• 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
Dogecoin (DOGE) Now Worth More Than Credit Suisse

Dogecoin (DOGE) Now Worth More Than Credit Suisse

March 15, 2023
Hello Pets purchase 10 BAYC within its $6M expansion fund for NFT and Metaverse

Hello Pets purchase 10 BAYC within its $6M expansion fund for NFT and Metaverse

March 15, 2023
Starknet DAO Heads Toward First Governance Vote

Starknet DAO Heads Toward First Governance Vote

March 15, 2023
Web 3.0 Developers Get the ‘Magical’ AI, CyberShib, for the Development of New Projects

Web 3.0 Developers Get the ‘Magical’ AI, CyberShib, for the Development of New Projects

March 15, 2023
1 year after $11M LUNC bets; Do Kwon wanted, funds paid, hedge stuck on FTX

1 year after $11M LUNC bets; Do Kwon wanted, funds paid, hedge stuck on FTX

March 15, 2023
BlackRock CEO Touts Next Big Thing in Crypto

BlackRock CEO Touts Next Big Thing in Crypto

March 15, 2023
Why is Ethereum falling against Bitcoin? Maxis loudly celebrate but miss the point

Why is Ethereum falling against Bitcoin? Maxis loudly celebrate but miss the point

March 15, 2023
Expanded margin pairs available for FTM, LDO, OCEAN and PAXG!

Expanded margin pairs available for FTM, LDO, OCEAN and PAXG!

March 15, 2023
Bitcoin BTC Price Slides Below 24.5K as European Banking Woes Spook Investors

Bitcoin BTC Price Slides Below 24.5K as European Banking Woes Spook Investors

March 15, 2023
  • Privacy Policy
Thursday, March 16, 2023
Mount Rushmore Crypto
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • About Us
  • Crypto Vouchers
  • Cryptocurrency and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction
No Result
View All Result
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • About Us
  • Crypto Vouchers
  • Cryptocurrency and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction
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

J_News by J_News
October 25, 2021
in Crypto, Top News
0
Is China Considering Lifting The Bitcoin Mining Ban? The NDRC Runs Public Survey
0
SHARES
4
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

Dogecoin (DOGE) Now Worth More Than Credit Suisse

Dogecoin (DOGE) Now Worth More Than Credit Suisse

March 15, 2023
Hello Pets purchase 10 BAYC within its $6M expansion fund for NFT and Metaverse

Hello Pets purchase 10 BAYC within its $6M expansion fund for NFT and Metaverse

March 15, 2023
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

Dogecoin (DOGE) Now Worth More Than Credit Suisse

Dogecoin (DOGE) Now Worth More Than Credit Suisse

by J_News
March 15, 2023
0

Alex Dovbnya Dogecoin, the most popular parody of Bitcoin, has now overtaken Swiss banking giant Credit Suisse in market cap...

Hello Pets purchase 10 BAYC within its $6M expansion fund for NFT and Metaverse

Hello Pets purchase 10 BAYC within its $6M expansion fund for NFT and Metaverse

by J_News
March 15, 2023
0

 Hello Pets announced that they have bought 10 Bored Ape Yacht Club NFTs (BAYC #6966, BAYC #6280, BAYC #5245, BAYC...

Starknet DAO Heads Toward First Governance Vote

Starknet DAO Heads Toward First Governance Vote

by J_News
March 15, 2023
0

The independent, nonprofit Starknet Foundation will delegate 33% of its overall voting power in the first vote to the first-phase...

Web 3.0 Developers Get the ‘Magical’ AI, CyberShib, for the Development of New Projects

Web 3.0 Developers Get the ‘Magical’ AI, CyberShib, for the Development of New Projects

by J_News
March 15, 2023
0

Artificial Intelligence (AI) is being increasingly utilized by the masses and this use is not just limited to getting questions...

1 year after $11M LUNC bets; Do Kwon wanted, funds paid, hedge stuck on FTX

1 year after $11M LUNC bets; Do Kwon wanted, funds paid, hedge stuck on FTX

by J_News
March 15, 2023
0

Approximately one year prior, on Mar. 14, 2022, cryptocurrency trader GiganticRebirth (GCR) invited the then co-founder of CEO of Terraform...

Load More

Enter your email address:

Delivered by FeedBurner

Quick Navigate

  • Home
  • Crypto
  • Crypto Technical Analysis
  • Top News
  • Thank You
  • Store
  • Crypto Vouchers
  • About Us
  • What Cryptocurrency Is and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction

Top News

The 7 Best New ICOs To Buy in 2023

Join CoinStats Affiliate Program & Earn 40% of All Premium Sales

Crypto Narratives to look out for in 2023 | by Blockchain Jew | The Capital Platform | Feb, 2023

© 2021 mtrushmorecrypto - Crypto Related News Blog

No Result
View All Result
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • About Us
  • Crypto Vouchers
  • Cryptocurrency and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction

© 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