Is China Considering Lifting The Bitcoin Mining Ban? The NDRC Runs Public Survey
October 25 2021 - 6:44AM
NEWSBTC
The National Development and Reform Commission is asking the
Chinese public for their opinion on the Bitcoin mining ban. Is
China’s government playing 4D chess or are they confused and
considering backtracking their decision? Can they unring this
particular bell or is this a too little too late scenario? Do they
really care about what the general public thinks or is this survey
just for the optics? As it usually happens with the Chinese
government’s actions, they leave more questions than answers.
Nevertheless, let’s unpack the information available and see what
Twitter thinks about the situation. First of all, the official
announcement says: “In accordance with the relevant work
arrangements for the rectification of virtual currency “mining”
activities, the National Development and Reform Commission and
relevant departments have revised the “Industrial Structure
Adjustment Guidance Catalog (2019 Edition)”, and now solicit
opinions from the public.” So, they’re considering “rectification
of virtual currency “mining” activities,” by which they mean the
Bitcoin mining ban. And by “the public,” they mean “Relevant units
and people from all walks of life can provide feedback.” BTC price
chart for 10/25/2021 on FTX | Source: BTC/USD on TradingView.com Is
China Actually Considering Lifting The Bitcoin Mining Ban? Opinions
differ. However, according to Three Arrows Capital’s Su Zhu, that’s
exactly what’s happening. China seeking public solicitation of
comments regarding un-banning crypto mining
🧐https://t.co/g1wyUdORTt pic.twitter.com/qyRQyTBgcn — Zhu Su 🔺
(@zhusu) October 25, 2021 People in the replies are not convinced.
They theorize that the Chinese government is just trying to create
a database of people in favor of Bitcoin mining, or that they are
just thinking about lifting the Bitcoin mining ban so they can ban
it again on the next cycle. Others doubt the miners will return or
that new mining operations will pop up. A few, though, think that
the Chinese government realized they made a trillion-dollar
mistake. Chinese journalist Colin Wu, however, sees the news from
another angle. “It is not un-banning. On the contrary, its content
is to write crypto mining into an industry that must be
eliminated.” Of course, many miners are making comments, but in
terms of the current Chinese government’s strong opposition to
Bitcoin mining, these comments are likely to be meaningless. — Wu
Blockchain (@WuBlockchain) October 25, 2021 And he links to a .pdf
that says the same thing as the original document, but in a
different tone altogether: “In the “Industrial Structure Adjustment
Guidance Catalogue (2019 Edition)”, the elimination category “I.
Item 7 is added to “Outdated production technology and equipment”
and “(18) Others”, and the content is “virtual
quasi-currency’mining’ activity.” The phrases “Outdated production
technology” and “Virtual quasi-currency’mining‘” hit different and
tell another story about the Bitcoin mining ban. Wu finishes by
saying that “in terms of the current Chinese government’s strong
opposition to Bitcoin mining, these comments are likely to be
meaningless.” Conclusions And Speculation Tick-tock next block.
China’s Bitcoin mining ban was a blip on the radar. The network
kept running as usual and, a few months later, Bitcoin’s hashrate
recovered. We at NewsBTC have been trying to figure out the logic
behind the Chinese government’s moves regarding Bitcoin.
Unsuccessfully. We looked into the new “China Model” and the small
hydropower stations question, wondered about the waning of their
hashrate dominance, and looked closely into the now-defunct
industry. Even though it seems like a logical theory, we don’t know
if the Chinese government is just clearing out the competition for
their future CBDC. We are not sure if this whole operation is part
of a bigger one that is trying to control all of the Chinese
billionaires. Or if they’re just asserting their dominance and
showing everyone who’s the boss. We just know that the Bitcoin
mining ban might be the biggest mistake of the century. And we’re
not even talking about the trillions in fiat currency that the
country is losing. The Chinese are banning themselves from
participation in the winning open network, from interaction with
the biggest idea of the century, from owning a piece of the
pristine asset that will change the world for the best. Did they
realize all of this and are gearing up for a change of mind?
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