China's state planner wants to ban bitcoin mining, according to a draft list of industrial activities the agency is seeking to stop in a sign of growing government pressure on the cryptocurrency sector.
Last bear market China "banned" bitcoin once a month. This is probably no different, all talk and no substance.
That said - if they do follow through this time - they are only hurting themselves. Mining will move elsewhere, increasing global distribution.
Wait, ban bitcoin or just bitcoin mining? All the comments here seem to revolve around their attempting to ban bitcoin altogether because they can't control it, but the article just talks about banning the mining (Not the exchange.) Unless that's just China's first step towards a total ban.
J.P Morgan bank building in New York consume more energy then any bitcoin farm. And that is only 1 building of 1 bank. There are millions of bank buildings around the world. Combined they consume 8x more then bitcoin farmers. Employers of banks consume gas with their cars more then all school buses in the entire world. Not to mention how much a bank pollutes when it have to heat up such a sky scrapper building. Multiply that at global scale. I think there's something wrong with you when you say bitcoin pollutes.
It's not liberties they are after China has an issue with allowing money to leave china. You know all those headlines about the most expensive painting every sold to on a credit card! (it's something like 23 million, etc Edit, its 170 million i guess.) They do this because then they have an asset to resell to someone else for 22 million (22 million moved out of the country by paying a 23 million bill in china.) Seems shitty to use but the ability to move large sums of money out of china is difficult. Bitcoin is making that easier.
The energy waste on this stuff is insane, really not a surprise a country like China that's trying to guarantee an energy supply & energy future for their huge population would see it as a problem. Bitcoin's estimated annual energy consumption hovers between 55-70 TeraWatt Hours. 70 TWh is around 7% of industrial power consumption in the US, 70 TWh would be enough needed for their entire industrial sector for many countries (such as France).
Do you know how many times China banned bitcoin? Many times they banned bitcoin trading & now Bitcoin mining.
Does it really affect the market? I guess for short term, bitcoin doesn't care about China now, you can clearly see this tweet for more clear information, its the same guideline that was published in 2011.
Maybe China wants to buy Bitcoin at cheap prices, so its a suggestion just hold tight, Bitcoin is not going anywhere and I don't see Bitcoin prices I just trade it to increase more Bitcoin & I always see 1 Btc=1Btc
Instead of paying attention of China banning Bitcoin mining, try more to focus on doing research and networking with crypto enthusiasts across the globe, it will only empower your thinking and make you understand why 1 bitcoin is equal to 1 bitcoin & why it can replace the traditional money.
I always find ways to network with people and I found two events coming down the road one is Consensus by Coindesk and another one is organized by an exchange called Bitrus, backed by experienced Fintech founders giving a chance to win a trip to Mexico in the finals to meet crypto enthusiasts.
Cryptos need to be decentralized, truly anonymous, and use like 1% of the energy Bitcoin does for equivalent transaction volume. I don't know of any crypto that does all 3. For now I'll stick to a combo of cash and bullion.
ant miner 3000! - You'll not find a cooler (excuse the pun) 1500 watt heater with the side benefit of producing bitcoins.
Do you need heat and lots of it? Do you also want bitcoins? Ant miners!
Need to heat up that dorm room? Don't use the electric heater, use your antminer and crack open the window. (Ant miners, great ways to transform money from whomever is paying the electric bill into bitcoins!)