{"id":474556,"date":"2021-10-25T11:44:13","date_gmt":"2021-10-25T11:44:13","guid":{"rendered":"https:\/\/wncen.com\/?p=474556"},"modified":"2024-06-11T13:59:46","modified_gmt":"2024-06-11T13:59:46","slug":"china-lifting-bitcoin-mining-ban","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/china-lifting-bitcoin-mining-ban\/","title":{"rendered":"Is China Considering Lifting The Bitcoin Mining Ban? The NDRC Runs Public Survey"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The National Development and Reform Commission is asking the Chinese public for their opinion on the Bitcoin mining ban. Is China\u2019s 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?<\/span><\/p>\n<p><span style=\"font-weight: 400\">As it usually happens with the Chinese government\u2019s actions, they leave more questions than answers. Nevertheless, let\u2019s unpack the information available and see what Twitter thinks about the situation.<\/span><\/p>\n<p><span style=\"font-weight: 400\">First of all, <\/span><a href=\"https:\/\/hd.ndrc.gov.cn\/yjzx\/yjzx_add.jsp?SiteId=372\" rel=\"nofollow\"><span style=\"font-weight: 400\">the official announcement<\/span><\/a><span style=\"font-weight: 400\"> says:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cIn accordance with the relevant work arrangements for the rectification of virtual currency &#8220;mining&#8221; activities, the National Development and Reform Commission and relevant departments have revised the &#8220;Industrial Structure Adjustment Guidance Catalog (2019 Edition)&#8221;, and now solicit opinions from the public.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">So, they\u2019re considering \u201c<\/span><i><span style=\"font-weight: 400\">rectification of virtual currency &#8220;mining&#8221; activities<\/span><\/i><span style=\"font-weight: 400\">,\u201d by which they mean the Bitcoin mining ban. And by \u201c<\/span><i><span style=\"font-weight: 400\">the public<\/span><\/i><span style=\"font-weight: 400\">,\u201d they mean \u201c<\/span><i><span style=\"font-weight: 400\">Relevant units and people from all walks of life can provide feedback.<\/span><\/i><span style=\"font-weight: 400\">\u201d<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-474558 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/BTCUSD_2021-10-25_08-33-41.png?resize=460%2C257\" alt=\"BTCUSD price chart for 10\/25\/2021 - TradingView\" width=\"460\" height=\"257\"><\/p>\n<pre style=\"text-align: center\">BTC price chart for 10\/25\/2021 on FTX | 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\">Is China Actually Considering Lifting The Bitcoin Mining Ban?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Opinions differ. However, according to Three Arrows Capital&#8217;s Su Zhu, that\u2019s exactly what\u2019s happening.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">China seeking public solicitation of comments regarding un-banning crypto mining \ud83e\uddd0<a href=\"https:\/\/t.co\/g1wyUdORTt\" rel=\"nofollow\">https:\/\/t.co\/g1wyUdORTt<\/a> <a href=\"https:\/\/t.co\/qyRQyTBgcn\" rel=\"nofollow\">pic.twitter.com\/qyRQyTBgcn<\/a><\/p>\n<p>&mdash; \u6731\u6eaf \ud83d\udc02 (@zhusu) <a href=\"https:\/\/twitter.com\/zhusu\/status\/19855876?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 25, 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\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Chinese journalist Colin Wu, however, sees the news from another angle. \u201cI<\/span><i><span style=\"font-weight: 400\">t is not un-banning. On the contrary, its content is to write crypto mining into an industry that must be eliminated<\/span><\/i><span style=\"font-weight: 400\">.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Of course, many miners are making comments, but in terms of the current Chinese government\u2019s strong opposition to Bitcoin mining, these comments are likely to be meaningless.<\/p>\n<p>&mdash; Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/50352385?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 25, 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\">And he links to <\/span><a href=\"https:\/\/www.ndrc.gov.cn\/yjzxDownload\/xgcytzml2019.pdf\" rel=\"nofollow\"><span style=\"font-weight: 400\">a .pdf that says the same thing<\/span><\/a><span style=\"font-weight: 400\"> as the original document, but in a different tone altogether:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cIn the \u201cIndustrial Structure Adjustment Guidance Catalogue (2019 Edition)\u201d, the elimination category \u201cI. Item 7 is added to \u201cOutdated production technology and equipment\u201d and \u201c(18) Others\u201d, and the content is \u201cvirtual quasi-currency&#8217;mining&#8217; activity.&#8221;<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">The phrases \u201c<\/span><i><span style=\"font-weight: 400\">Outdated production technology<\/span><\/i><span style=\"font-weight: 400\">\u201d and \u201c<\/span><i><span style=\"font-weight: 400\">Virtual quasi-currency&#8217;mining<\/span><\/i><span style=\"font-weight: 400\">&#8216;\u201d hit different and tell another story about the Bitcoin mining ban. Wu finishes by saying that <\/span><i><span style=\"font-weight: 400\">\u201cin terms of the current Chinese government\u2019s strong opposition to Bitcoin mining, these comments are likely to be meaningless.<\/span><\/i><span style=\"font-weight: 400\">\u201d<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Conclusions And Speculation<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Tick-tock next block. China\u2019s Bitcoin mining ban was a blip on the radar. The network kept running as usual and, a few months later, <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-hashrate-recovered-by-68\/\"><span style=\"font-weight: 400\">Bitcoin\u2019s hashrate recovered<\/span><\/a><span style=\"font-weight: 400\">. We at NewsBTC have been trying to figure out the logic behind the Chinese government\u2019s moves regarding Bitcoin. Unsuccessfully. We looked into <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/the-new-china-model-banned-bitcoin-mining\/\"><span style=\"font-weight: 400\">the new \u201cChina Model<\/span><\/a><span style=\"font-weight: 400\">\u201d and the <\/span><a href=\"https:\/\/wncen.com\/news\/china-banned-bitcoin-mining-what-happens-to-small-hydropower-stations-now\/\"><span style=\"font-weight: 400\">small hydropower stations<\/span><\/a><span style=\"font-weight: 400\"> question, wondered about the <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/cbeci-report-chinas-hold-over-bitcoin-mining-was-waning-before-the-crackdown\/\"><span style=\"font-weight: 400\">waning of their hashrate dominance<\/span><\/a><span style=\"font-weight: 400\">, and looked closely into <\/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\">the now-defunct industry<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Even though it seems like a logical theory, we don\u2019t 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\u2019re just asserting their dominance and showing everyone who\u2019s the boss. We just know that the Bitcoin mining ban might be the biggest mistake of the century. And we\u2019re not even talking about the trillions in fiat currency that the country is losing.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">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. <\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\">Did they realize all of this and are gearing up for a change of mind?<\/span><\/p>\n<pre style=\"text-align: center\">Featured Image by <a href=\"https:\/\/pixabay.com\/users\/andibreit-2748383\/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=1594962\" rel=\"nofollow\">Andreas Breitling<\/a> from <a href=\"https:\/\/pixabay.com\/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=1594962\" rel=\"nofollow\">Pixabay<\/a> - Charts by <a href=\"https:\/\/www.tradingview.com\/\" rel=\"nofollow\">TradingView<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>The National Development and Reform Commission is asking the Chinese public for their opinion on the Bitcoin mining ban. Is China\u2019s 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\u2019s actions, they leave more questions than answers. Nevertheless, let\u2019s unpack the information available and see what Twitter thinks about the situation. First of all, the official announcement says: \u201cIn accordance with the relevant work arrangements for the rectification of virtual currency &#8220;mining&#8221; activities, the National Development and Reform Commission and relevant departments have revised the &#8220;Industrial Structure Adjustment Guidance Catalog (2019 Edition)&#8221;, and now solicit opinions from the public.\u201d So, they\u2019re considering \u201crectification of virtual currency &#8220;mining&#8221; activities,\u201d by which they mean the Bitcoin mining ban. And by \u201cthe public,\u201d they mean \u201cRelevant units and people from all walks of life can provide feedback.\u201d 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&#8217;s Su Zhu, that\u2019s exactly what\u2019s happening. China seeking public solicitation of comments regarding un-banning crypto mining \ud83e\uddd0https:\/\/t.co\/g1wyUdORTt pic.twitter.com\/qyRQyTBgcn &mdash; \u6731\u6eaf \ud83d\udc02 (@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. \u201cIt is not un-banning. On the contrary, its content is to write crypto mining into an industry that must be eliminated.\u201d Of course, many miners are making comments, but in terms of the current Chinese government\u2019s strong opposition to Bitcoin mining, these comments are likely to be meaningless. &mdash; 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: \u201cIn the \u201cIndustrial Structure Adjustment Guidance Catalogue (2019 Edition)\u201d, the elimination category \u201cI. Item 7 is added to \u201cOutdated production technology and equipment\u201d and \u201c(18) Others\u201d, and the content is \u201cvirtual quasi-currency&#8217;mining&#8217; activity.&#8221; The phrases \u201cOutdated production technology\u201d and \u201cVirtual quasi-currency&#8217;mining&#8216;\u201d hit different and tell another story about the Bitcoin mining ban. Wu finishes by saying that \u201cin terms of the current Chinese government\u2019s strong opposition to Bitcoin mining, these comments are likely to be meaningless.\u201d Conclusions And Speculation Tick-tock next block. China\u2019s Bitcoin mining ban was a blip on the radar. The network kept running as usual and, a few months later, Bitcoin\u2019s hashrate recovered. We at NewsBTC have been trying to figure out the logic behind the Chinese government\u2019s moves regarding Bitcoin. Unsuccessfully. We looked into the new \u201cChina Model\u201d 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\u2019t 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\u2019re just asserting their dominance and showing everyone who\u2019s the boss. We just know that the Bitcoin mining ban might be the biggest mistake of the century. And we\u2019re not even talking about the trillions in fiat currency that the country is losing.\u00a0 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? Featured Image by Andreas Breitling from Pixabay &#8211; Charts by TradingView<\/p>\n","protected":false},"author":539,"featured_media":474557,"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":[55860,640,83906,14702,1310,7824,83837,84536,84537,84538,17255,4021,64285],"class_list":["post-474556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-hashrate","tag-bitcoin-mining","tag-bitcoin-mining-ban","tag-cbdc","tag-china","tag-chinese-government","tag-colin-wu","tag-national-development-and-reform-commission","tag-ndrc","tag-outdated-technology","tag-su-zhu","tag-survey","tag-three-arrows-capital"],"acf":[],"yoast_head":"\n<title>Is China Considering Lifting The Bitcoin Mining Ban? The NDRC Runs Public Survey<\/title>\n<meta name=\"description\" content=\"The National Development and Reform Commission is asking the Chinese public for their opinion on the Bitcoin mining ban. Is China\u2019s government playing 4D\" \/>\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\/china-lifting-bitcoin-mining-ban\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is China Considering Lifting The Bitcoin Mining Ban? The NDRC Runs Public Survey\" \/>\n<meta property=\"og:description\" content=\"The National Development and Reform Commission is asking the Chinese public for their opinion on the Bitcoin mining ban. Is China\u2019s government playing 4D\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/china-lifting-bitcoin-mining-ban\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-25T11:44:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T13:59:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/opinion-poll-g8333a2eab_1280.jpg?fit=1280%2C853\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Eduardo Pr\u00f3spero\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@edprospero23\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Eduardo Pr\u00f3spero\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/china-lifting-bitcoin-mining-ban\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/china-lifting-bitcoin-mining-ban\/\"},\"author\":{\"name\":\"Eduardo Pr\u00f3spero\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/22c279a7fc27f3d5508cbfd6dc07c37b\"},\"headline\":\"Is China Considering Lifting The Bitcoin Mining Ban? 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