Chinese Region Sichuan To Ban Cryptocurrency Mining Or Not Exactly?

[Cammer 4609]

The story began with the local media outlet PANews posting on Twitter the notice, the report added that Sichuan is one of the most popular regions in the nation for mining activities, with nearly 10% of the local mining power. A statistic backed by the mining tracking tool recently launched by a designated team from Cambridge University.

Continue reading the news with the Source

[BTC Future 3946]

Nice finding @Cammer. I guess that China keeps playing the game of the ban hammer on Bitcoin again. Still there wasn't a shutdown yet, as it would have been noticeable *change on the hashpower charts. The network is clogged by the way and Bitoin transaction fees are on an average of $5. Mempoop is also increased a lot in size. Perhaps China fud will once again make Bitcoin's price dip again.

 

*correction

Edited May 23, 2020 by BTC Future

[Cammer 4609]

8 minutes ago, BTC Future said:

Nice finding @Cammer. I guess that China keeps playing the game of the ban hammer on Bitcoin again. Still there wasn't a shutdown yet, as it would have been noticeable on the hashpower charts. The network is clogged by the way and Bitoin transaction fees are on an average of $5. Mempoop is also increased a lot in size. Perhaps China fud will once again make Bitcoin's price dip again.

If you want my opinion, I don't think that China will shut down anything because China is the leader country of Bitcoin and crypto currencies. 

[magd 5231]

China is one of the most countries that mining cryptocurrencies but sometimes prohibits mining cryptocurrencies in specific regions for certain reasons, but I do not think it will prohibit it permanently, especially now that we are witnessing the launch of the Chinese currency Pi, which will start mining at the end of this year

[Brand1 1336]

China is one of the most countries that have cryptocurrencies and very large mining farms and it affects prices very significantly. We have noticed this when the Corona epidemic has spread inside the country and it is very bad to ban cryptocurrencies and their fields and I hope that they stop this work and make the use of encryption a matter Legal within her country

[rekter 8129]

I took a look at that mining tracker and honestly, i would probably affect other countries pretty well if China banned bitcoin now as there would be more bitcoins for us to mine.

 

The whole mining is now centered on China. I really didn't know it would be this bad. I knew they mined a lot but...

Edited May 28, 2020 by rekter

[Honny143 13612]

China is very well developed nation and most effective nation also, in this country so  many peoples mine crypto currency, chine miners mine large number of bitcoin and they effects prices also, recently we the example when corona virus spread, China stop all activities then bitcoin prices goes down, so they ban crypto then we once again see crypto market down, 

[Raqeebzy 6456]

On 5/23/2020 at 11:23 AM, Cammer said:

Sichuan is one of the most popular regions in the nation for mining activities

I am not surprised about this news, every year we hear China ban bitcoin and nothing happens in the end. I don't really know how true this might become but this news will definitely have it impact (positive or negative) on the bitcoin. China being in control of more than 50% global mining power and Sichuan being the second highest mining power in China.

[Cammer 4609]

3 hours ago, Raqeebzy said:

I am not surprised about this news, every year we hear China ban bitcoin and nothing happens in the end. I don't really know how true this might become but this news will definitely have it impact (positive or negative) on the bitcoin. China being in control of more than 50% global mining power and Sichuan being the second highest mining power in China.

I think China will always be adopting Bitcoin because China can benefit a lot from this crypto currency. Still, I don't think China will leave it.

[Cammer 4609]

On 6/2/2020 at 4:29 AM, bitcoinb said:

Sad news, I hope they will not ban mining... Do you think their is a link with the future "Digital Yuan"? If i'm not wrong, exchanges are banned from china?

China has always been talking about leaving crypto currencies and ban them in the country. Luckily, nothing has beem applied yet and I don't think it will.

[Zaino34 0]

China is one of the countries that contain the most mining equipment and projects for digital currencies and I do not think that it will stop mining in this region especially that 10% is not a small percentage and on the contrary I think it will expand the use of encryption and will increase support for the use of digital currencies

[MrGox 880]

17 minutes ago, Zaino34 said:

China is one of the countries that contain the most mining equipment and projects for digital currencies and I do not think that it will stop mining in this region especially that 10% is not a small percentage and on the contrary I think it will expand the use of encryption and will increase support for the use of digital currencies

China is really one of countries, which is really interested in cryptocurrency. More than that as you above mentioned l don't think that she wants to stop mining in own country. 10% can seem as small for us, but it is not small percentage. Maybe there is something wrong with this news. 

[Ridam 7455]

China isn't going to shut down instead of that as you have noticed or not in the same region. Government is trying to reduce cost of electricity for Blockchain technology development. So personally i think they share this type of mis-informartion to lead us somewhere else and do their best in mining.

[Whited35 15285]

China is looking extremely serious to minimize the carbon emission that will also affect some of the bigger mainland China-based mining farms and miners are more likely to get rid of mining as the electricity charge is also looking like to increase. This is just a clear picture how the PoW mining is taking the more power to mine the Bitcoin.