What Happens If China Bans Bitcoin Mining? - page 3.

Flor1982

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Quote from: btc_angela on October 22, 2019, 05:19:32 AM

Quote from: hamletleonardo on October 22, 2019, 04:37:48 AM

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.

I agree with you as i believe that Mining companies in China have already exit plan to continue their operation in case of Banning and besides not only China has affordable electricity in the world because their are lot of places that can match their cost that even much little expensive but still it is better than their enterprise will not continue operating.

Lauren Smith

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I think most of us will be happy if bitcoin mining was banned in china Grin

Most of the hashing comes from there and they get miners and electricity so cheap that there is no keeping up. The rest of us will finally have a chance.

They can make their own currency and mine that with their miners if they looking for something to mine.

gentlemand

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Quote from: Darooghe on October 26, 2019, 04:50:05 PM

It would deal a massive blow to a series of Chinese companies that rode the crypto wave by providing mining and production tools to the industry like Bitmain . Losing those large facilities, which benefit from economies of scale, could help smaller miners compete in China, where small operations would be more likely to continue operating under the radar, and elsewhere.

Bitmain have had the money and demand to go global. It's not the biggest or the minnows who'd be affected the most, it's the middle ground and they probably make up a decent amount of the overall hash rate.

Still plenty of others ready to fill in if they do clear out.

Darooghe

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It would deal a massive blow to a series of Chinese companies that rode the crypto wave by providing mining and production tools to the industry like Bitmain . Losing those large facilities, which benefit from economies of scale, could help smaller miners compete in China, where small operations would be more likely to continue operating under the radar, and elsewhere.

This latest news out of China about mining, could well serve to further distribute hash rate and thus strengthen the network. This would ultimately be a positive development for Bitcoin generally and may directly answer one of Bitcoin’s most repeated criticisms.

kooboat

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Should mining be banned in China, it would be a very big blow to the cryptocurrencies considering the the number of mining plants the citizens own in that particular country. In spite of the many challenges that comes with mining of cryptocurrencies, China is still a strong country so far as the mining of cryptocurrencies are concerned.

DaveWave

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Quote from: NeironixNV on October 25, 2019, 06:26:54 AM

This is a very mixed decision to ban mining in China, since China is one of the leading countries in the development of this direction in the crypto industry.

China is not totally against the crypto industry. China just wanted to regulate or let's say take control as deep as possible. It will be impossible for the Chinese government as they are decentralized. I won't be surprised if China will create their own crypto version in the future as there are many big cities that are turning into digital payments.

audaciousbeing

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If anybody is trying to under quote the effect of such ban, it would be grossly misleading because truth be told, when mining becomes outlawed in China, the effect in the market would be drastic and I see a lot of people abandoning crypto because it would mean transactions would not get confirmed and the moment that is happening, that is the beginning of the end unless something drastic is done to reverse the trend. But the good news is that quite a number of mining farms are run by entrepreneurs and they are aware of the volatility of their status in that part of the world which is making them consider other locations to set up farms and when China pulls the plug, the effect would not be really drastic.

NeironixNV

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This is a very mixed decision to ban mining in China, since China is one of the leading countries in the development of this direction in the crypto industry.

adeandro

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I hope this does not happen, because it can negatively affect the market

Kambal2000

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Quote from: Zeke_23 on October 24, 2019, 09:37:40 PM

Quote from: gandame on October 24, 2019, 06:44:18 PM

Quote from: Ashong Salonga on October 24, 2019, 05:31:42 PM

If ever that China will ban Bitcoin Mining, it will affect people who are working on it. Bitcoin mining becomes one of their source of income, it would be hard for them to recover in case that it will be gone.

Yes will have big affected to china if they ban it because many are working in mining bitcoin.
So its been hard to some people on china once this is happen.

Not only in the citizen of China, but also in the whole cryptocurrency. Every user not only the miners will face another dump. We all know that when Bitcoin was banned in a certain country, its demand will decrease, it will affect the price of bitcoin and that will become a struggle again.

It will not be an end game for Bitcoin if China banned mining, we all know that for few years they are not in favor, but still the number of users still increasing everyday despite of it, so we really don't care about China at all as Bitcoin can stand to itself and there's a lot of miners out there that can fulfill the responsibility.

Zeke_23

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Quote from: gandame on October 24, 2019, 06:44:18 PM

Quote from: Ashong Salonga on October 24, 2019, 05:31:42 PM

If ever that China will ban Bitcoin Mining, it will affect people who are working on it. Bitcoin mining becomes one of their source of income, it would be hard for them to recover in case that it will be gone.

Yes will have big affected to china if they ban it because many are working in mining bitcoin.
So its been hard to some people on china once this is happen.

Not only in the citizen of China, but also in the whole cryptocurrency. Every user not only the miners will face another dump. We all know that when Bitcoin was banned in a certain country, its demand will decrease, it will affect the price of bitcoin and that will become a struggle again.

gandame

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Quote from: Ashong Salonga on October 24, 2019, 05:31:42 PM

If ever that China will ban Bitcoin Mining, it will affect people who are working on it. Bitcoin mining becomes one of their source of income, it would be hard for them to recover in case that it will be gone.

Yes will have big affected to china if they ban it because many are working in mining bitcoin.
So its been hard to some people on china once this is happen.

Suharti12

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If China prohibits mining Bitcoin it will only have an impact in their own country, the Bitcoin miners will certainly be very disappointed and stop doing this work. But not for other countries, Bitcoin mining is one way to get money from Bitcoin, if China stops mining Bitcoin this will actually benefit Bitcoin miners from other countries, because their rivals are reduced.

Ashong Salonga

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If ever that China will ban Bitcoin Mining, it will affect people who are working on it. Bitcoin mining becomes one of their source of income, it would be hard for them to recover in case that it will be gone.

Artemis3

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Quote from: pixie85 on October 24, 2019, 11:11:15 AM

Not much really! Only the price will tank to test the previous bear market low or maybe even go deeper Cheesy

A ban is always a big hit. If the EU were to ban Bitcoin it would probably suffer a big plunge just like if the US did it. It wouldn't destroy Bitcoin because in time farms would move and difficulty would adjust but short term it would be a disaster.

I wasn't talking about bitcoin price, i was talking about Bitcoin network. The price could fluctuate, as always, but it also does recover, as always. While mining is not banned, exchanges and the use of bitcoin is, and as i recall, at that time the price also did fluctuate, but its long in the past... Bitcoin will continue without China, or any other country for that matter. And in reality, ban just make things harder, but doesn't disappear it completely. Unlike mining, you can still use bitcoin if you are careful. To hide mining is very hard unless you are also very small, perhaps a few asic miners but never those large facilities.

Also miners can always double as "self subsided" heaters.

boltz

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If China bans Bitcoin mining then we would wait days for a transaction to be confirmed , mining power will abolish at a high percentage, Bitcoin will go down a lot and a lot of other secondary effects who will make Bitcoin slow in all sectors.
Besides this, if something like this would happen ( which I think its no possible ) a lot of miners will move from China to other Asians countries very fast in order to keep their business running and a lot of new mining factories will appear in countries like Iceland or Ukraine and Russia.

Shasha80

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If China bans bitcoin mining there will be no destruction in the world of cryptocurrency, because mining companies in China will move
location to other countries that can receive. Indeed, there are many mining farms in China, but they will not have a negative effect to
bitcoin.A mining company must have a solution and there is always a plan B related to this. So large companies like Bitman too has
mining farm in various countries to anticipate if this happens.

Kyraishi

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Quote from: Shenzou on October 24, 2019, 07:52:56 AM

I think that if they ban it or not it will still go on and nothing much will change, maybe some of the big companies that are set to mining bitcoin will relocate or maybe shut down, but a lot of individuals will stay and just mine in the shadows as all things that become illegal, and the thing about bitcoin is that it is adaptive, the blockchain and the difficulty is based on how many people are mining so if china banned bitcoin mining, the number of miners will go down but the price and the supply of the bitcoin will stay the same.

I wouldn't be viable and likely possible for people to just stay in the shadows and ignore the regulations that would be made public if China ever does choose to ban bitcoin mining. Those companies attempting to hide would likely be caught since it's pretty easy to locate an area where a lot of electricity is being used (implying that it's a bitcoin mining operation).

Instead, I reckon we'd see a lot of short term panic from the instant drop of miners (a lot of chinese companies would likely instantly need to shut down and find a place to relocate with decent electricity prices), and we'd lose a lot of support.

Price dumps, longer transaction times, are all very real consequences that could happen if this goes through.

suzanne5223

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China is not only country in the world where Bitcoin is mine although they have highest number of miners in the world but with the country like Syria etc legalizing Bitcoin mining if the Chinese government ban Bitcoin mining today it will boost the price of Bitcoin market.

pixie85

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Not much really! Only the price will tank to test the previous bear market low or maybe even go deeper Cheesy

A ban is always a big hit. If the EU were to ban Bitcoin it would probably suffer a big plunge just like if the US did it. It wouldn't destroy Bitcoin because in time farms would move and difficulty would adjust but short term it would be a disaster.

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