• Latest
  • Trending
Is China Considering Lifting The Bitcoin Mining Ban? The NDRC Runs Public Survey

Is China Considering Lifting The Bitcoin Mining Ban? The NDRC Runs Public Survey

October 25, 2021
Why Tech Stocks Are Crashing and Burning | by Zatara | The Capital | Jul, 2022

Why Tech Stocks Are Crashing and Burning | by Zatara | The Capital | Jul, 2022

July 3, 2022
Cardano (ADA) Looks To Recover After Sliding To $0.43

Cardano (ADA) Looks To Recover After Sliding To $0.43

July 3, 2022
Crypto’s ongoing crisis is an opportunity for realignment

Crypto’s ongoing crisis is an opportunity for realignment

July 3, 2022
Crypto Price Weekly Analysis 7/1: BTC, ETH, BNB, DOGE, SOL, XRP

Crypto Price Weekly Analysis 7/1: BTC, ETH, BNB, DOGE, SOL, XRP

July 3, 2022
Here’s How Bitcoin Family’s investment Is Doing

Here’s How Bitcoin Family’s investment Is Doing

July 3, 2022
Cosmos tries to find support at $26 after a 45% drop in two weeks

Cosmos token ATOM forecast as price turns bullish

July 3, 2022
Bitcoin Could Collapse Another 50%, Says Michael “Big Short” Burry

Bitcoin Could Collapse Another 50%, Says Michael “Big Short” Burry

July 3, 2022
Israel’s regulator teases comprehensive crypto framework at ICC

Israel’s regulator teases comprehensive crypto framework at ICC

July 3, 2022
The Best Move I Made in the Crypto Market Crash that Saved Me Thousands | by Tom Handy | The Capital | Jul, 2022

The Best Move I Made in the Crypto Market Crash that Saved Me Thousands | by Tom Handy | The Capital | Jul, 2022

July 3, 2022
  • Contact Us
  • Privacy Policy
Sunday, July 3, 2022
Mount Rushmore Crypto
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • Store
No Result
View All Result
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • Store
No Result
View All Result
Mount Rushmore Crypto
No Result
View All Result
Home Crypto

Is China Considering Lifting The Bitcoin Mining Ban? The NDRC Runs Public Survey

Automatic by Automatic
October 25, 2021
in Crypto, Top News
0
Is China Considering Lifting The Bitcoin Mining Ban? The NDRC Runs Public Survey
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter


The National Development and Reform Commission is asking the Chinese public for their opinion on the Bitcoin mining ban. Is China’s government playing 4D chess or are they confused and considering backtracking their decision? Can they unring this particular bell or is this a too little too late scenario? Do they really care about what the general public thinks or is this survey just for the optics?

As it usually happens with the Chinese government’s actions, they leave more questions than answers. Nevertheless, let’s unpack the information available and see what Twitter thinks about the situation.

First of all, the official announcement says:

“In accordance with the relevant work arrangements for the rectification of virtual currency “mining” activities, the National Development and Reform Commission and relevant departments have revised the “Industrial Structure Adjustment Guidance Catalog (2019 Edition)”, and now solicit opinions from the public.”

So, they’re considering “rectification of virtual currency “mining” activities,” by which they mean the Bitcoin mining ban. And by “the public,” they mean “Relevant units and people from all walks of life can provide feedback.”

Related articles

Why Tech Stocks Are Crashing and Burning | by Zatara | The Capital | Jul, 2022

Why Tech Stocks Are Crashing and Burning | by Zatara | The Capital | Jul, 2022

July 3, 2022
Cardano (ADA) Looks To Recover After Sliding To $0.43

Cardano (ADA) Looks To Recover After Sliding To $0.43

July 3, 2022
BTC price chart for 10/25/2021 on FTX | Source: BTC/USD on TradingView.com

Is China Actually Considering Lifting The Bitcoin Mining Ban?

Opinions differ. However, according to Three Arrows Capital’s Su Zhu, that’s exactly what’s happening.

China seeking public solicitation of comments regarding un-banning crypto mining 🧐https://t.co/g1wyUdORTt pic.twitter.com/qyRQyTBgcn

— Zhu Su 🔺 (@zhusu) October 25, 2021

People in the replies are not convinced. They theorize that the Chinese government is just trying to create a database of people in favor of Bitcoin mining, or that they are just thinking about lifting the Bitcoin mining ban so they can ban it again on the next cycle. Others doubt the miners will return or that new mining operations will pop up. A few, though, think that the Chinese government realized they made a Billion Dollar mistake.

Chinese journalist Colin Wu, however, sees the news from another angle. “It is not un-banning. On the contrary, its content is to write crypto mining into an industry that must be eliminated.”

Of course, many miners are making comments, but in terms of the current Chinese government’s strong opposition to Bitcoin mining, these comments are likely to be meaningless.

— Wu Blockchain (@WuBlockchain) October 25, 2021

And he links to a .pdf that says the same thing as the original document, but with a sarcastic tone altogether:

“In the “Industrial Structure Adjustment Guidance Catalogue (2019 Edition)”, the elimination category “I. Item 7 is added to “Outdated production technology and equipment” and “(18) Others”, and the content is “virtual quasi-currency’mining’ activity.”

The phrases “Outdated production technology” and “Virtual quasi-currency’mining‘” hit different and tell another story about the Bitcoin mining ban. Wu finishes by saying that “in terms of the current Chinese government’s strong opposition to Bitcoin mining, these comments are likely to be meaningless.”

Conclusions And Speculation

Tick-tock next block. China’s Bitcoin mining ban was a blip on the radar. The network kept running as usual and, a few months later, Bitcoin’s hashrate recovered. We at NewsBTC have been trying to figure out the logic behind the Chinese government’s moves regarding Bitcoin. Unsuccessfully. We looked into the new “China Model” and the small hydropower stations question, wondered about the waning of their hashrate dominance, and looked closely into the now-defunct industry.

Even though it seems like a logical theory, we don’t know if the Chinese government is just clearing out the competition for their future CBDC. We are not sure if this whole operation is part of a bigger one that is trying to control all of the Chinese billionaires. Or if they’re just asserting their dominance and showing everyone who’s the boss. We just know that the Bitcoin mining ban might be the biggest mistake of the century. And we’re not even talking about the trillions in fiat currency that the country is losing. 

The Chinese are banning themselves from participation in the winning open network, from interaction with the biggest idea of the century, from owning a piece of the pristine asset that will change the world for the best.

Did they realize all of this and are gearing up for a change of mind?

Featured Image by Andreas Breitling from Pixabay - Charts by TradingView





Source link

ShareTweetShareShare
Previous Post

Best places to buy Gyro coin

Next Post

CME Bitcoin Futures OI Rips to .70 Billion to Claim the Top Spot Over Binance

Related Posts

Why Tech Stocks Are Crashing and Burning | by Zatara | The Capital | Jul, 2022

Why Tech Stocks Are Crashing and Burning | by Zatara | The Capital | Jul, 2022

by Automatic
July 3, 2022
0

The market seeks profits, not promises, as a hope-fueled bull market sputters.The market is absolutely murdering tech stocks this year....

Cardano (ADA) Looks To Recover After Sliding To $0.43

Cardano (ADA) Looks To Recover After Sliding To $0.43

by Automatic
July 3, 2022
0

Cardano (ADA) price experienced a protracted run along a falling angle formed on June 27, when the price was $0.52....

Crypto’s ongoing crisis is an opportunity for realignment

Crypto’s ongoing crisis is an opportunity for realignment

by Automatic
July 3, 2022
0

It’s not a great day to be in crypto. Perhaps you’ve seen an article (or 20) about this. Perhaps you’ve...

Crypto Price Weekly Analysis 7/1: BTC, ETH, BNB, DOGE, SOL, XRP

Crypto Price Weekly Analysis 7/1: BTC, ETH, BNB, DOGE, SOL, XRP

by Automatic
July 3, 2022
0

As we approach the end of the Friday session, it seems that Bitcoin’s troubles are still far from over. Similarly,...

Here’s How Bitcoin Family’s investment Is Doing

Here’s How Bitcoin Family’s investment Is Doing

by Automatic
July 3, 2022
0

Alex Dovbnya The Bitcoin family remains bullish on the largest cryptocurrency despite being down by more than $1 million since...

Load More

Enter your email address:

Delivered by FeedBurner

Quick Navigate

  • Home
  • Crypto
  • Crypto Technical Analysis
  • Top News
  • Thank You
  • Store

Top News

Starbucks joins NFT party, UK government seeks stablecoin regulations and Crypto Twitter rallies behind cancer fighter, Hodler’s Digest: Apr. 3-9

Katie Haun’s VC Firm Leads $11M Round for Web 3 Community Platform Highlight

Announcing the Coinbase Summer 2022 Community Ambassador Program | by Coinbase | May, 2022

© 2021 mtrushmorecrypto - Crypto Related News Blog

No Result
View All Result
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • Store

© 2021 mtrushmorecrypto - Crypto Related News Blog

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT