What do bitcointalk’s community and users think and speculate about this latest news development? Would anyone consider that the Chinese government might be recognizing that they have made a mistake and might be ready to unban mining for bitcoin and other cryptocoins?
According to CoinTelegraph, China’s National Development and Reform Commission (CNDRM) is now seeking public opinion on the inclusion of crypto mining in its list of “phased-out” industries, after seeing that the ban helped the U.S. to become the world’s dominant crypto mining nation.
It looked like China’s stance regarding crypto mining was finally cemented with the ban imposed in May this year, after it had been going back and forth on the issue since 2019, but now, they are skeptical after most of the Bitcoin hashing power was relocated from China to other states, helping the U.S. become the leading hashrate provider.Read in full https://digesttime.com/2021/10/24/china-is-thinking-about-unbanning-bitcoin-and-started-a-new-research/The only thing I have to say is good luck with that, the Chinese governments obviously did not liked the development we are seeing but what I wonder is what did they thought it would happen? Did they thought the miners will just turn off their machines and they will accept to loss their investment of millions of dollars just because they said so?
Miners just did the rational thing, they relocated to countries with cheap electricity and that will let them work without the threat of their activities being banned every single month, now they are seeing they could be losing some revenue and a lot of the excess electricity they were producing that was used by miners now is wasted and now they want them back, but I am sure many miners out of principle will refuse unless they have no other alternative as who wants to run a business under those conditions.