.
I agree, many bitcoin miners are in china and most of them are a richer. if they do that it will affect more there businesses and other company's that starting to use blockchain and crypto currency. and you are correct that china had benefit on bitcoin mining in several years. they really think about it well before they do. or it may cause any trouble on its users. but we will see it in their next steps. it is not easy to do this for no reason.
China owns a large span of Bitcoin miners. They have approximately 70% of hash power I supposed. Though if they were to ban it, it would probably slowing down transactions, and as well it will increase mining decentralization. In addition China would be able to conserve a lot of electricity 'cause for about approximately of 70% of hash power are in China they got more than half of the world's total hash power right there. Though the bills they are receiving in return of allowing it would just be cut-off.
As right now China is thinking of creating their own coin, so it means that they wont stop mining but they can regulate it and make more strict restriction so that illegal usage of power in mining wont work
The title says bitcoin mining so it only includes the mining of bitcoins. Mining anything else there is no law against or anything. Yes, the illegal use was not really illegal it was more of taking advantage of a situation that was never meant to work if people require such high amounts of power. Keeping things normal is fine so that is why that worked for a long time. I am surprised they were able to mine as much as they were for so long without anything being done.
Its only speculations and probably its quite impossible that they will ban bitcoin mining. They have benefited to it in many years and its ridiculous if they will ban it directly. Many countries are very interested about it and if they do ban bitcoin mining its their big loss. They must be ready if they do the ban.
When china gets their filthy hands on something, they always ruin it. Besides, it doesn't make a lick of sense to waste so much energy. It's ludicrous, egregious, preposterous.
China is already try to ban crypto and nothing changed. I dont think that they are going to really change something
They tried but they have not succeeded, china controls 70 percent off mining in the world, so they have so much influence on mining, if china bans it now, the Chinese people would be finding it hard to freely mine bitcoin and other coins that are mineable, and to move the mining machine out of the country would be difficult because their custom would really want to frustrate such miner.This will surely make these coins to start becoming quite more scare, though the more the coin becomes scarce, the more the value will appreciate, but we cannot completely keep miners out of the market, and the remaining miners around the globe would not be enough to really satisfy the need of the community generally for these coins, so we need china to have full support.
Jump to: