Will crypto market be better after China's ban?

[MrSpasybo]

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

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?

[Freemind]

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.

[trauchot]

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.

[gabbie2010]

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.

[Ferki]

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.

[KryptoBull]

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.

[Freemind]

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.

[bitcoin-shark]

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

[robert20]

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.

[Paglamon]

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.

[nicecrypto]

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. 

[Freemind]

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/

[lepbagong]

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.

[Malam90]

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.

[Toshko]

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.