China banning Bitcoin and other Cryptocurrencies mining operations

That’s correct, China is planning to ban Bitcoin mining and other Cryptocurrencies related mining because it uses too much power and Chinese government think it’s stupid overal cryptocurrencies. According to

Well, to be precise on this news, China is planning to ban it within 2 months, it’s not 100% official. What does this mean to Bitcoin? – well let start by saying that the big mining operation that registered as a business will probably get hit first and these are the largest mining operations in China, then gradually banning the smaller one and eventually case by case person by person banning. However to be fair, this will not get rid of mining in China 100%, there will be some operation invisible to the government official, some small mining operations hidden, home mining and so on, government official will not be able to wipe out all.

If this banning were to go into effect within 2 months, we would see mining hash dropped dramatically, and decentralize will be decentralize, because today Chinese have close to 50% of the world Bitcoin and other Cryptocurrencies mining hash rate. When this is done, the hash rate will drop and will see China no longer have 50% hash rate. However I think Chinese miners will move elsewhere in the world, like maybe somewhere cold or cheap electricity. It depend on the price of Bitcoin, if the price of Bitcoin climb above $20k and stay there then the Chinese miners might have a chance to move their operation elsewhere where they don’t get bullied.

So as you can see, even though Bitcoin is anonymous, decentralized, but it is not 100% depend on how the business or a person want to present it.