What Happens If China Bans Bitcoin Mining? - page 4.

Artemis3

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Quote from: 7788bitcoin on October 24, 2019, 05:44:54 AM

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Yes. They might banned the mining but still there is no effect in the price and demand as per me. They can do anything they want, we don't need China, we do have a lot of miners out there. But for sure China just doing that to manipulate and make people panic but in fact they are holding a lot of it.

There is huge difference when you say China holding bitcoin and the people holding bitcoin, if the Chinese government is holding the coins they they will not impose these restrictions and as far as i know there is no mining ban in China but trading and using bitcoin in China is not possible for the past two years, you cannot shut down the entire mining farms in China in a day and expect nothing will happen, there will be a huge network issue if they force the exchanges to shut everything in a day but i do not think it will happen.

If they shutdown all the mining farms, the network will have slow transactions for a while, depending where it is at the regular 2016 block difficulty adjusts, which usually takes about two weeks. When the diff adjusts, everything is back to normal, so no Bitcoin doesn't really mind, its been designed around that.

Shutting down exchanges and farms, of course affects the people involved, they are losing their source of income. But on a global scale, it matters little. Again Bitcoin doesn't care if there are a 100 miners or a 100 million miners, and certainly doesn't care if exchanges exist at all. This is an out of Bitcoin thing that is convenient for non miner people wanting to acquire bitcoin with the only kind of money they have: fiat. If they somehow got altcoins, they can dex p2p exchange those for bitcoin, without the need for centralized exchanges anywhere.

To answer OP question: What happens? Not much really. Just a temporary slowdown of transactions, that's it. It has happened before...

wxxyrqa

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The Chinese government wants to ban cryptocurrency mining based on its research, which shows that they can harm their economy. Many analysts say that bitcoin mining is very energy-consuming and consumes almost 0, 5% of all electricity in the world. But given that almost 60-80 percent of all capacity is located in China, it seems to me that most of the load on the energy system is received by China. Based on the fact that cryptocurrency has somehow risen in price since the time of 2015, and the Chinese state has not received any income from mining, and therefore cryptocurrency mining will cause dissatisfaction with the government, since cryptocurrencies are still unregulated and the Chinese government will not be able to control the production of cryptocurrencies in order to receive some kind of benefit.

darkangel11

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Quote from: Mandoy on October 22, 2019, 05:45:00 AM

If China bans bitcoin mining inside their political jurisdiction then the mining farms in their area will just transfer to another country to mine. Bitcoin data centers have already a taste of how profitable bitcoin mining is and will not be stopped even if the state will not allowed them to mine. They will simply transfer their equipment and facilities out of China and continue to mine. Bitcoin mining is unstoppable except if all bitcoin blocks have been mined.

You are right. The same thing that all exchanges did when China no longer allowed banks to process transactions. Some went bankrupt and the rest moved somewhere else like Hong Kong. Mining in China is cheap so if the cost goes up the cost of the product will also go up. You can't expect someone to sell you Bitcoin for 7k if the cost of mining is 8.
If it happens it will only prove that the market can regulate itself.

santiagomaicon

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China is already try to ban crypto and nothing changed. I dont think that they are going to really change something

JC btc

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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.

Yes agree with your thought, we do have same perspective, yes we know that China has a lot of power and really not in favor yet in Bitcoin, especially Mining in their country, but look what happened to the price, still we are adopting and the users still increasing everyday, so for me, there is nothing will change when they banned mining.

peter0425

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Quote from: ayebaledson on October 24, 2019, 06:09:53 AM

Hello members,
The truth is if china does that brander I mean of banning Bitcoin mining,their economy will decline and this will affect the whole system of cryptocurrency
yes we shall suffer a little bite but I have a feeling that other countries have a plan B as I speak some countries are yearning for that chance.China should not take electricity as an excuse thank you

They will never do for sure,they have the majority of bitcoin(that’s what I’ve heard) so why on earth they will do that?

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.

Because surely either US or EU will do action to save this market if China did that desperate move

Andrews193

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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.

Indeed, it has no adverse effect on this market when people in China are not allowed to mine, people of other countries will exploit, in general, this plan only harms Chinese investors because I heard that the number of miners here is relatively high, the ban will affect the extraction process and the damage to economic benefits is very much. Following this situation, the Chinese government will need a reasonable explanation to these investors when they are making money and building this country, this ban is unfair and destroys their way of making money

angrybirdy

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Quote from: ayebaledson on October 24, 2019, 06:09:53 AM

Hello members,
The truth is if china does that brander I mean of banning Bitcoin mining,their economy will decline and this will affect the whole system of cryptocurrency
yes we shall suffer a little bite but I have a feeling that other countries have a plan B as I speak some countries are yearning for that chance.China should not take electricity as an excuse thank you

I don't see any reason for them to be facing an economic failure if ever that they ban bitcoin mining. They will actually have an advantage for it if that will happen since bitcoin will probably drop, they can use that chance because they made a step on manipulating its price for that reason.
Cryptocurrency will the only one who will be affected since the demand will decrease.

Shenzou

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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.

ayebaledson

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Hello members,
The truth is if china does that brander I mean of banning Bitcoin mining,their economy will decline and this will affect the whole system of cryptocurrency
yes we shall suffer a little bite but I have a feeling that other countries have a plan B as I speak some countries are yearning for that chance.China should not take electricity as an excuse thank you

7788bitcoin

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Quote from: ?? on ??

Yes. They might banned the mining but still there is no effect in the price and demand as per me. They can do anything they want, we don't need China, we do have a lot of miners out there. But for sure China just doing that to manipulate and make people panic but in fact they are holding a lot of it.

There is huge difference when you say China holding bitcoin and the people holding bitcoin, if the Chinese government is holding the coins they they will not impose these restrictions and as far as i know there is no mining ban in China but trading and using bitcoin in China is not possible for the past two years, you cannot shut down the entire mining farms in China in a day and expect nothing will happen, there will be a huge network issue if they force the exchanges to shut everything in a day but i do not think it will happen.

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I think it only gives a little bad news that can affect the price conditions at the exchange place, indeed the price of bitcoin will initially collapse but will definitely rise again because of the location of the bitcoin mining industry not only in China, but many other countries are doing a bit of bitcoin.

blckhawk

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China has been a favored place for miners because of its climate and labor and electricity prices. If what OP's post is true that a large percentage of mining farms are in China, and a ban would be implemented, it would definitely shake the market and the network. But that's as far as we can know. We cannot tell if people would start to panic as price drops, or they would remain and hold their bitcoins, potentially increasing price because supply cannot keep up with demand, since fewer rigs means slower generation of new blocks, and new bitcoins too.

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Quote from: joinfree on October 24, 2019, 05:04:26 AM

Banning bitcoin in China would be a big blow to the entire network as this is likely to slow down transactions as the OP rightly said. However i think Bitmain and other mining farms need to relocate to outskirts of cities and towns instead of being within the community if that's the situation at the moment. Because the mining of bitcoin really causes noise pollution and i think relocating to the outskirts of towns would be a good resolution. Using sound proof doors is likely going to increase the heat within the the farm and using cooling systems can also increase their cost of electricity consumption.
Also, i think mining farms which still use coal to mine should be made to stop as this also pollutes the environment.

Bitcoin mining is already banned in China and nothing has changed up to now? In social media you can see some Chinese saying they are still mining but secretly and mostly in the outskirts. I haven't heard Bitmain mining lately but I doubt they stopped mining. So it is either they continue mining in the outskirts or relocated to another country.

joinfree

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Banning bitcoin in China would be a big blow to the entire network as this is likely to slow down transactions as the OP rightly said. However i think Bitmain and other mining farms need to relocate to outskirts of cities and towns instead of being within the community if that's the situation at the moment. Because the mining of bitcoin really causes noise pollution and i think relocating to the outskirts of towns would be a good resolution. Using sound proof doors is likely going to increase the heat within the the farm and using cooling systems can also increase their cost of electricity consumption.
Also, i think mining farms which still use coal to mine should be made to stop as this also pollutes the environment.

gentlemand

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Plenty of mining takes place elsewhere and anyone who mistakes pools for actual miners is not paying any attention. Pools are just a group pulling in mining from all over the world. Many of them don't mine themselves and miners can switch elsewhere in a few clicks.

The de facto end of Chinese pools would be a total positive. Anything that removes Chinese involvement is a positive in the long run.

shark1006

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Imagine that mining in China is oil production in some country. Suddenly oil is running out, is actually this the end of the extraction of fuels and lubricants? No, there will be other countries that replace this. So if China bans it, there will be other countries and other miners that will replace it.

AGD

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Easy answer: The other miners will be happy

nasipadang

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So far China has the lowest rate for mining, especially on electricity costs. Considering how much and relevant bitcoin mining is in China. The ban of bitcoin mining will greatly affect the loss of many hash rates, looking forward if this really happens is bad impact.

Wintersoldier

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Quote from: DatKing on October 23, 2019, 05:49:43 PM

To tell the truth, I am a little scared of the possibility that China could ban Bitcoin mining in the near future. Bitmain seems to have a plan B for that. Bitmain is on the path of building new mining centers on different places to make Bitcoin Network stronger.

In my opinion, most of the mining fascilities are in the cold weather and areas such as alphs and poles. In this case they can save energy source. I f china bans mining then it can affect the crypto as a whole since the hash power will decline as well. On the other hand, China couldn't just ban since there are still some chinese that benefits upon it. What they should do is to support it further and build better mining infrastructure.

Topic: What Happens If China Bans Bitcoin Mining? - page 4. (Read 800 times)