If exchanges and OTC trades were banned, China has a very power firewall and censorship to shut down the communication channels in VPN, Tor, or encrypted messenger and they will enforce violations by putting people in jails.
Then, I don't see how Chinese miners can cash out their bitcoins.
Without cash, they can't buy new hardware and pay for electricity and expenses. So miners will just quit well before then.
Topic: Will Bitcoin Mining Farm in China be Closed? (Read 1186 times)
As we know, mining has become a highly specialized busisses, which means these guys take it seriously.
Miners will continue to mine while there is money to be made, whether legally or illegally. Some of them may also leave the country.
Hopefully they leave it fast, because the way things go, the next step is china banning miners from leaving china. lol Miners will continue to mine while there is money to be made, whether legally or illegally. Some of them may also leave the country.
i really doubt something like that can happen. so far whatever Chinese have done was regarding fiat (their local currency CNY) and in order to prevent illegal activities that were made easy with the exchanges such as money laundering.
and the miners are too big and have deep roots that can not be simply extinguished. there are big companies and big farms. and the rest of them are just pools with servers around the world.
and the miners are too big and have deep roots that can not be simply extinguished. there are big companies and big farms. and the rest of them are just pools with servers around the world.
I think that will not help them. The mining farms help them create inflow of crypto/fiat currency. I guess their concern might be for ICO's & exchanges that possibly results in outflow
China know how to earn money, so mining don't be closed in china. Exchanges will open again, but government will control them.
I think it should not happen, because as we all know, china has a very strong mining community. China has a fairly large bitcoin miner. if the government prohibits bitcoin mining then bitcoin transactions will be longer and slower.
This is a difficult one to answer. The Chinese miners are in a fortunate situations where they are mining with cheap electricity. If Bitcoin gets banned in China, they will have several options :
~ Dismantle the mining operations and sell the equipment < Asic miners >
~ Continue mining until the equipment gets confiscated
~ Move the operation to another country < most expensive option >
~ Sell ASIC chips locally on the black markets for people to setup small illegal Bitcoin mining farms.
It will be interesting what option they will take and this decision will be based on the severity of the ban. ^hmmmmm^
~ Dismantle the mining operations and sell the equipment < Asic miners >
~ Continue mining until the equipment gets confiscated
~ Move the operation to another country < most expensive option >
~ Sell ASIC chips locally on the black markets for people to setup small illegal Bitcoin mining farms.
It will be interesting what option they will take and this decision will be based on the severity of the ban. ^hmmmmm^
I think the best option is the most expensive one. And although it might be expensive, well let's just say that they don't really lack money I guess, so I think it's doable. The truth is, that Japan is already investing in this industry, and GMO already made announcements on their big investment on the mining business ($320 million if the news are correct). Russia's government is also welcoming the creation of mining farms their country (last one I heard was in Leningrad, and the electricity is not that expensive is Russia as well). So if China gets out, it wont be the end of BTC for sure.
This is a difficult one to answer. The Chinese miners are in a fortunate situations where they are mining with cheap electricity. If Bitcoin gets banned in China, they will have several options :
~ Dismantle the mining operations and sell the equipment < Asic miners >
~ Continue mining until the equipment gets confiscated
~ Move the operation to another country < most expensive option >
~ Sell ASIC chips locally on the black markets for people to setup small illegal Bitcoin mining farms.
It will be interesting what option they will take and this decision will be based on the severity of the ban. ^hmmmmm^
~ Dismantle the mining operations and sell the equipment < Asic miners >
~ Continue mining until the equipment gets confiscated
~ Move the operation to another country < most expensive option >
~ Sell ASIC chips locally on the black markets for people to setup small illegal Bitcoin mining farms.
It will be interesting what option they will take and this decision will be based on the severity of the ban. ^hmmmmm^
Mining pools business is not considered illegal at the moment, and BTCChina reiterates that the BTCC mining pool service continue after the trading closure on 30 September. We have observed a turn of regulatory attitude towards Bitcoin and other cryptocurrencies. As 5 out of top 6 bitcoin mining pools are situated in China, it would be a disaster if internet connection of these mining pools were taken offline.
If ever then that their mining farms will be closed then, there are still other countries that will take over their share in the pool. China is not the only country that has low electricity cost but there are others as well. As of now, they are still mining and if ever after the conference they will say they will open again the exchanges then its good but I think their announcement to ban bitcoin again would not work anymore as people are already aware of their strategy and besides they have low market share now than before.
I think it will not close even if their government illegitate Bitcoin, the miners there must have thought of various ways to anticipate problems that will happen ..
Mining pools business is not considered illegal at the moment, and BTCChina reiterates that the BTCC mining pool service continue after the trading closure on 30 September. We have observed a turn of regulatory attitude towards Bitcoin and other cryptocurrencies. As 5 out of top 6 bitcoin mining pools are situated in China, it would be a disaster if internet connection of these mining pools were taken offline.
It can happen during this exchange ban it all started with a freakin ico getting banned but these idiots thought btc is going to be banned and started selling and the government got a plan to ban exchanges now they are planning to disrupt the btc network in their country i feel mining might also get banned and this might not be temporary. The price falling was controlled but currently only few countries which have the potential to generate the amount of hashrate china had.
No One can expect what will happen
But it will be a big game if nothing of that done
That mean china do that for buying more bitcoins
and that mean mooooooooooooooooooon
But it will be a big game if nothing of that done
That mean china do that for buying more bitcoins
and that mean mooooooooooooooooooon
Pictures of “Technical Preplan on Blocking Bitcoin overseas Transaction” were circulated in Wechat group and later posted on weibo around 18pm 16 September.
The document describes the preplan of blocking bitcoin exchanges and Bitcoin blockchain data-syncing, along with a list of overseas exchanges.
The news caused panic sell, a daily low of 16,661 was observed on OKCoin around that time. Chinese Bitcoin community is vulnerable after the “exchange ban”.
Could things get worse like shutting down mining pool in China?
Although the screenshots or pictures cannot be verified without a reliable source, a report on Sina confirmed the authenticity, citing support from “insiders”.
What do you think？
theres a news about china and i think all transaction like mining will closed,i dont know what will happen to your investment in china but i think its going to closed,try to retrieve now all your invest then try to search legit mining site i recommend eobot 100% trusted for your new investment The document describes the preplan of blocking bitcoin exchanges and Bitcoin blockchain data-syncing, along with a list of overseas exchanges.
The news caused panic sell, a daily low of 16,661 was observed on OKCoin around that time. Chinese Bitcoin community is vulnerable after the “exchange ban”.
Could things get worse like shutting down mining pool in China?
Although the screenshots or pictures cannot be verified without a reliable source, a report on Sina confirmed the authenticity, citing support from “insiders”.
What do you think？
According to me, yes, the btc mining farm will probably be closed after all we have seen that they have banned all btc trafing /exchange in china
I don't think so. Because the technology is far more greater now. If they block the sites, the people will use proxy. If they block the traffic, they will use VPN, dnscrypt, and so many other things to unblock it. Bitcoin has become the most important part of the economy and the world.
well we will feel the pressure if this happen but base on what we are seeing right now some countries which also playing with crypto are making its move
to back up and support this industry, I also like to see that china will not closed the mining industry to make sure that not a powerhouse country can control
this industry segregation of capability is what's needed to make this more successful on my own opinion.
to back up and support this industry, I also like to see that china will not closed the mining industry to make sure that not a powerhouse country can control
this industry segregation of capability is what's needed to make this more successful on my own opinion.
After Chinese regulators gradually shut down the country's bitcoin trading platform, the number of bitcoin transactions in Japan rose sharply, surpassing the U.S. as the world's largest bitcoin market. As of now, Japan has accounted for 47% of the world's bitcoin transactions, up from 50% in the past 24 hours and half of the world's digital money market. In the United States, the share fell to 32.17%.
I WISH Bitcoin Mining Farm in China NEVER be Closed!!
I WISH Bitcoin Mining Farm in China NEVER be Closed!!
Could things get worse like shutting down mining pool in China?
One could only hope ....
Though I doubt this will happen.
Pictures of “Technical Preplan on Blocking Bitcoin overseas Transaction” were circulated in Wechat group and later posted on weibo around 18pm 16 September.
The document describes the preplan of blocking bitcoin exchanges and Bitcoin blockchain data-syncing, along with a list of overseas exchanges.
The news caused panic sell, a daily low of 16,661 was observed on OKCoin around that time. Chinese Bitcoin community is vulnerable after the “exchange ban”.
Could things get worse like shutting down mining pool in China?
Although the screenshots or pictures cannot be verified without a reliable source, a report on Sina confirmed the authenticity, citing support from “insiders”.
What do you think？
The document describes the preplan of blocking bitcoin exchanges and Bitcoin blockchain data-syncing, along with a list of overseas exchanges.
The news caused panic sell, a daily low of 16,661 was observed on OKCoin around that time. Chinese Bitcoin community is vulnerable after the “exchange ban”.
Could things get worse like shutting down mining pool in China?
Although the screenshots or pictures cannot be verified without a reliable source, a report on Sina confirmed the authenticity, citing support from “insiders”.
What do you think？
It is definitely impossible for them to block because blocking it using the great Chinese Firewall can only do so much. You can scake it so to speak and do regular transactions on a daily basis.
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