China's mining ban is FUD?
China's National Development and Reform Commission (NDRC) is tasked with assessing to recommend, limit, or discontinue industry activities.
In the latest assessment, mining is classified as "undesired" and belongs to the same group as the group suspected of being associated with high-level contamination.
However, the NDRC has made the same proposal in 2011 and has not yet implemented it. Experts pointed out that it would take years if at all, and pointed out that it would not immediately affect China's virtual currency miners.
Also, the virtual currency influencer WhalePanda has declared the news as FUD, Fear, Uncertainity and Doubt's initial word.
According to Coindesk, up to 1 million machines are in operation in the estimated southwestern region of China.
The pollution and environmental impact of mining is no worse than before.
According to the CoinShares report at the end of 2018, "the majority of Bitcoin mining in the world (at least 77.6%) is running on renewable energy, contrary to our general understanding."
The Chinese government is famous for blocking certain services that they can not control.
But in practice there may not be a complete ban.
The size of the mining industry is large, the economic benefits are obvious, and the government seems to know the benefits of becoming the top of this new technology.
If the recommendation to prohibit mining appears in the final version of the report by the NDRC, it is possible.
However, there are significant differences in recommendations, regulations, criminal law, and law enforcement.
Looking at the situation in China, I remember the important points in the world of cryptocurrency.
It is impossible to turn off a distributed network!
Bitcoin continued to operate when Venezuela's domestic power grid declined.
If an individual had a generator and could reconnect to the net, he could access the bitcoin network.
Even if China shuts down all mining facilities in the country, the Bitcoin network will continue to operate.
Distributed systems work as designed.
Miner will continue to look for low-cost power and regulatoryly friendly countries with a reasonable economic focus.
China boasts the world's largest population, has great ambitions, and has technological advantages.
Don't be distracted by those noises.
Chinese companies and people are investing more in mining than ever before.
And it does not seem to stop soon!
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