Quote from: Aliceooo78 on June 23, 2021, 06:10:29 AM

Does't the government figure out that cryptocurrency is lucrative and alomst unstoppable? Banning mining is really an insane act as I see it, they are actually expelling money and power!!!

And why does everyone taking for granted the fact that is also lucrative for the government?
Has anyone to date seen a single tax filing of a mining farm in China?
Does anyone know how much they have paid in taxes or how many people they employ and what wages they pay?

What if at the end of the day it turns out that most pay zero taxes as they "forget" to declare income, they hire little to no people, and on the other hand they draw subsides power from the grid that China has no interest in producing anymore, like all that coal power they want to replace with nuclear reactors and solar energy?

People are always saying if governments ban crypto they lose money, but let's be honest, excluding the western world, who is paying taxes on crypto gains? 1-5%?

Quote from: bryant.coleman on June 23, 2021, 02:21:21 PM

China can just order the mining rig manufacturers such as Bitmain and Canaan to close down their operations and cease the export of mining hardware. And that will destroy the mining sector in the long run, because it is not viable for these companies to move their operations abroad.

All the chips are made by TSCM and Samsung, the technology is not lost if China bans it, the gear can be manufactured somewhere else, Vietnam, India, Thailand, short-run there might be a problem with acquiring gear but long term no! With the mining profits going up someone will start manufacturing those tempted by $.