China plans to ban cryptocurrency mining

Bradley Prior

Bradley Prior

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China plans to ban cryptocurrency mining

China signaled its intent to ban cryptocurrency mining, dealing a fresh blow to an industry buffeted by tumbling virtual currency prices, stiff competition and waning investor interest.

The National Development Reform Commission, the country’s powerful economic planner, this week listed crypto-mining among a plethora of industries it intends to eliminate because they “seriously wasted resources” or polluted the environment. [Bloomberg]
 
Yeah - about time.

This crypto currency debate and debacle needs a final nail in the coffin - hopefully this signals that final nail will be hammered in soon
 
Other countries will take advantage, not the first time, won't be the last either.
 
China. Yes go make some more rice
 
Bradley Prior said:
China plans to ban cryptocurrency mining

China signaled its intent to ban cryptocurrency mining, dealing a fresh blow to an industry buffeted by tumbling virtual currency prices, stiff competition and waning investor interest.

The National Development Reform Commission, the country’s powerful economic planner, this week listed crypto-mining among a plethora of industries it intends to eliminate because they “seriously wasted resources” or polluted the environment. [Bloomberg]
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yay means our mines will now probably mine double or triple what we currently mining...
 
xodosman123 said:
Good Move
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MEIOT said:
Yeah - about time.

This crypto currency debate and debacle needs a final nail in the coffin - hopefully this signals that final nail will be hammered in soon
Click to expand...
Fat chance. If mining is no longer viable there's plenty of virtual options like proof of stake and space. Bitcoin and all other crypto currencies can move over in a heartbeat or perhaps even move to non blockchain solutions. Crypto currency is here to stay.
 
AI is technology for totalitarianism
Cryptocurrencies and blockchain is technology for liberty.

China has just proved this. You just see what their government subsidises and bans.
 
Pitbull said:
Always boils down to supply and demand.
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Neither of which is affected by mining. There's a big misconception out there that mining has anything to do with the price when it's actually the other way.
 
Swa said:
Neither of which is affected by mining. There's a big misconception out there that mining has anything to do with the price when it's actually the other way.
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Right,

I forgot. Everyone on MyBB is a Professional when it comes to Mining. My apologies...
 
Swa said:
Neither of which is affected by mining. There's a big misconception out there that mining has anything to do with the price when it's actually the other way.
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"In the case of proof-of-work blockchains such as Bitcoin, the mining difficulty of a coin can also have a direct relationship with its price. A higher mining difficulty means that it is harder to mine an additional unit of a coin. This can have an impact on a coin’s perceived value, and subsequently its price, as increasing a coin’s supply will require more computing power to be used in the mining process."

I'm not an expert but it looks like both you and Pitbull have a valid argument. This crap is intense
 
LD50 said:
"In the case of proof-of-work blockchains such as Bitcoin, the mining difficulty of a coin can also have a direct relationship with its price. A higher mining difficulty means that it is harder to mine an additional unit of a coin. This can have an impact on a coin’s perceived value, and subsequently its price, as increasing a coin’s supply will require more computing power to be used in the mining process."

I'm not an expert but it looks like both you and Pitbull have a valid argument. This crap is intense
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Bitcoin's mining difficulty continually adjusts though. Also 3/4 of coins have already been mined and the rest is a slow trickle. Sure it's a complicated issue but it's more the design that's had an impact on price than who's been mining it.
 
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