China and Bitcoin-Mining-ban: FUD from yesterday

the It is not new that the Chinese government crypto-currencies is set to skeptical. Messages from the middle Kingdom regularly for FUD (Fear Uncertainty and Doubt) in the Kryptoversum. But so far, Bitcoin has survived all the horror stories from China. So it will behave well with the latest Iteration of FUD from a Chinese factory: the allegedly planned ban of Bitcoin Mining.

By Christopher clover
10. April 2019BTC$0,00 1.34%Facebook Twitter LinkedIn xing mail

China's National development and reform Commission has on 8. April the draft of "a catalogue with guidelines for the adjustment of the industrial structure". This includes, among other things, a listing with sectors of the economy, the "to be eliminated". As stated in the notice of the draft that "technologies, devices and products, the [...] consult the resources serious waste, [and] pollute the environment" should therefore be removed.

a Little more specific, it is in the long list from the Chinese point of view reference technologies:

activities in the area of "Mining worthy" of virtual currency (the production process of virtual currency such as Bitcoin)

is in a series with "dry-stone treatment (including precious stone processing) technology, without dust collection systems". So much for the bandwidth of the design, as a whole, especially an eco-friendly Agenda. Businesses and citizens the opportunity is now open, until 7. May your comments.

Worst Case: More decentralisation

yet no spell is so Mature. Also, the price of Bitcoin is completely unfazed by the news from China. And rightly so. Although China is the country that currently most of the computing power for Bitcoin Mining. Most of the Mining Pools are still in the middle Kingdom, such as ViaBTC, F2Pool and most of all: AntPool. This circumstance is found, for some time criticism in the crypto-Space that is defined primarily on the Ideal of decentralization. The Chinese government should enforce, in fact, a ban of Bitcoin Mining, they can expect a similar Exodus as the Bitcoin exchanges consummated. On a request from BTC-ECHO AntPool answered in the past.

Miner not Bitcoin

In addition, Miner play in the Bitcoin network an important role, but not the main role. In order for Bitcoin to work, it needs Full Nodes – the more, the better. Only 3.3 percent of the currently 9.538 Nodes are in China. In contrast, every fourth Full Node is located in the United States. In Germany, around 20 percent of the Bitcoin Full Nodes at the moment – the power of the Federal Republic of Germany to the world Vice-champion. Also, if the Chinese people's chamber should decide to ban the use of Bitcoin Mining, the Bitcoin network continues to be strong and continue to grow. As always, the Watchword: prudence instead of FUD.

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