What Happens If China Bans Bitcoin Mining? - page 5.

DabsPoorVersion

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Quote from: cotton ball on October 23, 2019, 10:09:31 PM

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.

China have banned bitcoin mining after they announce banned for using bitcoin as transaction and investment, last three years ago China have to banned bitcoin, ICO and bitcoin mining without giving reason why have to banned bitcoin as legal transaction, price dump but can raise back to higher again after several day later, I heard China want adopt bitcoin as legal transaction again in their country.

It affected the current price of the market but bitcoin was still able to keep its trend even China banned it before.
If China will plan to ban Bitcoin again the history will only repeat itself.

I think what you are talking about is the news regarding their announcement about publishing their own cryptocurrency, it was published last August and for now, I think they are close to launching their own cryptocurrency.

cotton ball

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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.

China have banned bitcoin mining after they announce banned for using bitcoin as transaction and investment, last three years ago China have to banned bitcoin, ICO and bitcoin mining without giving reason why have to banned bitcoin as legal transaction, price dump but can raise back to higher again after several day later, I heard China want adopt bitcoin as legal transaction again in their country.

cryptoknightt

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if the state of China starts to block bitcoin mining it will make mining companies in china lose a lot and of course it can have an effect on the price of bitcoin at the exchange place, hopefully bitcoin mining can still circulate and the Chinese government does not make mistakes that can make many people lose .

Youghoor

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

Then the whole mining system will collapse, that's what will happen

that is a big lie. China banning bitcoin mining is not a strong guarantee that the entire bitcoin mining ecosystem will collapse. What evidence do you have that can prove that the majority of bitcoin mining firms are located in china? Banning mining in China will not have any significant impact on the bitcoin mining ecosystem. This is because people will continue mining bitcoin in China even if mining is ban in China. Setting up a bitcoin mining firm does not really need the approval of the government before you can start operating...

rodel caling

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If I am not wrong since 2017 china government decide a total banned for all bitcoin related works. So nothing to worry and panic for that news for me is that an old news even china are decide to get out of the world of digital cryptocurrency is now still stronger in the market. So be coll and do not panic just be calm yourself.

Ailmand

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Other countries might take over, and start a big mining farm. China had been on and off when it comes to crypto, announcing they will ban it, and then later they will take back what they have announced. They are holding the biggest mining farm and it will somehow affect the whole system, but I think in time we can adjust since there are still other miners and as I, 've said other countries might take over and start creating a mining farms.

DatKing

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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.

Kyraishi

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Think we'd lose a lot of miners for sure, for at least a little while. We've already seen how much mining operations China owns and it makes up a lot of our blockchain.

If this was to happen, most mining companies with millions of hardware would either just cut their profits and quit the scene, or secretly still be active and risk punishments, or move to another region with cheaper electricity or a viable way for them to generate their own electricity.

It'll be one of their most stupid movies if they where to ban mining, Chinese companies and the governments make a decent penny off that.

Chrystora123

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

Then the whole mining system will collapse, that's what will happen

collapse only in China is certain!! but the big miners must have thought of a way out that they would do.. IMO, there are only two choices they can choose if Chinese government really Ban Bitcoin mining, that is mining in a very remote area (still in China) or cooperating and opening a new mine with miners in other countries that are more accepting of Bitcoin.

Reosta_

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Considering that 75% of the mining pools is located on China, if China government decides to ban Bitcoin mining, the Bitcoin mining industry can go into a chaos period I think. Bitmain is building data centers for Bitcoin miners in different countries and this could be effective on preventing such possibility for the industry.

migws

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I think if China bans mining, then this will not create a collapse. It will have a negative effect but it will be restored.
I have a thought that if China bans mining, the country will lose a lot than if China legalized mining.

zviadits

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If BTC mining in China is banned then collapse will occur. However, miners may well transfer their equipment to other countries and the mining industry will recover. However, how long will it take?

nh0xxpr01

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The point is that they won't ban

teosanru

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If China in any way happens to ban crypto minning. It still won't be able to exercise his powers completely over all the miners. There are two reasons as to it:

Big Miners can move abroad: Big Miners who can mine a fortune out of cryptocurrencies will try to leave the countries to nearby islands like Taiwan and Fiji or even Mauritius which can act as tax heaven countries.
Generally speaking Miners don't require assistance of government in any way to mine cryptos in the first place so there is no way they can stop it unless they are willing to raid every house which is suspicious for mining. There is no way to trace such mining activities. It will be a hard time for them implementing law.

uray

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Quote from: Vertex_ICO on October 22, 2019, 04:36:30 AM

The struggles of Bitcoin seem to be unending, with many uncertainties hovering over the new technology. Earlier this year, the Chinese government intensified efforts towards the banning of Bitcoin mining. Some of the reasons stated includes the electricity consumption, and the environmental threats of the mining process.

China might be having huge mining farms but so does the rest of the world, the reason to ban due to electricity consumption and environment threats by any country are misdirection because the majority of the pollution from China stems from coal fired power plants and they have not taken any steps to control that and they are blaming bitcoin mining farms as environment threat is a joke Roll Eyes

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Quote from: Vertex_ICO on October 22, 2019, 04:36:30 AM

This has raised a lot of questions as to what could become of the technology, considering the role of China when it comes to Bitcoin mining. So we ask, what happens if China bans Bitcoin mining?

Nothing happens, you do not need big mining farms to be truly decentralized Tongue

, if there is a need i am sure people will start running the node from their homes to help the network because this market helped many to make a fortune and they will do it as a token of respect to carry on the process to help the network.

inanilujimi

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Quote from: CryptoBry on October 22, 2019, 05:16:10 AM

Bitcoin mining is a big and profitable enterprise with many players based in China exploiting the cheap power and manpower rates. In case China will finally decide to make the threat of ban come into effect, then there will be a diaspora from China to other suitable countries. And I think the transfer had actually started in 2017 albeit slowly as players felt that eventually China may ban the mining in the country for different grounds. That China has not yet decided on this matter is even a little surprise to me. Perhaps the leadership of China has realized that bitcoin mining is bringing in good revenues anyway and that they can one day leverage this power and influence for various applications. I would be happy to see other countries also entering this industry so we can avoid monopoly or concentration (centralization) of power and influence in a single country.

I wonder why they do that when electricity is clearly not free but the miners themselves pay for electricity.
that is what I think that the Chinese government wants to take over the work of miners so that the government can use bitcoin to make money.
I'm not cynical, but this is China always wants to master anything that can benefit it.

ChrisPop

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China banning Bitcoin would definitely have an impact on the cryptocurrency industry, not just because a big part of the mining farms are located there, but because the majority of world's population is located there. Mining farms will probably just sell the rigs to farms in the nordic countries or simply relocate. I think using alternative sources like geotermal, solar and wind energy are the way to go in crypto mining. Also it is much more efficient to set up a farm in a cold place like Finland or what about Greenland? - there is no one there so could be a viable place to build up a powerful farm.

Astvile

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

Then the whole mining system will collapse, that's what will happen

Why it will collapse? is 100% of the miners are in china?
Yes, bitcoin mining and the altcoin mining industry in China is big and contributes a huge chunk of miner pool in the system but that doesn't mean that when miners from China stopped mining bitcoin the whole mining system will collapse. Even though China has a huge number of miners there are still other countries that contribute a good amount in the mining business.

Casdinyard

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Quote from: CryptoBry on October 22, 2019, 05:16:10 AM

Perhaps the leadership of China has realized that bitcoin mining is bringing in good revenues anyway and that they can one day leverage this power and influence for various applications. I would be happy to see other countries also entering this industry so we can avoid monopoly or concentration (centralization) of power and influence in a single country.

Probably they already realize and knew how big the revenue is hence I don't see any reason for China to bring down bitcoin mining.
However, if China had their change of mind I guess Russia is ready to take over as they are the second-largest mining farm and so it will not be hard to eventually add mining rigs.

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

Then the whole mining system will collapse, that's what will happen

That so impossible. Of course, it may have an adverse effect but not for long.

Mandoy

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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.

Topic: What Happens If China Bans Bitcoin Mining? - page 5. (Read 800 times)