Banning Bitcoin Mining , a right or wrong call by China ?

[Josemendez]

Bitcoin Mining has always been one of the ways by which bitcoin transaction is verified and new bitcoin released to the market. Many people have entered into bitcoin Mining in the past because of the profit in it amdist the high cost of setting up a mining rig.

Bitcoin miners received a big blow when the CEO of Tesla group made a tweet saying that bitcoin mining is harmful to the environment. This saw a country like China to ban Bitcoin mining in the country . Miners in the country were forced to move to a new country.

Do you think that banning bitcoin Mining is a good thing to be done ?
I believe that country like China shouldn't have banned bitcoin Mining but instead seek for a way to develop an eco-friendly mining process for bitcoin.
Canada and El Salvador have developed green energy for Mining bitcoin and this has attracted many miners to the country.

 

[Sherman198]

The ban is a blessing in disguise for some of the miners who were having difficulties mining because of the cost of power to mine. The discovery of Green power or Green energy will enable the new miners and the old miners to be able to mine efficiently. The result of the intrusion of this new miners will make the mining of Bitcoin come to an end very soon.

 

[Chibson]

The Chinese ban on the use and mining of cryptocurrency is as a result of the effect it was having in there power sector. I think the ban is good for the Chinese only, because they said that it is affecting their economy negatively and also affecting the environment. It is bad for the Miners because the need to travel to other places in order to continue their businesses but I think it is a blessing in disguise because alternative ways will be brought.

 

[sincerem]

Every country have their own reasons for whatever they call into halt, or whatever decisions they make. I'm not against any country for whatsoever they concluded as decision making. What I'll say is that, it has affected the coins in the market making them lose value. Dumping Cryptocurrency adventure halfway isn't looking nice since they're one of the heads in BTC mining activities.

 

[Josemendez]

Every country have their own reasons for whatever they call into halt, or whatever decisions they make. I'm not against any country for whatsoever they concluded as decision making. What I'll say is that, it has affected the coins in the market making them lose value. Dumping Cryptocurrency adventure halfway isn't looking nice since they're one of the heads in BTC mining activities.

Seems you didn't get the point the thread was trying to point out. Now , is the solution to a problem outright ban or seeking for remedies ? . Yes bitcoin Mining is not eco-friendly but must it have to stop because of that ? . El Salvador and Canada has been able to develope green energy for Mining and this has indeed helped them to be able to attract miners and they will rip the fruit.

 

[sincerem]

Seems you didn't get the point the thread was trying to point out. Now , is the solution to a problem outright ban or seeking for remedies ? . Yes bitcoin Mining is not eco-friendly but must it have to stop because of that ? . El Salvador and Canada has been able to develope green energy for Mining and this has indeed helped them to be able to attract miners and they will rip the fruit.

I understand the points you're making. China have dumped crypto halfway through. Cos they deemed mining being harmful to the environment, due to the energy it uses to mine Cryptocurrency. Their dump have brought positive news as El-salvador have adopted it, which they'll help on their own aspect providing the green energy suitable for mining. I just pray El-salvador's investment around BTC never go in vain.

 

[btaliat]

I believe in the conspiracy school of thought. Banning bitcoins is not done in the favour of the masses but cleverly done to sabotage the effort of the masses. There is no plausible excuse by all the governments that banned or even regulate cryptocurrency. The secrecy reason, not ecosystem friendly and even perpetuating illegal transactions are just flimsy excuses to either ban or regulate cryptocurrency.

 

[Mika]

When China banned crypto currency transactions and bitcoin mining, the crypto currency market crashed. But I think in terms of long term strategy it is good for the cryptocurrency ecosystem because now bitcoin is out from the hold of the communist country and has come in control of the liberal world (one third of bitcoins were being mined in China)

 

[Josemendez]

When China banned crypto currency transactions and bitcoin mining, the crypto currency market crashed. But I think in terms of long term strategy it is good for the cryptocurrency ecosystem because now bitcoin is out from the hold of the communist country and has come in control of the liberal world (one third of bitcoins were being mined in China)

Exactly. China has been in control of the bitcoin market for the past years and have not really done any good thing to bitcoin market. They have manipulated it enough escalating gas fee to their interest. Haven't you noticed that the rate of transaction fee on the bitcoin network has reduced ever since miners moved out of the Chinese country.

 

[Alexandoy]

To be honest, I have no factual knowledge on mining although I have been reading in forums that mining consumes a lot of power particularly electricity for the computers. If that is the case I don't think it is only China that will ban mining. All other countries should do an investigation on the subject of mining.