Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: MrSpasybo on May 28, 2021, 11:40:24 AM
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Several large Bitcoin miners opted to cease operations in China this past weekend following the news that Chinese authorities were planning a crackdown on cryptocurrency mining.
By Monday morning, three Bitcoin mining pools had announced plans to halt activities in China. BTC.TOP, which accounted for as much as 2.5% of the overall Bitcoin hash rate during the past week, said it would close up shop on the Chinese mainland and shift its operations to North America.
Huobi cryptocurrency exchange’s offshoot company, Huobi Mall, also announced on Sunday that it would no longer sell crypto mining rigs in China and that it would suspend its mining operations there. Meanwhile, mining company HashCow said it would cease purchasing new Bitcoin mining rigs for the time being.
Source: Chinese Bitcoin miners abandon ship ahead of incoming crypto crackdown (https://cointelegraph.com/news/chinese-bitcoin-miners-abandon-ship-ahead-of-incoming-crypto-crackdown)
We are not surprised by the FUDs coming from China, that have been talked about a lot in 2017 and are just a media tool to explain price fluctuations or a way for China to manipulate crypto market. However, this year will be a difficult year for Bitcoin miners in China as they are forced to look for a new place to mine crypto.
I consider this to have a positive value, because it helps Bitcoin's decentralization become higher, not dominated and manipulated by China anymore. The fact that Chinese ETH miners's plan to launch a strike against EIP-1559 is more than enough, I don't want that to happen to Bitcoin or other POW blockchains.
Anyway, FUD is still just FUD, crypto market is recovering strongly after the big volatility on May 19th.
What do you think about this, are you worried about crypto market before the negative information coming from China? Are you someone who dared to buy dip a few days ago?
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The FUD is something that accompanies the cryptocurrency market from day one, so it is something that does not worry me in the least. The Chinese government's attacks and bans on Bitcoin is something we have seen multiple times a year since 2013, never having achieved its purpose, in fact, I think that if the Chinese government achieves something this time, it could translate into further decentralization of Bitcoin's mining power, but to find out we will have to wait. I bought several dips a few days ago and I still want to buy more if I get enough funds.
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Of course, the cryptocurrency market suffered very much from these negative news from China, but I think that everything will be ok, since China has often was making fud around cryptocurrencies and the cryptocurrency market, of course, reacted badly to these news, but after a while the cryptocurrency market anyway was recovering, so I am sure that everything will be fine with the cryptocurrency market.
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There isn't a big deal if Chinese miner hault their operations in that country, majority of the miner will move their equipment to a cryptocurrency friendly countries after all Binance moved from China to Malta and had been operating without any clamp down or hinderance I foresee a lot of those miners follow suit to recoup their investment in the purchase of the mining rigs.
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I bought the dips and will buy deeper dips as well. I'm not scared of the China banning news, it comes back every year. The whole time they buy the dips too. But what I have to find out with increasing experience is that Bitcoin is by no means the only "gold" in crypto.
I'll let you find out for yourself the answer to the question of who might still belong to it.
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China always has enough ways to create FUD to manipulate the crypto market, so if miners leave China, the crypto market will be safer. The hashrate will decrease after being updated in 2 weeks, which is an opportunity for other miners to get more block rewards. I wish this will be done soon so that China does not continue to be at the top of the mining industry.
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China always has enough ways to create FUD to manipulate the crypto market, so if miners leave China, the crypto market will be safer. The hashrate will decrease after being updated in 2 weeks, which is an opportunity for other miners to get more block rewards. I wish this will be done soon so that China does not continue to be at the top of the mining industry.
I have thought something similar to what you say, but I do not know if the miners will leave China. I think it is more likely that they will move through the vast territory of the country rather than abandon it, especially due to the great logistical problem that would be to move all the mining units, in addition to the problems they could have with all that material at the borders.
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in my opinion after this China ban and the chinese mining pools that maybe will stop the activity the market situation will be worse since the chinese miners are a good percentage of the total, i think that if many of them stop the btc transactions will be slower with very high fees
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I dont think Chinese government 7s going to this soon. There are only one after another fuds in the market about the ban which is going on for many years. But these fuds give the chance to buy the dip to real crypto lovers and believers. I am also one of them. If even china bans crypto i am not seeing too much to worry about this as people are saying. But cant say if it will be better or not.
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Yes, the current negative news from China has made the market flow a lot. That means cryptocurrency helps bring downward change in the market. According to the current news from China on social media or in various articles, China will not accept cryptocurrency. But I think they are spreading such negative news to increase the amount of investment. The prices of most coins in the cryptocurrency market have dropped significantly. As a result, China has started buying cryptocurrencies. This is probably the main reason. However, the negative news from China has caused great damage to the cryptocurrency market.
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The FUD is something that accompanies the cryptocurrency market from day one, so it is something that does not worry me in the least. The Chinese government's attacks and bans on Bitcoin is something we have seen multiple times a year since 2013, never having achieved its purpose, in fact, I think that if the Chinese government achieves something this time, it could translate into further decentralization of Bitcoin's mining power, but to find out we will have to wait. I bought several dips a few days ago and I still want to buy more if I get enough funds.
I agree with you and that is the part I am really interested in. I don't understand why this aspect of Bitcoin is more centralized why we have other countries that are more into Green energy now and could easily get in Bitcoin mining to reduce the power/control china have on Bitcoin and like you said if anything holds with the new china ban it might lead to mining power decentralization.
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I agree with you and that is the part I am really interested in. I don't understand why this aspect of Bitcoin is more centralized why we have other countries that are more into Green energy now and could easily get in Bitcoin mining to reduce the power/control china have on Bitcoin and like you said if anything holds with the new china ban it might lead to mining power decentralization.
I think the biggest problem with what you say is the initial investment required. Green energy Bitcoin mining is possible, but it takes a lot of money to organize, build and maintain the facilities, so they are not very popular yet. Regarding green energy and mining a few hours ago I read a very interesting news, here I leave a link in case someone wants to read it.
Bitcoin Miner Funds $250 Million Solar Panel Project in USA: https://cryptonews.net/en/news/mining/716647/
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I agree with you and that is the part I am really interested in. I don't understand why this aspect of Bitcoin is more centralized why we have other countries that are more into Green energy now and could easily get in Bitcoin mining to reduce the power/control china have on Bitcoin and like you said if anything holds with the new china ban it might lead to mining power decentralization.
China is indeed always one step ahead of any other country in terms of progress and lower costs. So it is natural that they are always at the forefront of that matter, even if forced by China, they will be able to do everything that is regulated and determined because they have very reliable and tested resources.
In any way, China will be able to make changes in accordance with what they want, because once again I really believe in their strength. it's just that the time has not been and hasn't been done to them, but if they are forced to do so they can be assured that they will be able to do so. China is already famous in various kinds of renewable technological advances, only they are told to do it then they will do it.
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From now, China's dominance will go down and USA, Russia and South America's dominance will increase from now. It's a good sign to prevent China's ban rumor after a regular interval won't be tolerated from now. Last 10 years, almost 5 times, we had to digest China's crypto ban, BTC mining ban etc etc. If their dominance is on the wane, it's good sign for crypto market i think. But the whales will always take the advantages of spreading such Rumor and will be gainer by cheating with general and small investors.
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The beauty of Bitcoin is that it can almost always be used regardless of the circumstances. It may become harder, slower and less easier to do so, but it would still be possible as long as people want it.
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China really has great power over Cryptocurrency, whenever there is bad news from China, it must have a big influence on the decline in Crypto prices. If China lifts the ban on Cryptocurrency in the future, I hope it will be good news and also have a positive influence on changes in Crypto prices.
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This is good news actually in relation to the long-term viability of Bitcoin and mining. We need to rejoice and encourage more miners in China to locate somewhere else. I am sure there are other countries who are willing to join the cryptocurrency business in their jurisdiction. China has had been a big pain in the a*ss of cryptocurrency market and it is time to end this whole thing. We could not expect that China will be opening up their market and they must be afraid of cryptocurrency anyway since people in their government is all about controlling people - these people can never sleep in the night if they are aware of anything that will diminish the kind of control they have on people. We don't need China.
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Over the years, cryptocurrency mining has evolved into a large, separate industry not heavily controlled by government authorities. Apparently now China, as the largest miner, has felt the growing threat to its financial stability.
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Chines always come up with different reason to ban crypto, but in the end they will have no choice than to accept it, I think this frequent ban of crypto in China is beginning to look like a fud, they hardly have a valid reason to ban btc, they just like to create dud to crash the market and they will buy cheap.
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Nothing will happen in the crypto market, because China is just a portion in the crypto market, and mainly the market does determine or raise on the strength of a particular country, so to me it's nothing, it's just normal thing.
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Chines always come up with different reason to ban crypto, but in the end they will have no choice than to accept it, I think this frequent ban of crypto in China is beginning to look like a fud, they hardly have a valid reason to ban btc, they just like to create dud to crash the market and they will buy cheap.
I think I agree with you, chine will have no choice to accept crypto again.. Because we all know crypto currency is the future currency.
Crypto is efficient financial network and really usable to do payment nad good investment.
No worries about crypto currency.
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Nothing will happen in the crypto market, because China is just a portion in the crypto market, and mainly the market does determine or raise on the strength of a particular country, so to me it's nothing, it's just normal thing.
Why do so many people believe China has the power to destabilize the crypto market?
Every year the Chinese have created partnerships that praise and aggravate crypto, so that has been the case until now, don't be surprised. just love crypto with no worries.
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in another rounds, India says they are not banning crypto but giving a close monitoring on the state of things. same thing is happening in Nigeria. the CBN says it is investigating seriously in the state of things in crypto. majorly in the transaction aspects. they want to make sure it is not use for illegitimate deals.
china might be closing down on bitcoin but that does not means they will not support crypto.
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Negative crypto news and prohibitions in China make the price of all crypto drop very quickly, the miners in China also have a very serious problem because the government in their country has banned cryptocurrency, and this greatly affects the sustainability of BTC transactions because there are quite a number of miners in China. . .
one way is to move all their mining equipment to a more crypto-friendly country.
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Negative crypto news and prohibitions in China make the price of all crypto drop very quickly, the miners in China also have a very serious problem because the government in their country has banned cryptocurrency, and this greatly affects the sustainability of BTC transactions because there are quite a number of miners in China. . .
one way is to move all their mining equipment to a more crypto-friendly country.
The Chinese government has been doing the same for 8 years and nothing has ever happened, I don't know why this year should be any different. 65% of Bitcoin's mining power is concentrated in China, and those miners are not going to disconnect, they will move through the national territory or go to nearby countries, they have funds to do that and much more. If any of them decide to go to another country it would be good news, that is decentralization.
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by seeing many opinion here, I think Chinese ban crypto, It will never effect to crypto currency at the coming future.
As many people said, it's just temporary.
Chinese will accept crypto again at the next year's, So don't worry about this issue.
It will go with the wind.
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The Chinese government has been doing the same for 8 years and nothing has ever happened, I don't know why this year should be any different. 65% of Bitcoin's mining power is concentrated in China, and those miners are not going to disconnect, they will move through the national territory or go to nearby countries, they have funds to do that and much more. If any of them decide to go to another country it would be good news, that is decentralization.
Actually it's not only news that is banned in China that affects crypto prices, but one of them is Elon Musk's tweet on Twitter that sentiment about bitcoin can also affect crypto prices. because Elon is a rich man and very famous among the elite.
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Actually it's not only news that is banned in China that affects crypto prices, but one of them is Elon Musk's tweet on Twitter that sentiment about bitcoin can also affect crypto prices. because Elon is a rich man and very famous among the elite.
The problem is not just that Elon Musk talks too much, the problem is that the entire zombie army that follows him sells their coins/tokens when Elon says something. The statements of the Chinese government is something that we have been hearing for many years, what Elon Musk and his minions have done is the first time that has happened.
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Let me say the market will be best self, because crypto market is a world market, not a single country can influence it, even now that Indian has legalize it. so more will be achieved, so that is it.
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The problem is not just that Elon Musk talks too much, the problem is that the entire zombie army that follows him sells their coins/tokens when Elon says something. The statements of the Chinese government is something that we have been hearing for many years, what Elon Musk and his minions have done is the first time that has happened.
It's only natural that many of Elon Musk's followers follow everything he says on Twitter about crypto, because Elon is a very rich and famous person, pal. maybe for them following everything Elon Musk said could make more money.
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The problem is not just that Elon Musk talks too much, the problem is that the entire zombie army that follows him sells their coins/tokens when Elon says something. The statements of the Chinese government is something that we have been hearing for many years, what Elon Musk and his minions have done is the first time that has happened.
It's only natural that many of Elon Musk's followers follow everything he says on Twitter about crypto, because Elon is a very rich and famous person, pal. maybe for them following everything Elon Musk said could make more money.
Doing what a rich man does does not make much sense if you are not rich, surely Elon Musk does not mind losing $100,000 for example, but whoever follows him does care, I hope you understand me. We can ask that question of people who bought Doge for $0.7 and now only have half their investment. To earn as much money as a rich man you have to be rich.
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Doing what a rich man does does not make much sense if you are not rich, surely Elon Musk does not mind losing $100,000 for example, but whoever follows him does care, I hope you understand me. We can ask that question of people who bought Doge for $0.7 and now only have half their investment. To earn as much money as a rich man you have to be rich.
I agree with you, but everyone has their own choice. Of course it's different buddy, if all Elon Musk's followers have thoughts like you, of course every Elon Musk tweet will not affect the price of crypto.
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Let me say the market will be best self, because crypto market is a world market, not a single country can influence it, even now that Indian has legalize it. so more will be achieved, so that is it.
The Cryptocurrency Market is indeed a World market, but in reality big countries always have a big influence on Crypto prices. And this has been proven, can not be denied. Big countries such as the United States and China if they have announced news about Bitcoin and Cryptocurrencies must have had a big impact.
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I agree with you, but everyone has their own choice. Of course it's different buddy, if all Elon Musk's followers have thoughts like you, of course every Elon Musk tweet will not affect the price of crypto.
For that reason, Elon Musk shouldn't have any influence on the market. What people who follow Elon must learn is that they can't play the same game as him, it could be the fastest way to bankruptcy. And yes, it is those people who make their own decisions, but that does not imply that they are correct or good decisions.
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For that reason, Elon Musk shouldn't have any influence on the market. What people who follow Elon must learn is that they can't play the same game as him, it could be the fastest way to bankruptcy. And yes, it is those people who make their own decisions, but that does not imply that they are correct or good decisions.
I don't mind the decisions that other people make, because in life we all have our own ways and beliefs. maybe they think that following Elon's invitation is something that can change their financial situation. Of course we can't prevent and forbid them, because no matter how strong we are, we certainly can't change their minds.
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I don't mind the decisions that other people make, because in life we all have our own ways and beliefs. maybe they think that following Elon's invitation is something that can change their financial situation. Of course we can't prevent and forbid them, because no matter how strong we are, we certainly can't change their minds.
I am not trying to get people to change their thinking, what I would like is that the actions of those people (usually without knowledge of crypto or blockchain) do not negatively affect the market. And for that to happen, each person should make their own decisions, not those of a rich man. I know it may sound crazy, but I assure you it's not crazy.
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I think that everything will be ok.The Chinese government's attacks and bans on Bitcoin is something we have seen multiple times a year since 2013.It comes back every year. The whole time they buy the dips.But after a while the cryptocurrency market anyway was recovering, so I am sure that everything will be fine with the cryptocurrency market.
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I think that everything will be ok.The Chinese government's attacks and bans on Bitcoin is something we have seen multiple times a year since 2013.It comes back every year. The whole time they buy the dips.But after a while the cryptocurrency market anyway was recovering, so I am sure that everything will be fine with the cryptocurrency market.
I think bitcoin will be more popular and will accept in Chinese..
Don't worry I about this.
Bitcoin is the future currency and will have brighter future than now.
I see bitcoin market starting to go up again, I believe It will recover again..
Believe it.
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Every time there is something that China will do something bad about in Bitcoin or cryptocurrency it always affects the market,
but even is like that the cryptocurrency, in the end, recovered this was what I saw for a couple of years since 2017. Therefore we don't have to worry about what China did about banning cryptocurrency and bitcoin. Let's still hold for it of course.
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I am not trying to get people to change their thinking, what I would like is that the actions of those people (usually without knowledge of crypto or blockchain) do not negatively affect the market. And for that to happen, each person should make their own decisions, not those of a rich man. I know it may sound crazy, but I assure you it's not crazy.
Then how can they change their minds so they don't follow Elon's invitation? and not make the market go down? i need a solution for this, or should we just sit down and follow it all?
Every time there is something that China will do something bad about in Bitcoin or cryptocurrency it always affects the market,
but even is like that the cryptocurrency, in the end, recovered this was what I saw for a couple of years since 2017. Therefore we don't have to worry about what China did about banning cryptocurrency and bitcoin. Let's still hold for it of course.
yes indeed news like this has often happened in various countries not only China, for now the best solution is to keep your coins in your wallet, don't sell them.
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Then how can they change their minds so they don't follow Elon's invitation? and not make the market go down? i need a solution for this, or should we just sit down and follow it all?
No, everyone must make their own decisions, I think I made it quite clear in my previous post. It does not seem strange to me that each one decides for himself. Questioning everything not only makes us think and be smarter, I think it also makes us better people. Thanks to that we can look for many more possible points of view.
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Now this news from China is gone and all cryptocurrencies are back in the green and I'm getting a little profit.
Of course after the bad news there will be good news because the good news will change the price of all cryptocurrencies.
When cryptocurrencies are planned to be dumped, there will usually be a price change coming down from bad news, such as China banning Bitcoin mining.
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Now this news from China is gone and all cryptocurrencies are back in the green and I'm getting a little profit.
Of course after the bad news there will be good news because the good news will change the price of all cryptocurrencies.
When cryptocurrencies are planned to be dumped, there will usually be a price change coming down from bad news, such as China banning Bitcoin mining.
I think Chinese government several time announced to ban bitcoin mining.
And several time, bitcoin dumped and be bounce back to grow.
I believe We will see bitcoin improve again and we can do daily trading in bitcoin.
I see bitcoin back to green.
So let's see the bullish season will happen soon.
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From what we have seen since the time btc was first launch till now, i would say btc by 2025 would probably worth more than 100k, past experience has shown that btc will do well in years to come, as more people discover btc so will the price increase, i believe crypto in general will be on a much higher level by then.
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Actually, there are some other negative issues, and FUD always spreading about cryptocurrency. This is bad enough of course, but as time flows by, I am sure that the market will be better soon.
This may be not easy, but, the crypto community is very big and I am sure that many whales also really expect to have another bullish reason again this year.
Hopefully, $100k price of BTC will be really happened this year :)
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FUD will continue to appear, because actually this is all sometimes just the fabrication of a big whale who can buy Media to spread the FUD. And the effect is to the small players who suffer losses, while those of the big whales will gain doubled. We must be good at reading the situation, so that we do not fall into the abyss of their trap.
Look now the price of Bitcoin and other cryptocurrency, the more broken and falling too deep. The price experienced a big dump that was very detrimental.
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Actually, there are some other negative issues, and FUD always spreading about cryptocurrency. This is bad enough of course, but as time flows by, I am sure that the market will be better soon.
This may be not easy, but, the crypto community is very big and I am sure that many whales also really expect to have another bullish reason again this year.
Hopefully, $100k price of BTC will be really happened this year :)
There must always be a sense of optimism, even though it was recently hit by a bad storm that resulted in a deep correction, it certainly didn't relax bitcoin to keep moving according to its goal at the end of the year to reach renewable ATH with a significant value.
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The battle has always been there since acception of Bitcoin existence meaning that such news that China is cracking down on Bitcoin is not new in the system just what matters here is how people carry the news that actually affect the price, because most newbie in the Cryptocurrency industry sell off their assets because fear and doubt. When they hear such news about Bitcoin.
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I was the laziest when China had started to master the big news from various media because China has a very strong influence on the sustainability of the price of cryptocurrencies.
Indeed, lately China has banned Bitcoin mining and it turns out that China also sometimes opens Bitcoin mining at other times, this is clearly a manipulation to raise and lower the price of cryptocurrency.
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Over the years, cryptocurrency mining has evolved into a large, separate industry not heavily controlled by government authorities. Apparently now China, as the largest miner, has felt the growing threat to its financial stability.
I don't think the Chinese crypto people will stop their Bitcoin activities. Despite the fact that Chinese government banned Bitcoin they are unstoppable. Crypto cannot affect Chinese economy whether they banned or not the cryptocurrencies industry. Crypto will continue without China.
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I don't think the Chinese crypto people will stop their Bitcoin activities. Despite the fact that Chinese government banned Bitcoin they are unstoppable. Crypto cannot affect Chinese economy whether they banned or not the cryptocurrencies industry. Crypto will continue without China.
Crypto activities will continue in China and Bitcoin will continue to be mined. What the government has done (once again after 7 years doing the same) is shake the hornet's nest to see the reactions. The "worst" that can happen is that some miners may have to relocate their structures and facilities, but they have enough funds to do it.
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I believe in some aspect there is, it makes cryptocurrency more decentralized particularly Bitcoin because we all know that most of the Hash power is concentrated in China in that case it will be dispersed to any other parts of the world, as intended to make Bitcoin more decentralized and safer to any attacks. that was my opinion about it.
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I don't like China's intervention in the crypto market. China's regulatory FUD has affected the mining industry, then the entire crypto market. If crypto can escape Chinese manipulation, it will be an opportunity for this market to be more stable and investors better protected.
Miners are leaving China, they will soon find new countries with cheap energy and the right regulatory framework.
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Salvador is already gearing to mine Btc with geothermal energy so no problem with that
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The main problem is that China has a significantly cheaper labour cost and electrical cost due to their proximity to renewable energy sources. The fact that the biggest ASIC companies are all based in China also help to cut down their expense significantly. Given the cost of shipping the ASICs overseas with the effort required to find another suitable place, I doubt that the network would recover that well.
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The main problem is that China has a significantly cheaper labour cost and electrical cost due to their proximity to renewable energy sources. The fact that the biggest ASIC companies are all based in China also help to cut down their expense significantly. Given the cost of shipping the ASICs overseas with the effort required to find another suitable place, I doubt that the network would recover that well.
Some (few) of the mining plants in China are very far from population centers, do you know why?, to get free electricity, since they illegally access the electricity grid. They have money to do a lot of things, including moving those mining farms, the problem is that not everyone wants to spend that money. If the hash power of China goes down, it will increase in another country, and whoever wants to stay in China will have to use other methods.