{"id":480178,"date":"2022-01-02T12:51:35","date_gmt":"2022-01-02T12:51:35","guid":{"rendered":"https:\/\/wncen.com\/?p=480178"},"modified":"2024-06-11T14:10:18","modified_gmt":"2024-06-11T14:10:18","slug":"why-did-china-ban-bitcoin-mining-here-are-the-seven-leading-theories","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-did-china-ban-bitcoin-mining-here-are-the-seven-leading-theories\/","title":{"rendered":"Why Did China Ban Bitcoin Mining? Here Are The Seven Leading Theories"},"content":{"rendered":"<p><span style=\"font-weight: 400\">One of 2021\u2019s biggest stories was the China ban on Bitcoin mining. On one hand, the news did affect Bitcoin\u2019s price and gave ammunition to the naysayers that think that governments will outlaw Bitcoin. On the other, the network kept working without a hiccup, <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoins-hashrate-on-its-way-to-total-recovery-maybe-even-to-an-all-time-high\/\"><span style=\"font-weight: 400\">recovered its hashrate<\/span><\/a><span style=\"font-weight: 400\"> in record time, and gained in decentralization. However, a question remains. Why did China exclude itself from this very lucrative activity in which they were dominating?<\/span><\/p>\n<p><span style=\"font-weight: 400\">As Bitcoin entrepreneur John Carvalho not-so-eloquently put it, \u201cI refuse to believe that China is stupid.\u201d There has to be a reason, even if it\u2019s a simple one. To help our audience solve the puzzle, NewsBTC decided to gather all of our theories in a single post.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">China Ban Theory #1:\u00a0 The Digital Yuan CBDC<\/span><\/h2>\n<p><span style=\"font-weight: 400\">This one is as straightforward as it gets. When <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-hash-rate-goes-on-death-spiral-post-chinas-crackdown-on-miners\/\"><span style=\"font-weight: 400\">China started cracking down on miners<\/span><\/a><span style=\"font-weight: 400\">, NewsBTC reported: \u201cAs for the possible reasons, Bitcoin Magazine\u2019s Lucas Nuzzi cites the upcoming Digital Yuan CBDC.\u201d And Nuzzi said, \u201cThey&#8217;re literally rolling out their own coin (a CBDC) that will enable the mass surveillance and unbanking of dissidents.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/ The CCP officially banning <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> should come as no surprise.<\/p>\n<p>They&#39;re literally rolling out their own coin (a CBDC) that will enable the mass surveillance and unbanking of dissidents.<a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> is at complete odds with that. Dictatorships don&#39;t like freedom money.<\/p>\n<p>&mdash; Lucas Nuzzi (@LucasNuzzi) <a href=\"https:\/\/twitter.com\/LucasNuzzi\/status\/46078725?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 21, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">So, did China kill a potential billion-dollar industry just to squash their CBDC\u2019s competition? Is that it?<\/span><\/p>\n<h2><span style=\"font-weight: 400\">China Ban Theory #2:\u00a0 Blackouts<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Is China having energy issues? In <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-hash-rate-goes-on-death-spiral-post-chinas-crackdown-on-miners\/\"><span style=\"font-weight: 400\">that same article<\/span><\/a><span style=\"font-weight: 400\">, we posed another theory:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cIn retrospect, we should\u2019ve seen it coming. Only two months ago, following a suspicious blackout, <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/china-started-mining-bitcoin-btc\/\"><span style=\"font-weight: 400\">NewsBTC reported<\/span><\/a><span style=\"font-weight: 400\">:<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to the Beijing Economic and Information Bureau, there were concerns about the energy consumption related to these activities. PengPai quotes Yu Jianing, rotating Chairman of the Blockchain Special Committee of China, to claim that the <\/span><a href=\"https:\/\/wncen.com\/sponsored\/is-mining-city-a-ponzi-scheme\/\"><span style=\"font-weight: 400\">country\u2019s environmental requirements could lead to crypto mining being more \u201cstrictly regulated\u201d<\/span><\/a><span style=\"font-weight: 400\">. Jianing said this will be \u201cinevitable.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">However, would they be decommissioning small hydropower stations if this was the case?<\/span><\/p>\n<h2><span style=\"font-weight: 400\">China Ban Theory #3:\u00a0 Cleaner Energy Sources<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Our r<\/span><a href=\"https:\/\/wncen.com\/news\/china-banned-bitcoin-mining-what-happens-to-small-hydropower-stations-now\/\"><span style=\"font-weight: 400\">eport on small hydropower stations<\/span><\/a><span style=\"font-weight: 400\">\u2019 source was government-regulated media, so take it with a grain of salt. It starts with a claim that clashes heavily with theory #2:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cAccording to the article, the heyday of private power plants in China was the beginning of the century. Investors built thousands of hydropower stations because they saw them as a constant cash cow. For their part, the regions nearby saw them as a sign of progress and a solution to their energy problems.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, with the gradual surplus of electricity in China in recent years, the electricity generated by hydropower stations is often destined to being abandoned (commonly known as \u201cabandonment of electricity\u201d)\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Nevertheless, the main reason for the decommissioning seemed to be repairing the original flow of the rivers. \u201cHydropower stations have always been one of the important factors restricting the ecology of Sichuan\u2019s rivers,\u201d said Wang Hua, deputy director of the Sichuan Provincial Water Resources Department. We went a step further:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cIt\u2019s possible that the government is trying to get rid of those plants. That would explain the article\u2019s tone, it seems like it was trying to get investors to stay away from those hydropower stations. In light of this, China\u2019s ban on Bitcoin mining could just be part of an even bigger play. They\u2019re serious and methodically shaking things up over there.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">What could be their end-game? Is China just trying to go carbon neutral and repair the original flow of the rivers? Or is there something else at play here?\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">However, something doesn\u2019t add up. In <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/the-death-of-chinas-bitcoin-mining-industry-7-takeaways-from-the-article\/\"><span style=\"font-weight: 400\">another article about the ban<\/span><\/a><span style=\"font-weight: 400\">, we highlighted that hydropower energy is clean energy.<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cDid China make the mistake of a lifetime by banning Bitcoin mining or do they have a secret plan?<\/span><\/p>\n<p><span style=\"font-weight: 400\">The fact that the electricity for crypto mining in Sichuan came from clean hydropower meant that many thought the province would be a safe haven for Bitcoin miners.\u201d<\/span><\/p><\/blockquote>\n<h2><span style=\"font-weight: 400\">China Ban Theory #4:\u00a0 The New China Model<\/span><\/h2>\n<p><span style=\"font-weight: 400\">We <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/the-new-china-model-banned-bitcoin-mining\/\"><span style=\"font-weight: 400\">explored Bloomberg\u2019s theory<\/span><\/a><span style=\"font-weight: 400\"> about a \u201cless founder-driven and more China-centric\u201d model that China was supposedly exploring.<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cIf China is abandoning the Silicon Valley model, what will it replace it with? Insiders suggest it will be less founder-driven and more China-centric.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Why is China dwarfing its biggest industries and players? Is the \u201cChina Model\u201d just concerned with scale? Or is control their focus? Are they cracking down on people and companies with too much power that work on a global scale?\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">And even though it wasn\u2019t quite believable, it introduced the concept that China was also cracking down on their biggest tech executives. Maybe this isn\u2019t only about Bitcoin?<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-480180 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/BTCUSD_2022-01-02_09-38-12.png?resize=460%2C257\" alt=\"BTCUSD price chart for 01\/02\/2022 - TradingView\" width=\"460\" height=\"257\"><\/p>\n<pre style=\"text-align: center\">BTC price chart for 01\/02\/2022 on Bitrex | Source: BTC\/USD on <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<h2><span style=\"font-weight: 400\">China Ban Theory #5:\u00a0 Making Bitcoin Hard To Use<\/span><\/h2>\n<p><span style=\"font-weight: 400\">This one doesn\u2019t explain the overarching theme of the China ban. It does add color to whatever theory you prefer, though. In an event, Yin Youping, Deputy Director of the Financial Consumer Rights Protection Bureau of the People\u2019s Bank of China, said, \u201cWe remind the people once again that virtual currencies such as Bitcoin are not legal tender and have no actual value support.\u201d And proceeded to list everything the PBOC was doing to combat cryptocurrency trading.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In the <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/the-peoples-bank-of-china-bitcoin\/\"><span style=\"font-weight: 400\">NewsBTC report about it<\/span><\/a><span style=\"font-weight: 400\">, we said:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cMaybe their plan is simpler than we thought. It\u2019s possible that The People\u2019s Bank of China is just going to make it really really hard for the common citizen to access Bitcoin. And, China\u2019ll use propaganda and repetition to keep people in check and scared of the unknown. One of Bitcoin\u2019s prototipical adversarial scenarios. A battle that Bitcoin expected sooner or later.\u201d<\/span><\/p><\/blockquote>\n<h2><span style=\"font-weight: 400\">China Ban Theory #6: Preparing For Evergrande\u2019s Default<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Was the Chinese government just closing the exits? They knew that <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/evergrande-default-china-bitcoin\/\"><span style=\"font-weight: 400\">the Evergrande situation was inevitable<\/span><\/a><span style=\"font-weight: 400\"> and didn\u2019t want people to have the Bitcoin lifeboat available. In our report, we said:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cTo recap: the government saw this coming from a distance. They knew the crisis was going to repeatedly hit the country and banned Bitcoin mining to scare the population into not buying the hardest asset ever created. Bitcoin, the true hedge against the collapse of every economy.\u201d<\/span><\/p><\/blockquote>\n<h2><span style=\"font-weight: 400\">China Ban Theory #7: FUD To Get More Bitcoin<\/span><\/h2>\n<p><span style=\"font-weight: 400\">According to <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/china-bitcoin-mining-carvalho\/\"><span style=\"font-weight: 400\">John Carvalho\u2019s wild and full of assumptions theory<\/span><\/a><span style=\"font-weight: 400\">, China bans something related to Bitcoin every cycle to manipulate the price and get more BTC. The country has no incentive to ban the industry. They make too much money mining, plus they control the ASICs manufacturers, plus mining machines inflate the value of chips, and they control that business too. So, Carvalho\u2019s theory is:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cThe main ASIC manufacturer, the Chinese company Bitmain, had a new generation of miners ready. So, the CCP \u201cdecided to create a demand for the aftermaket and combine it with the FUD.\u201d As they usually do, they sold their Bitcoin and made their shorts. Then, China banned Bitcoin mining and the whole country turned off the ASICs. The world perceived the ban as real, just \u201clook at the hashrate.\u201d This is the first time this happens. Then, China sold a small portion of its ASICs to the USA.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">According to him, Bitcoin mining in China didn\u2019t stop, they\u2019re just not signing the blocks. Of course, he doesn\u2019t have any proof, and neither do we. This is just a theory, like all the others.<\/span><\/p>\n<p><span style=\"font-weight: 400\">What\u2019s really going on in China? What\u2019s the reason behind the great China ban of 2021? We wouldn\u2019t know for sure, but we have many suspicions. Let\u2019s hope 2022 gives us solid evidence, new insights, or, at least, a plausible explanation.<\/span><\/p>\n<pre style=\"text-align: center\">Featured Image by <a href=\"https:\/\/pixabay.com\/users\/publicdomainpictures-14\/\" rel=\"nofollow\">PublicDomainPictures<\/a> on Pixabay | Charts by <a href=\"https:\/\/www.tradingview.com\/\" rel=\"nofollow\">TradingView<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>One of 2021\u2019s biggest stories was the China ban on Bitcoin mining. On one hand, the news did affect Bitcoin\u2019s price and gave ammunition to the naysayers that think that governments will outlaw Bitcoin. On the other, the network kept working without a hiccup, recovered its hashrate in record time, and gained in decentralization. However, a question remains. Why did China exclude itself from this very lucrative activity in which they were dominating? As Bitcoin entrepreneur John Carvalho not-so-eloquently put it, \u201cI refuse to believe that China is stupid.\u201d There has to be a reason, even if it\u2019s a simple one. To help our audience solve the puzzle, NewsBTC decided to gather all of our theories in a single post. China Ban Theory #1:\u00a0 The Digital Yuan CBDC This one is as straightforward as it gets. When China started cracking down on miners, NewsBTC reported: \u201cAs for the possible reasons, Bitcoin Magazine\u2019s Lucas Nuzzi cites the upcoming Digital Yuan CBDC.\u201d And Nuzzi said, \u201cThey&#8217;re literally rolling out their own coin (a CBDC) that will enable the mass surveillance and unbanking of dissidents.\u201d 1\/ The CCP officially banning #Bitcoin should come as no surprise. They&#39;re literally rolling out their own coin (a CBDC) that will enable the mass surveillance and unbanking of dissidents.#Bitcoin is at complete odds with that. Dictatorships don&#39;t like freedom money. &mdash; Lucas Nuzzi (@LucasNuzzi) June 21, 2021 So, did China kill a potential billion-dollar industry just to squash their CBDC\u2019s competition? Is that it? China Ban Theory #2:\u00a0 Blackouts Is China having energy issues? In that same article, we posed another theory: \u201cIn retrospect, we should\u2019ve seen it coming. Only two months ago, following a suspicious blackout, NewsBTC reported: According to the Beijing Economic and Information Bureau, there were concerns about the energy consumption related to these activities. PengPai quotes Yu Jianing, rotating Chairman of the Blockchain Special Committee of China, to claim that the country\u2019s environmental requirements could lead to crypto mining being more \u201cstrictly regulated\u201d. Jianing said this will be \u201cinevitable.\u201d However, would they be decommissioning small hydropower stations if this was the case? China Ban Theory #3:\u00a0 Cleaner Energy Sources Our report on small hydropower stations\u2019 source was government-regulated media, so take it with a grain of salt. It starts with a claim that clashes heavily with theory #2: \u201cAccording to the article, the heyday of private power plants in China was the beginning of the century. Investors built thousands of hydropower stations because they saw them as a constant cash cow. For their part, the regions nearby saw them as a sign of progress and a solution to their energy problems.\u00a0 However, with the gradual surplus of electricity in China in recent years, the electricity generated by hydropower stations is often destined to being abandoned (commonly known as \u201cabandonment of electricity\u201d)\u201d Nevertheless, the main reason for the decommissioning seemed to be repairing the original flow of the rivers. \u201cHydropower stations have always been one of the important factors restricting the ecology of Sichuan\u2019s rivers,\u201d said Wang Hua, deputy director of the Sichuan Provincial Water Resources Department. We went a step further: \u201cIt\u2019s possible that the government is trying to get rid of those plants. That would explain the article\u2019s tone, it seems like it was trying to get investors to stay away from those hydropower stations. In light of this, China\u2019s ban on Bitcoin mining could just be part of an even bigger play. They\u2019re serious and methodically shaking things up over there.\u00a0 What could be their end-game? Is China just trying to go carbon neutral and repair the original flow of the rivers? Or is there something else at play here?\u201d However, something doesn\u2019t add up. In another article about the ban, we highlighted that hydropower energy is clean energy. \u201cDid China make the mistake of a lifetime by banning Bitcoin mining or do they have a secret plan? The fact that the electricity for crypto mining in Sichuan came from clean hydropower meant that many thought the province would be a safe haven for Bitcoin miners.\u201d China Ban Theory #4:\u00a0 The New China Model We explored Bloomberg\u2019s theory about a \u201cless founder-driven and more China-centric\u201d model that China was supposedly exploring. \u201cIf China is abandoning the Silicon Valley model, what will it replace it with? Insiders suggest it will be less founder-driven and more China-centric. Why is China dwarfing its biggest industries and players? Is the \u201cChina Model\u201d just concerned with scale? Or is control their focus? Are they cracking down on people and companies with too much power that work on a global scale?\u201d And even though it wasn\u2019t quite believable, it introduced the concept that China was also cracking down on their biggest tech executives. Maybe this isn\u2019t only about Bitcoin? BTC price chart for 01\/02\/2022 on Bitrex | Source: BTC\/USD on TradingView.com China Ban Theory #5:\u00a0 Making Bitcoin Hard To Use This one doesn\u2019t explain the overarching theme of the China ban. It does add color to whatever theory you prefer, though. In an event, Yin Youping, Deputy Director of the Financial Consumer Rights Protection Bureau of the People\u2019s Bank of China, said, \u201cWe remind the people once again that virtual currencies such as Bitcoin are not legal tender and have no actual value support.\u201d And proceeded to list everything the PBOC was doing to combat cryptocurrency trading. In the NewsBTC report about it, we said: \u201cMaybe their plan is simpler than we thought. It\u2019s possible that The People\u2019s Bank of China is just going to make it really really hard for the common citizen to access Bitcoin. And, China\u2019ll use propaganda and repetition to keep people in check and scared of the unknown. One of Bitcoin\u2019s prototipical adversarial scenarios. A battle that Bitcoin expected sooner or later.\u201d China Ban Theory #6: Preparing For Evergrande\u2019s Default Was the Chinese government just closing the exits? They knew that the Evergrande situation was inevitable and didn\u2019t want people to have the Bitcoin lifeboat available. In our report, we said: \u201cTo recap: the government saw this coming from a distance. They knew the crisis was going to repeatedly hit the country and banned Bitcoin mining to scare the population into not buying the hardest asset ever created. Bitcoin, the true hedge against the collapse of every economy.\u201d China Ban Theory #7: FUD To Get More Bitcoin According to John Carvalho\u2019s wild and full of assumptions theory, China bans something related to Bitcoin every cycle to manipulate the price and get more BTC. The country has no incentive to ban the industry. They make too much money mining, plus they control the ASICs manufacturers, plus mining machines inflate the value of chips, and they control that business too. So, Carvalho\u2019s theory is: \u201cThe main ASIC manufacturer, the Chinese company Bitmain, had a new generation of miners ready. So, the CCP \u201cdecided to create a demand for the aftermaket and combine it with the FUD.\u201d As they usually do, they sold their Bitcoin and made their shorts. Then, China banned Bitcoin mining and the whole country turned off the ASICs. The world perceived the ban as real, just \u201clook at the hashrate.\u201d This is the first time this happens. Then, China sold a small portion of its ASICs to the USA.\u201d According to him, Bitcoin mining in China didn\u2019t stop, they\u2019re just not signing the blocks. Of course, he doesn\u2019t have any proof, and neither do we. This is just a theory, like all the others. What\u2019s really going on in China? What\u2019s the reason behind the great China ban of 2021? We wouldn\u2019t know for sure, but we have many suspicions. Let\u2019s hope 2022 gives us solid evidence, new insights, or, at least, a plausible explanation. Featured Image by PublicDomainPictures on Pixabay | Charts by TradingView<\/p>\n","protected":false},"author":539,"featured_media":480179,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[85083,953,14702,11059,83762,84635,85081,60533,84294,84289,84629,83761,3386,85082,85085,85086,85087,85084],"class_list":["post-480178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-beijing-economic-and-information-bureau","tag-bitmain","tag-cbdc","tag-china-ban","tag-china-bans-bitcoin","tag-china-bans-bitcoin-mining","tag-clean-energy","tag-digital-yuan","tag-digital-yuan-cbdc","tag-evergrande","tag-john-carvalho","tag-lucas-nuzzi","tag-pboc","tag-small-hydropower-stations","tag-the-new-china-model","tag-the-peoples-bank-of-china","tag-theories","tag-wang-hua"],"acf":[],"yoast_head":"\n<title>Why Did China Ban Bitcoin Mining? Here Are The Seven Leading Theories<\/title>\n<meta name=\"description\" content=\"One of 2021\u2019s biggest stories was the China ban on Bitcoin mining. On one hand, the news did affect Bitcoin\u2019s price and gave ammunition to the naysayers\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/why-did-china-ban-bitcoin-mining-here-are-the-seven-leading-theories\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Did China Ban Bitcoin Mining? Here Are The Seven Leading Theories\" \/>\n<meta property=\"og:description\" content=\"One of 2021\u2019s biggest stories was the China ban on Bitcoin mining. 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