firenine Posted January 10, 2018 #1 Posted January 10, 2018 China Quietly Orders Closing of Bitcoin Mining Operations Move tightens a clampdown that already has shut exchanges for trading of cryptocurrencies in China Source: https://www.wsj.com/articles/china-quietly-orders-closing-of-bitcoin-mining-operations-1515594 Full archived article here (does not require wsj account) : http://archive.is/4bClc
barbaris Posted January 10, 2018 #2 Posted January 10, 2018 What could this mean? Why is China so strict with crypto-currencies. Because in China there are the biggest farm mining in the world.
wilberthh Posted January 10, 2018 #3 Posted January 10, 2018 I've read about this somewhere. They are not closing but moving right? I heard the reason is because of the electricty fee.
wry Posted January 10, 2018 #4 Posted January 10, 2018 I read this and view it as another negative for Bitcoin. I almost wonder if some of the rally in the alternate crypto currencies is because they are "flying under the radar" of regulators and governments who are focused on Bitcoin. While I do think the Chinese miners will move, and I don't think it will cause any major disruption to the network, which adjusts difficulty every 14 days after all, it is still in the opposite direction of what I would hope to see. I don't see why Japan stands alone as the only developed country to really accept Bitcoin for what it is, just a decentralized payment system, and not be so overwrought about it. I don't see Japan's political process being any less influenced by banks.
hamur Posted January 10, 2018 #5 Posted January 10, 2018 what will happen if they close mining wont be raise price of bitcoin because of high demand low production?
Kargai Posted January 11, 2018 #6 Posted January 11, 2018 3 scenarios can be possible if China really ban mining : all is well explained in this article : https://www.investopedia.com/-/what-happens-if-china-bans-bitcoin-mining-3-scenarios/ I personnaly believe it will be a mix of the 3 options, since some of China's bigger miners already plan to move to others countries like Canada or Hong-Kong.
wry Posted November 6, 2019 #7 Posted November 6, 2019 No this is NOT a necro, there's actually a useful follow up to this story! It turns out China will not be banning bitcoin mining after all. Of course, given that it would be tough to ban it in the first place this is not too big of a surprise, but if China can't ban mining other countries will probably not be able to either! Link: https://www.coindesk.com/chinese-agency-scraps-plan-to-eliminate-bitcoin-mining-industry
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